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Kotak Mutual Changes Key Scheme Features


Effective June 11, 2004, all equity and balanced schemes of Kotak Mutual will charge no entry load on purchase by a Fund of Fund scheme, purchase through Recurring Investment Facility (RIF), switch-in from an Equity/Balanced scheme of the fund and units alloted on reinvestment of dividends. However, there will be an exit load of 1 per cent if units are redeemed within one year.

Kotak Mutual has changed the also changed the default dividend option under its Liquid Institutional Plan and Liquid Institutional Premium Plan with effect from June 11, 2004. Now, if the applicant does not indicate the choice of the dividend frequency in the application form, the fund will accept it as an application for daily dividend frequency. The previous default option was weekly dividend option.

With effect from July 11, 2004, there will be a change in the investment strategy and pattern of the Savings plan of Kotak Mahindra Gilt Unit Scheme '98 ('Kotak Gilt'). Under the revised investment strategy and pattern, the fund will invest in a portfolio of Government securities whereby the average marurity of the portfolio would be under 4 years instead of 2 years as of now.