The fund manager informed its investors of this by means of a notice-addendum. The Prosperity SIP credit line will come into effect on 6 September.
Under the Prosperity SIP facility, an investor can register for a SIP (Systematic Investment Plan) Spanish Socialist Workers’ Party (Systematic Withdrawal Plan) for a specified period of time. After the SIP term ends, the accumulated offset units will be transferred to the chosen destination plan (or remain in the same plan). The SWP will be activated upon processing of the transfer transaction.
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The Prosperity SIP facility will be available to all investors except minors. This facility will be allowed only under the growth option of the open/hybrid schemes listed below:
The managing entity reserves the right to modify the list of eligible plans at any time. The target plan is the plan in which the lump sum transfer plan and the monthly SWP plan will be registered.
The SWP scheme can be different from the source scheme to process a Switch and the SWP. If the destination SWP scheme is not mentioned in the application, no Switch will be processed and the SWP will start from the scheme selected for SIP.
SIP can be registered under eligible schemes for a fixed tenure of 7, 10, 12, 15, 20, 25 or 30 years. The minimum tenure is 7 years and the default tenure will be 20 years when no tenure is selected. Prosperity SIP can be registered under a new/separate folio or an existing folio. Existing standalone SIP registrations cannot be converted into Prosperity SIP registrations. The facility will be registered only on a MONTHLY frequency under eligible schemes. The minimum SIP installment amount under Prosperity SIP will be Rs. 2000 and thereafter in multiples of Rs. 1.
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Prosperity SIP will be available on physical and digital assets (website and mobile app) of Sundaram AMC and exchange platforms of BSE and NSE in non-demat mode. Additional purchases or exchanges will be allowed in the source scheme. All clearing units will be exchanged to the target scheme after the Prosperity SIP tenure ends.
How will the Prosperity SIP facility work? On completion of the SIP tenure, all the units accumulated in the Prosperity SIP facility of the respective scheme will be available to the SWP. On completion of 15 days from the date of last SIP installment in the source scheme, the entire amount representing the accumulated net units will be transferred to the target scheme chosen by the investor. The shift will not take place if the target scheme is the same as the source scheme.
The notification cum addendum also mentioned that SIP recharge facility will be available on the Exchange platform of BSE/NSE under non-Demat mode.
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