Prudential ICICI Mutual Fund has announced the introduction of PF Option under Prudential ICICI Gilt Fund Investment Plan. The fund would be open for the initial public offer from November 3 to November 14, 2003. The minimum application amount is Rs 25,000, while minimum subsequent investment would be Rs 5000. One can redeem a minimum of Rs 5000 worth of units.
The fund would not charge any initial issue expenses. On an ongoing basis, the fund would not charge any entry load but an exit load of 0.60 per cent if redeemed within 365 days. The annual recurring expenses of the fund would be limited to 1.10 per cent per annum, while the annual management fees would be limited to 0.80 per cent per annum.
The fund does not offer systematic investment facility or systematic withdrawal plan. However, if offers an Automatic Appreciation Payout Plan, whereby the unit holder will have an option to encash the appreciation available on his investment on the designated date on monthly, quarterly or half yearly basis.