SBI Mutual Fund has announced the change in name of its Savings Plan under Magnum Institutional Income Fund. From 23rd March 2007, the plan will be named as SBI Premier Liquid Fund. The fund offers two options: Institutional Plan and Super Institutional Plan and the minimum investment amount for the Institutional Plan would be Rs 50 lakhs, while for the Super Institutional Plan, it will be Rs 5 crores. Both Plans will offer Growth and Dividend option, with sub-options of Daily, Weekly and Fortnightly frequency for investment.
Daily Dividend declared by the fund would be compulsory reinvested. While, payout facility will be available only to investors investing in weekly and fortnightly options under Institutional Plan having minimum investment of Rs 1 crore. Both plans will not charge any entry or exit load.
The investors who do not want to continue with the scheme, have been given an opportunity to exit the respective scheme without any exit load on or before March 22, 2007.