IL&FS Mutual Fund has announced the introduction of Institutional Plans in its Bond and Short Term Plan, effective March 21, 2003. The Institutional Plans will have a lower expense ratio - 1.00% and 0.80% for the I-Plans of Bond and STP respectively. They also have a minimum investment amount of Rs 1 crore. All non-individuals can invest in these. Those investing in the 1-day IPO will get the NAV of March 21. Subsequently, the NAVs will be separated to reflect the lower expense ratio. But the portfolios of the Institutional plans will be same as that of the regular plans. They will also offer dividend and growth options.