SBI Mutual Fund has introduced Micro Systematic Investment Plan (Micro SIP) under SBI Blue Chip Fund. The change will come into effect from April 15, 2009.
The minimum investment amount under this scheme will be Rs 100 and in multiples of Rs 50 thereafter. The minimum redemption amount will be Rs 500. The minimum tenure of scheme is 5 years.
No entry load would be charged for direct applicants and for rest an entry load of 2.25% will be charged. An exit load of 3% on applicable NAV will be charged if investors redeem from the scheme within 2 years.
An exit load of 2% on applicable NAV will be charged, if the investment is redeemed after 2 years but before 5 years.
The investment objective of this open ended equity scheme is to generate long term capital appreciation by investing in equity and equity-related instruments.