ICICI Prudential AMC has launched the ICICI Prudential Micro Systematic Investment Plan (MSIP) with a minimum investment of just Rs 50 per month.
The plan aims to serve the over 60 crore people in India who do not have access to formal finance. This facility provides them with the opportunity of investing small amounts periodically and building a corpus of savings over the long term through a disciplined and systematic approach.
It gives a choice of investments to this segment wherein they could also choose to participate in debt and capital markets.
Leveraging ICICI Bank's network of micro finance channels, ICICI Prudential AMC has signed an agreement with KAS Foundation, a Micro Finance Institution.
Key features of the plan:
- Minimum Investment Amount: Rs 50 & in multiples thereof
- Minimum Redemption Amount: Rs 500
- Entry Load- 2.25%
- Exit Load: Variable as per the amount invested, the duration of investment and the scheme
- Only growth option available
- No lock-in period
