IL&FS Mutual Fund has announced the launch of IL&FS Monthly Income Plan. The scheme would be open for initial public offer from December 1, 2003 to December 16, 2003. The scheme offers four plans namely: Monthly Dividend Plan, Flexi Dividend Plan, Monthly Payment Plan and Growth Plan. The minimum investment amount under the Monthly Dividend and the Monthly Payment Plan would be Rs 25000, and under Flexi Dividend Plan and Growth Plan would be Rs 5000. An investor would have to maintain a minimum balance of Rs 1000 and can redeem a minimum amount of Rs 1000.
The scheme would benchmark itself against CRISIL MIP Blended Index. The scheme would charge no entry load but an exit load of 0.50 per cent for all application amounts upto Rs 10 lakhs and redeemed within 180 days.