Tata Mutual Fund revises category, exit load of retirement savings fund

作者:EmilySarah    發表日期:2018-09-29 12:07:23

Tata Mutual Fund will now classify Tata Retirement Savings Fund as an open-ended Retirement Solution Oriented Fund, with a lock-in period of five years or till retirement age, whichever is earlier, with immediate effect, the fund house said in a newspaper notice.

The scheme offers three plans - progressive, moderate and conservative.

The fund house also revised the exit load under the scheme wherein investors will now have to pay 1 percent exit load on switching out of units done before attaining 60 years of age.

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However, no exit load will be levied on redemption of investments post retirement age and unit holders availing auto switch facility.

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Auto switch is a facility wherein investments by investors is switched automatically from one plan to another, on a pre-defined trigger which is linked with the age of investors.

The notice further stated that the lock-in period of five years will not be applicable to any existing investments and systematic investment or systematic transfer plans.

Earlier, the fund house charged an exit load of 3 per cent on switching out of units before three years and 1 percent on redemption after three years from the date of allotment.

All other features of the scheme remain unchanged.