Birla Sun Life Mutual Fund : Introduction Weekly SIP facility

Birla Sun Life Mutual Fund : Introduction Weekly SIP facility

Birla Sun Life Mutual Fund has announced that with a view to provide additional investment options to investors, it is proposed to introduce / modify the following facilities on a prospective basis with effect from 26 February 2016.

A. Introduction of Weekly frequency under SIP: Weekly frequency under SIP facility is being introduced, in addition to the existing SIP frequencies under the eligible schemes of Birla Sun Life Mutual Fund. All the relevant provisions as applicable to investments under the SIP facility will be applicable to the Weekly Frequency in SIP facility except as stated below:

(a) For availing Weekly SIP facility, there shall be minimum 6 instalments of Rs. 1.000 each (minimum 6 instalments of Rs. 500 each in case of Birla Sun Life Tax Relief'96 and Birla Sun Life Tax Plan). 

First SIP investment amount can be different from the subsequent SIP amounts but subsequent SIP amounts should be the same.

(b) Weekly SIP dates - Monday to Friday of every week. In case of a non Business Day, SIP would be executed on next Business Day.

(c) In case none of the frequencies have been selected or in case of any ambiguity, Monthly frequency shall be treated as Default frequency and 7 shall be treated as Default Date.

(d) If the day for Weekly SIP is not selected or in case of any ambiguity,Wednesday shall be treated as a Default day. Further, in case the 'End Date' is not mentioned by the investor, the same would be considered as 31st December, 2099 by default.

(e) Birla Sun Life Asset Management Company Limited reserves the right to discontinue the Weekly SIP in case of dishonor of cheque and debit the charges to the investor's account. SIP registration will be discontinued in case 3 (three) consecutive SIP installments are not honored.

B. Modification in features of STP facility: The following features under STP facility stands modified as mentioned below:

Daily Systematic Transfer Plan: In case, the investor fails to specify the number of transfers/duration under Daily STP, transfers shall continue to be triggered perpetually or until further valid instructions from the investor or until the outstanding balance in Out scheme does not cover the Daily STP transfer amount, whichever is earlier. Investors can enroll for Daily STP under the following Schemes of the Fund:

• Investors can transfer “OUT” investment from the Open-ended Scheme(s) of the Fund (including Birla Sun Life Tax Relief' 96, Birla Sun Life Tax Plan except Birla Sun Life Gold Fund)

• Investors can transfer “IN” to the Open-ended Equity Scheme(s) of the Fund (except Birla Sun Life Gold ETF and Birla Sun Life Nifty ETF)

Weekly / Monthly / Quarterly Systematic Transfer Plan: For STP installments greater than Rs. 500 but less than Rs. 999, Investors are required to instruct for minimum 12 transfers of Rs. 500 and in multiples of Re 1 thereafter. For STP installments of Rs. 1,000 and above, Investors are required to instruct for minimum 6 transfers of Rs. 1,000 and in multiples of Re 1 thereafter.

The minimum balance requirement at the time of enrolment for STP facility under the aforesaid frequencies shall remain unchanged.

C. Introduction of Daily and Weekly frequency under SWP facility: Daily and Weekly frequency under Fixed Withdrawal Option of SWP facility allows the Unitholder to withdraw a specified sum of money on daily / weekly basis on all business days from the investments in the eligible Open- ended Schemes of the Fund. The features of the Daily / Weekly frequency under Fixed Withdrawal Option under SWPfacility are stated below:

(a) Unitholders can withdraw minimum fixed amount of `500 and above on daily/weekly basis. Withdrawal under Daily/Weekly SWPwill be treated as redemption and equivalent units will be redeemed at the Applicable NAV subject to applicable exit load.

(b) Unitholders can avail Daily/Weekly SWP only where the registered bank details enable an electronic mode of payment for the SWP amount.

(c) If the amount of withdrawal installment is more than the amount available in the account for redemption, the entire available amount will be redeemed and Daily / Weekly SWP will terminate automatically.

(d) Weekly SWP dates - Monday to Friday of every week. In case of a non Business Day, SWP would be executed on next Business Day.

(e) If the day for Weekly SWP is not selected or in case of any ambiguity, Wednesday shall be treated as a Default day.

(f) Unitholders can enroll themselves for the facility by submitting the duly completed enrolment Form along with cancelled cheque copy to enable electronic payout at the Investor Service Centres (ISCs)/Official Points of Acceptance (OPAs).

(g) Unitholder has the right to discontinue/modify Daily SWP at any time he/ she so desires by sending a written request at least 5 (five) days in advance to any of the offices of the Fund or its Authorised Collection Centres.

D. Fast Forward Facility: 

Unitholders availing SWPfacility can opt for multiple dates, maximum upto any 4 (four) dates of each month. The dates are 1st and/or 7th and/or 14th and/or 20th and/or 21st and/or 28th.

All other features and terms and conditions of the Scheme(s) shall remain unchanged.

Share: