Prudential ICICI Mutual Fund has introduced Institutional Plan in its existing Quarterly FMP Plan, effective March 20, 2003. The plan would be open for subscription from March 20 to 28 March, 2003. The minimum application amount under the Normal Plan is Rs. 25, 000, whereas for Institutional Plan, it would be Rs. 10 crores. There is no entry load during the initial offer however, there is an exit load of 0.50 per cent, for the redemptions made on business days other than the specified redemption date.
The fund is also launching two FMPs: Pru ICICI FMP Quarterly 1 on March 20, 2003 and Pru ICICI FMP Yearly 12 on March 17, 2003.