Birla Mutual Fund has revised the load structure and minimum application amount for ongoing subscriptions in its newly launched open-ended monthly income plan - Birla MIP-II.
With effect from May 24, 2004, Birla MIP-II Savings 5 Plan will be a no load fund. On the other hand, under the Wealth 25 Plan, an exit load of 0.60 per cent would be charged for purchase/switch of units upto Rs 10 lakh if redeemed/switched out within 180 days of allotment.
The minimum initial investment requirement for Dividend Option and Monthly Payment Option under both the Wealth 25 and the Savings 5 plans has been revised from Rs 5,000 to Rs 25,000. But under the Growth Option, the minimum application amount will still be Rs 5,000.
In the Savings 5 Plan, the equity exposure is capped at 5 per cent of the portfolio, whereas in the Wealth 25 Plan, the equity exposure can go upto 25 per cent of the total assets. Both these plans are in addition to the existing Birla MIP, where the maximum equity exposure is confined to 15 per cent of the net assets.
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