ICICI Pru Mutual Fund enables switch-out facility for fixed maturity plans
Under this facility, requests for switch-out will have to be placed 30 days prior to the maturity of the relevant schemes
ICICI Prudential Mutual Fund has allowed switch-out facility under all the series and plans of fixed maturity plans, with effect from September 13, the fund house stated in a notice.
Under this facility, requests for switch-out will have to be placed 30 days prior to the maturity of the relevant schemes, and the transaction will depend on the applicable net asset value on the maturity date, subject to the cut-off timing provisions, the notice stated.
Unit holders of FMPs will, upon maturity of their scheme, have the option to switch their investments to any of the ongoing new fund offers, or to any existing open-ended scheme, except exchange-traded funds, of the fund house.However, the facility cannot be availed by investors holding their units in demat form. Additionally, converting physical units into demat form could make any existing or future switch-out requests invalid.