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Tuesday, December 30, 2008

SBI MF revises exit load structure of two schemes

Changes will be effective from 1 January 2009

SBI Mutual Fund has revised the exit load structure for Magnum Income Fund, SBI Short Horizon Fund-Short Term Fund. The changes are to be applicable for growth, dividend, and bonus plan of Magnum Income Fund and retail plan of SBI Short Horizon Fund-Short Term Fund with effect from 1 January 2009.

Magnum Income Fund

As per the revision, for investments up to and including Rs 1 crore, for exit within 6 months from the date of investment 1.00% will be the exit load and 0.50% exit load for exit after 6 months but before 12 months from the date of investments. For redemption done after 12 months, no exit load will be charged with effect from 1 January 2009.

For investment amount above Rs 1 crore, exit load will be nil.

Presently, for investments up to Rs 50 lakh, 0.50% is exit load for redemption within 6 months from the date of investments and nil for investments above Rs 50 lakh.

SBI Short Horizon Fund-Short Term Fund

Accordingly, the SBI Short Term Horizon Fund-Short Term Fund will ask load of 0.50% of applicable NAV if the investment is redeemed within 3 months from the date of investment while 0.25% for exit done after 3 months but before 6 months from the date of investment. If investments get redeemed after 6 months, no exit load will be applicable.

Existing exit load is 0.50% if the investment is redeemed within 6 months from the date of allotment.

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