Nippon Life India Asset Management has decided to revise the minimum application amount and the minimum additional application amount for the Nippon India Retirement Fund – Wealth Creation Scheme and the Nippon India Retirement Fund – Income Generation Scheme, with effect from May 16, 2022.
The existing minimum application amount for both the schemes is ₹5,000 & in multiples of ₹500 thereafter. It will be revised to ₹500 & in multiples of ₹500 thereafter, from May 16, 2022.
Similarly, the current minimum additional application amount for both the schemes is ₹1,000 (plus in the multiple of Rs. 500). It will now be revised to Rs. 500 and in multiples of Rs. 500 thereafter.
Note that the requirement for minimum application/ redemption amount will not be applicable for the designated employees of the asset management company.
This information about the minimum application amount was made public in the form of a notice cum addendum on May 10, 2022.
The addendum further added that the fund house reserves the right to change the minimum application amount, minimum additional investment, minimum switch amount & switchover facility of the above schemes in the future.
“This addendum forms an integral part of the Scheme Information Document (SID) and Key Information Memorandum (KIM) of the scheme and all the other terms and conditions of the aforesaid document read with the addenda issued from time to time will remain unchanged,” the notice added.