LIC Mutual Fund launches instant redemption in liquid funds
Mumbai: LIC Mutual Fund on Thursday said it has introduced an instant redemption facility in its liquid fund-growth option. Currently, this facility is available to individual investors only with a daily limit of Rs50,000 or 90% of the redeemable value of the folios held by the investors.
LIC MF has done a tie-up with RBL Bank for using their payment platform for instant redemption facility. “The facility will be available for the retail investors of the company’s liquid fund only, which comprise 7,000 in terms of folios with an AUM of Rs1,300 crore at present,” Raj Kumar, chief executive, LIC Mutual Fund told PTI on Thursday.
The facility will not only give investors immediate access to their funds but will also make them earn more on their idle funds, he added.