The Hindu Business Line : ICICI Prudential unveils small investment plan

NEW SIP: Mr Pankaj Razdan (left), Managing Director, ICICI Prudential AMC and Mr Nachiket Mor, Deputy Managing Director, ICICI Bank, at a press conference held in Mumbai on Wednesday. - Shashi Ashiwal

Mumbai April 25 ICICI Prudential Asset Management Company launched the ICICI Prudential Micro Systematic Investment Plan (MSIP) with the minimum investment at Rs 50 per month.

The facility will provide an opportunity to invest small amounts periodically and build a corpus of savings over the long-term.

The AMC plans to cover the under-banked and unserved segment.

The AMC will leverage ICICI Bank's network of micro finance channels and has signed an agreement with KAS Foundation, a micro finance institution. ICICI Bank has tie ups with 200 MFIs and NGOs reaching out to over 300 million customers.

The minimum redemption amount will be Rs 500 with an entry load of 2.25 per cent. Only growth option in schemes will be available.

"Micro SIP will enable participation of low income households in the capital markets," said Mr Pankaj Razdan, Managing Director, ICICI Prudential AMC.

"We will address the financial needs of the rural population by offering them access to the entire range of financial services," said Mr Nachiket Mor, Deputy Managing Director, ICICI Bank.