LIC Mutual Fund has reduced the minimum daily systematic investment plan (SIP) limit to ₹100 for all the existing schemes offering SIP except for its ELSS Tax Saver and Unit-Linked Insurance Plan. The minimum number of instalments of daily SIPs is 60. LIC MF has also introduced Daily SIP plan in LIC MF Liquid Fund.
The AMC has also reduced the monthly minimum SIP investment limit to ₹200 and quarterly minimum SIP investment limit to ₹1,000 for select schemes. The minimum step-up facility has been revised to ₹100. The changes will come into force from Wednesday.
The small-ticket SIP was recently announced by market regulator SEBI to improve access to mutual fund investments in India.
RK Jha, Managing Director & Chief Executive Officer, LIC Mutual Fund, said a cut in minimum daily SIP limit will attract more youngsters and working population into MF investments.
The launch of small-ticket SIPs will enable healthy participation of retail investors into mutual funds from smaller cities and towns to further drive financial inclusion across the country, he said.