IDBI Principal Mutual Fund has revised the contingent deferred sales charge (CDSC) on Trust Benefit fund. Redemption over 10 per cent of initial investment per annum would carry a CDSC of 1 per cent, instead of the previous 1.5 per cent, if redeemed before expiry of one year from date of allotment. While redemption after one year but before expiry of two years would carry a load of 0.5 per cent instead of previous 1 per cent, the load of 0.5 per cent on redemption made after expiry of two years from date of allotment has been removed.
Withdrawal of SIP Facility
The AMC has also withdrawn SIP (Systematic Investment Plan) facility in its IDBI Principal Government Securities Fund, Child Benefit Fund - Future Guard Plan, IDBI Principal Short-term Plan, Cash Management Fund and Trust Benefit Fund.
Minimum Initial Investment Reduced in SIP
In all other IDBI Principal Schemes, minimum initial investment in SIP has been reduced to Rs 500 from current Rs 1000. The number of post-dated cheques of Rs.500 or more (in addition to the initial amount) have also been reduced from four to two.
All these changes are effective from October 21, 2002.
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