Axis Mutual Fund starts automatic encashment facility for six schemes
Under the facility, investors can redeem a fixed percentage of net asset value of units on a monthly basis
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Moneycontrol News
Axis Mutual Fund has introduced an automatic encashment facility for six schemes with immediate effect, the fund house said in an addendum.
Under the facility, investors can redeem a fixed percentage of net asset value of units on a monthly basis.
Investors can redeem 0.7 percent of net assets value of Axis Dynamics Equity Fund, Axis Equity Saver Fund and Axis Triple Advantage Fund, while the unit holders of Axis Regular Saver Fund, Axis Strategic Bond Fund and Axis Credit Risk Fund can redeem 0.5 percent of net assets value a month.
Automatic encashment facility will be available to only new investors, investing lump sum amount in the scheme or switch onto the specific scheme, while the facility will not be available for existing investors and for investment through systematic investment plan or systematic transfer plan.
If the redemption payable under the scheme is less than 500 rupees, then no redemption will take place for the said month, and the amount will remain invested in the scheme.
Original Source: https://www.moneycontrol.com/news/business/mutual-funds/axis-mutual-fund-starts-automatic-encashment-facility-for-six-schemes-2574001.html