The lock-in period of five years will not be applicable to any existing investments and systematic investment or systematic transfer plans
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.
However, no exit load will be levied on redemption of investments post retirement age and unit holders availing auto switch facility.
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.Not sure which mutual funds to buy? Download moneycontrol transact app to get personalised investment recommendations.