Mutual Funds - Disclosure
In accordance with the extant regulations (SEBI circular: SEBI/IMD/CIR No. 4/ 168230/09 and RBI guidelines on Marketing / Distribution of Mutual Fund / Insurance etc., dated November 16,2009.) following are the details of the comparative commission earned by the Bank from various fund-houses, whose products are being distributed:
|City Category||Top 15 Cities||Beyond 15 Cities|
|Fund Schemes||Upfront Brokerage||Trail year 1||Upfront Brokerage||Trail year 1|
|Equity/Balanced||0% to 2.00%||0% to 1.50%||0% to 3.00%||0% to 3.00%|
|ELSS||0% to 5.50%||0% to 1.25%||0% to 6.00%||0% to 1.25%|
|MIP/Hybrid||0% to 2.25%||0% to 1.60%||0% to 3.50%||0% to 1.60%|
|Income/Bond||0% to 2.50%||0% to 1.75%||0% to 2.50%||0% to 1.75%|
|Short Term Plan||0% to 0.75%||0% to 0.50%||0% to 0.75%||0% to 0.60%|
|Liquid & Floating||0% to 0.10%||0% to 0.75%||0% to 0.10%||0% to 0.75%|
|Arbitrage||0% to 0.50%||0% to 0.75%||0% to 0.50%||0% to 0.75%|
|Gilt||0% to 1.15%||0% to 1.15%||0% to 1.15%||0% to 1.15%|
The above mentioned rates are subject to change without any prior consent and at a discretion and agreement between ICICI Bank and the respective AMCs.
ICICI Bank distributes mutual fund schemes of its Affiliates or Group Companies. ICICI Prudential Asset Management Company is subsidiary of ICICI Bank Limited.
Bank charges its customers following fee / commission for Mutual Funds investments:
|Type of Fund||Fee / Commission|
|* Equity Funds|
(1) Upto Rs. 50,000
|Flat upto Rs. 200|
|(2) More than Rs. 50,000||Upto 1% of transaction value|
|Debt - Long Term||Nil|
|Debt - Short Term||Nil|
* The above fees / commission are applicable on investments made in Equity Fund on each transaction basis, through systematic transfer plan option or switch from an existing scheme.
No charges will be applicable on investments made in following:
- Systematic Investment Plans / Value Investment Plans
- Income Funds
- Liquid/ Money Market Funds/Floater Funds
- Gilt Funds
- Balanced/Monthly Income Plans/ Hybrid Funds
- Index/Arbitrage Funds
With effect from December 1, 2012, ICICI Bank has Opted In for transaction charges on Gilt Schemes, Debt Schemes, Infrastructure Debt Fund Schemes, Equity Linked Savings Schemes (ELSS), Other Equity Schemes, Balanced Schemes, Gold Exchange Traded Funds, Other Exchange Traded Funds, Fund of Funds investing Overseas and Fund of Funds - Domestic. Hence the following transaction charges will be levied on purchases of Rs. 10,000/- and above on the above mentioned category of Mutual Funds -
(i) For existing investors, Rs. 100/- per subscription
(ii) For new investor, Rs. 150/- per subscription
In case of Systematic Investment Plans (SIPs), the transaction charge shall be applicable only if the total commitment through SIPs amounts to Rs. 10,000/- and above. In such cases the transaction charge shall be recovered in 3-4 installments.
ICICI Bank has Opted Out for transaction charges on Liquid & Money Market Funds. Hence no transaction charges shall be levied.
The Asset Management Companies (AMCs) will deduct the applicable transaction charges from the subscription amount and the same will be paid to the Bank by the AMC directly. Hence, only the balance of the subscription amount shall be invested. Investors will therefore be issued MF units equivalent to subscription amount less transaction charges.
The above charges will be applicable for offline (physical application) & online purchases.
The above mentioned transaction charges are in accordance with SEBI circular no CIR/IMD/DF/21/2012 dated September 13, 2012 and SEBI circular no. Cir/ IMD/ DF/13/ 2011 dated August 22, 2011.