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SBI: Magnum Monthly Income Plan
The objective of the scheme will be to provide regular income, liquidity and attractive returns to the investors through an actively managed portfolio of debt, equity and money market instruments. Income may be generated through the receipt of coupon payments, the amortization of the discount on the debt instruments, receipt of dividends or purchase and sale of securities in the underlying portfolio.
1. Open ended Debt Scheme 2.Choice of 2 Investment Plans a)Dividend Plan: Offers regular income through Monthly or Quarterly or Annual Dividend options. Option to reinvest dividend available.
2. Growth Plan: Offers growth along with long-term capital gains tax benefits but declares no dividend.
3. The Growth Plan and all options under Dividend Plan will declare separate daily NAVs. 4.Dividend Payments Through ECS / Direct Credit / Dividend Warrants The Mutual Fund intends to make dividend payments by ECS using the RBI Electronic Clearing Service (ECS) at certain centers, through direct credit to the magnumholders bank account in designated banks or through dividend warrants mailed to the investors.
5.Automatic Withdrawal Facility (AWF): AWF is available under the Dividend Plan (Monthly option) for investments of Rs. 100,000 & above. Under this facility, investors can exercise the option at the time of application, to withdraw 1% of their outstanding capital through repurchase of units during months where there is no income distribution, subject to minimum balance requirements.
6. Switchover Facility: Investors have the facility to switchover between the Options/Plans at NAV related prices. Also, switchover facility at NAV related prices to other open-end schemes of SBI Mutual Fund is available. This facility of switchover to other schemes is not available to NRIs and FIIs.
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