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Nippon India Mutual Fund has decided to introduce daily and weekly frequencies in SIP (Systematic Investment Plan) in all the eligible open-ended schemes with effect from June 24, 2022.
In case of daily SIP, the SIP will commence after 25 calendar days of submission of new OTM (One Time Mandate). If the OTM is registered already, daily SIP will commence after 12 calendar days. If the start date is not mentioned in the mandate, the SIP would commence from 25th calendar day in case of new OTM, and 12th calendar day in case of OTM that was registered already.
As per the fund house, SIP date could be any date between 1st to 28th of a month for the daily SIP. In case of mandates received with dates between 29th to 31st of a month, the SIP would commence from 1st of the subsequent month.
Note that daily SIP frequency would not be available in case of daily IDCW (‘Income Distribution cum Capital Withdrawa) plans of the schemes.
For a daily SIP period of ‘minimum 3 months’ and ‘minimum one month’, the minimum SIP amount is ₹100 and ₹500 per instalment and in multiples of ₹1 thereafter.
Further, SIP dates for weekly frequency would be 1st, 8th, 15th & 22nd of a month. If the start date is not mentioned in the mandate, SIP would commence from the next eligible weekday after 25 calendar days in case of new OTM & 12 calendar days in case of existing OTM.
For a weekly SIP period of ‘minimum one year’ and ‘minimum 3 months’, the minimum SIP amount is ₹100 and ₹500 per instalment and in multiples of ₹1 thereafter.
In case of Nippon India Retirement Fund - Income Generation Scheme, Nippon India Retirement Fund - Wealth Creation Scheme & Nippon India Tax Saver (ELSS) Fund, the minimum amount of SIP would be ₹500 and in multiples of ₹500 for daily and weekly SIP. Additional features like SIP Insure, Flex SIP & Pause Facility will not be applicable in the case of daily and weekly SIP frequencies.
