ICICI Prudential Banking & Fin Serv Fund (G)

ICICI Pru Banking & Fin Serv Fund(G)
Dividend Yearly
NA
Category
Equity - Banking
52-week NAV high
70.07  (As on 28-11-2019)
52-week NAV low
56.22  (As on 18-02-2019)
Expense
2.12%  (As on 31-10-2019)

Performance

1 mnth 3 mnth 6 mnth 1 yr 2 yr 3 yr 4 yr 5 yr 10 yr
Fund Returns 3.57 16.20 -0.39 19.17 7.61 17.04 18.45 13.54 -
Scheme Details
Fund Type
Open Ended
Investment Plan
Growth
Bonus
NA
Launch Date
Aug 22, 2008
Last Dividend
NA
Minimum Investment
5000

ICICI Prudential Asset Management Company Ltd. is one of the top asset managed firms in India. The firm aims to offer innovative solutions that would enable the potential investors to not only invest but also increase their wealth. The firm is the result of a business merger between two of the most reputable firms, ICICI Bank and Prudential Plc, which is a UK based firm that offers financial services.

The firm commenced its operations in 1998 and has a large workforce comprising 1,913 highly trained and efficient employees catering to the needs of the customers across 200 locations in the country.

ICICI Prudential Mutual Fund is the brainchild of ICICI Prudential Asset Management Company Ltd. and offers various mutual fund products that aim at capital growth via investments.

ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth

ICICI Prudential Banking and Financial Services Fund is one of the schemes under equity funds offered by ICICI Prudential. This scheme is an open-ended equity scheme that invests the assets in Banking & Financial Services sector.

  • Investment Objective of ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth

The objective of ICICI Prudential Banking and Financial Services Fund is to generate capital growth for the investors by investing in equity funds and equity related instruments of firms belonging to the banking and financial services sector.

  • Key Features of ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth

ICICI Prudential Banking and Financial Services Fund come with a number of significant features that aid the investors, some of them are mentioned in the table below:

Parameters Key Features
Type of fund An open-ended equity scheme that invests in Banking & Financial Services sector.
Plans available ICICI Prudential Banking & Financial Services Fund - Direct Plan - Growth
Options Growth option
Default option Growth option
Systematic Investment Plan Available
Systematic Transfer Plan Available
Systematic Withdrawal Plan Available

Investment Amount for ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth

The investment amount for ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth is as mentioned below:

Minimum application amount - This pertains to the minimum investment for the first purchase
  • Rs.5000/- (plus in multiples of Re. 1/-)
  • Monthly SIP*: Rs.1,000/- (plus in multiples of Re. 1/-)
  • Quarterly SIP*: Rs.5,000/- (plus in multiples of Re. 1/-),
(*The amount is applicable at the time of registration only.)
Minimum additional investment Rs.1000/- (plus in multiples of Re. 1/-)
Minimum installment for Systematic Investment Plan (SIP) [if SIP is available]
  • Minimum number of installments for Monthly SIP: 6
  • Minimum number of installments for Quarterly SIP: 4
Minimum installment for Systematic Withdrawal Plan (SWP) [if SWP is available] Rs.500/- (plus in multipless of Re. 1/-)* (*The minimum number of instalments for both monthly and quarterly SWPs will be 2.)
Entry Load N/A
Exit Load
  • In case the amount that the investor seeks to redeem or switch out is invested up to a period of 1 year from the date of plan‘s inception, an exit load of 1% of NAV is applicable.
  • No exit load is applicable, in case the amount that the investor seeks to redeem or switch out is invested over a period of more than 1 year from the date of plan‘s inception.

Asset Allocation for ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth

The below table exhibits the asset allocation for ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth:

Type of Instrument - ICICI Prudential Banking & Financial Services Fund Maximum Allocation (Percentage of total assets) Minimum Allocation (Percentage of total assets) Risk Profile
Equity debts and equity related securities of companies engaged in Banking and Financial Services Sector 100 80 High
Equity debts and equity related securities of companies other than those engaged in the Banking and Financial Services Sector 20 0 Medium to high
Debt and money market instruments 20 0 Low to medium

Who can Invest in ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth

Individuals who seek capital growth over a long period can invest in this scheme.

NAV Disclosure and Benchmark for ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth

  • Benchmark of the scheme- NIFTY Financial Services Index
  • NAV Disclosure of the scheme:
    • The NAV or Net Asset Value is calculated and disclosed at the end of every business day, unless under special circumstances where the disclosure needs to be delayed.
    • The scheme’s NAV is available at every customer service centres of ICICI Prudential.
    • The scheme’s NAV is published in at least 2 of the English daily circulated newspapers printed in regional and/or English language.
    • The complete portfolio of the scheme is disclosed at least every six months on the official website of the ICICI Prudential.
    • The portfolio of the scheme is disclosed on the last day of every month on the official website of the ICICI Prudential.

Fund Manager of ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth

  • Mr. Roshan Chutkey is the fund manager of the scheme as on 30 April, 2018.
  • Ms. Priyanka Khandelwal is the dedicated fund manager for managing overseas investment portfolios under schemes that mandate overseas investments.

Investment Restrictions of ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth

The following are the investment restrictions of ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth:

  • The scheme cannot invest over 10% of its NAV in securities of debt funds that comprise of equity market securities and non-equity market securities issued by a single entity which are rated above the investment grade by an authorized credit rating agency.
  • The scheme cannot invest over 10% of its NAV in un-rated securities of debt funds issued by a single entity and the total capital invested in such securities should not exceed 25% of the scheme’s NAV.
  • The scheme will not own over 10% of any firm's paid-up capital that carries the rights to vote.
  • Investments can be transferred from one scheme to another, provided the following conditions are fulfilled:
    • The transfers are done adhering to the present market price for the respective securities on the spot.
    • The instruments involved in the transfer of investment will be in accordance with the scheme’s objective to which the transfer has been made.
  • The scheme can invest in other schemes as well offered by the same AMC or a different one free of cost. This is the case if the total inter-scheme investment made by all the schemes, under the same or different AMC does not exceed 5% of the fund’s NAV.
  • The scheme can purchase or sell the securities based on deliveries. In all cases of purchase, the scheme will accept the delivery of the applicable securities. While, in all cases of sale, the scheme will deliver the applicable securities. This is possible under the fulfillment of the following conditions:
    • The scheme can participate in short selling of securities provided they adhere to the SEBI guidelines for the same.
    • The scheme can take part in a reputed stock exchange’s derivatives transactions provided they adhere to the SEBI guidelines for the same.
    • The scheme can sell the government security that has already entered a purchase contract provided they adhere to the RBI guidelines for the same.
  • The long-term investment instruments purchased by the fund will be transferred to the same in its name on account of the respective scheme.
  • The scheme cannot make any investments in the following:
    • Unlisted investment of the sponsor’s associate firm or group firm
    • Investment instrument issued via private placement by the sponsor’s associate firm or group firm
    • Unlisted investment instrument of the sponsor’s associate firm or group firm which is 25% more than its NAV
  • The scheme cannot invest in fund of funds scheme.
  • The scheme cannot invest in over 10% of its NAV in equity funds or equity related securities of any firm, if a limit of 10% is not fixed for the investments when it comes to index fund, index sector, or scheme specific to the industry.
  • An open-ended scheme cannot invest over 5% of its NAV in the unlisted stock of equity funds or equity related securities.
  • The scheme cannot offer any loan for any purpose.
  • The scheme cannot borrow money except to meet the temporary needs for liquid fund to fulfill the purpose of repurchase/redemption of the assets or for the payment of dividend and interest to the shareholders.
  • In case any firm’s investment exceeds 5% of any of it’s schemes’ NAV, any other investments made by those schemes or any others of the same firm or its subsidiaries will be disclosed as per the SEBI guidelines for the same.
  • The mutual fund scheme has to settle all their transactions entered on or after 15 January, 1998 via dematerialised instruments alone if it has a total of investment securities worth Rs.10 crore or more as shown on the current balance sheet.
  • The scheme has to ensure the total number of debt funds open for investment does not exceed 25% of its NAV.
  • The scheme will adhere to any other guidelines that are applicable to the investments made by the scheme from time to time.

Dividend Policy of ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth

When it comes to ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth, the dividend policy is growth option which includes the following:

  • No dividends will be declared under this scheme.
  • The income generated by the scheme will remain invested in the same and will reflect in the NAV.
  • The growth option is most suitable for individuals who seek capital growth instead of regular incomes.

Other facilities under ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth

Apart from the Systematic Investment Plan (SIP) and Systematic Withdrawal Plan (SWP), ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth offers some additional facilities and products such as the following:

  • SIP TOP UP Facility

Under SIP TOP UP Facility, investors can opt for either Fixed Top Up option or Variable

Top Up option.

  • Fixed Top Up option:
    • The SIP amount is increased at fixed intervals
    • The SIP amount will be topped-up in multipless of Rs.500
  • Variable Top Up option:
    • The SIP amount will be increased by a certain percentage at fixed intervals
    • The SIP amount will be topped-up in multipless of 5%

The intervals for both Fixed Top Up option and Variable Top Up option is fixed at every 12 months and every 6 months. In order to register for SIP TOP UP Facility, one needs to tick the appropriate form on the application page and select the frequency at which the top-ups have to be made.

If the investor has opted for quarterly SIP, only the yearly frequency for top-up will get activated as this is the only option available. The SIP TOP UP Facility can be opted by the existing investors who have already availed for SIP facility without the advantage of Fixed/Variable Top Up option.

  • Top-Up Cap amount:

Under this feature of SIP TOP UP Facility, the investors can opt to freeze the top-up amount once it reaches the fixed pre-set limit, as mentioned in the bank mandate by the investor.

  • Top-Up Cap month-year:

Top-Up Cap month-year is the last date of payment made towards SIP TOP UP facility and includes the top-up amount remaining the same from Cap date till the end of SIP tenure.

Both the Top-Up Cap amount and Top-Up Cap month-year is applicable for Fixed Top Up and Variable Top Up options.

  • Micro Systematic Investment Plan (Micro SIP)

In Micro Systematic Investment Plan, the investor will have the Micro SIP facility under the present Systematic Investment Plan facility. The total investment that can be made by the investor under this plan cannot cross over Rs.50,000. The minimum amount that can be reclaimed under this plan is Rs.500.

  • Mode of Payment for SIP

Under this facility, the investor can opt for SIP with payment mode as National Automated Clearing House (NACH)/standing instruction. To avail this facility, it is mandatory for him/her to submit a photocopy of the cheque or a cancelled cheque drawn from the bank that holds the respective individual’s account for which the debit mandate has been offered.

The shares will be alloted on the basis of the applicable NAV as mentioned in the scheme document.

  • National Automated Clearing House (NACH) Platform in Systematic Investment Plan (SIP)

National Automated Clearing House (NACH) is a centralised system that was introduced by the National Payments Corporation of India (NPCI). It was introduced to compile multiples mandates generated by Electronic Clearing Service (ECS).

By opting for this facility the investor will be able to pay the installments towards SIP via NACH by duly filling the SIP Registration cum mandate form. After successfully opting for the NACH facility, the investor will receive a unique number allotted to every registered mandate called Unique Mandate Reference Number (UMRN). The respective alloted UMRN can then be used to make SIP transactions.

  • Systematic Investment Plan Plus (SIP PLUS)

The following are a few of the salient features of the Systematic Investment Plan Plus (SIP PLUS):

  • It is an optional feature that one can avail in addition to the Systematic Investment Plan.
  • Under this facility, the investor is issued a Group Life Insurance Cover by a life insurance firm. The premium for the insurance plan will be covered by ICICI Prudential.
  • The minimum amount to be paid against SIP PLUS is Rs.1,000.
  • Individuals up to the age of 55 years can avail this plan; the SIP can continue beyond 55 years but insurance cover will only be offered up to 55 years of age.
  • Amount of the Life Insurance Cover offered:
    • If the SIP PLUS continues, the insurance coverage offered will be as follows:
      • 1st year - 10 times the monthly installment of SIP PLUS
      • 2nd year - 50 times the monthly installment of SIP PLUS
      • From 3rd year onwards - 100 times the monthly installment of SIP PLUS
  • If the SIP PLUS discontinues, the insurance coverage offered will be as follows:
    • If the SIP PLUS is discontinued before 3 years - Insurance coverage too will get cancelled automatically
    • If the SIP PLUS is discontinued after 3 years - Insurance coverage will depend on the value of stakes allotted under the SIP PLUS plan as evaluated on the 1st business day of the month in which the investor confirms the renewal of the plan. This is the case if the maximum coverage is 100 times the monthly SIP installment.

The maximum coverage offered under both the cases mentioned above is Rs.50 lakh per investor.

  • The following individuals are eligible to invest in Systematic Investment Plan Plus:
    • Resident Individuals
    • Eligible Non Resident Indians
    • First-time investors who are aged between 18 years and 51 years

The insurance cover will only be offered if the investor provides the correct date of birth and gender in the SIP PLUS application form at the time of registration.

  • Systematic Transfer Plan (STP)

Under the Systematic Transfer Plan (STP), the stakeholders can opt to transfer a fixed amount on a regular-interval basis to the targeted schemes. To avail this facility, the investor will have to provide standing instructions to the AMC.

  • Value STP

The Value Systematic Transfer Plan is an exclusive plan introduced by the AMC to benefit the stakeholders. Under the facility, the following benefits are offered to the investors:

    • The stakeholder can transfer a certain amount at regular intervals from one scheme to the growth option of another scheme and vice-versa.
    • The transferred amount is then made to achieve the Total Target Investment Value in the targeted scheme in which the money was invested.
    • The investor can opt to transfer on a daily/weekly/monthly/quarterly basis.
  • Flex STP

The Flex Systematic Transfer Plan allows the stakeholders to transfer variable amounts that are linked to the value of the investments made under the plan. The date of transfer is fixed beforehand and the amount is transferred from one scheme to the growth option of another scheme.

Why you should Invest in ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth

The Following are the benefits of investing in ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth:

  • ICICI Prudential Banking and Financial Services Fund - Direct Plan - Growth is one of the schemes offered by ICICI Prudential, one of the most reputable and trusted asset management companies (AMC).
  • Expert advice is offered on investments to all the clients.
  • The scheme benefits the investors over a long period, depending on the individual requirements.
  • Transparency of investment and capital growth by disclosing the NAV in various media such as newspapers, at customer service centres, and on official websites, etc. are other benefits of investing in this fund.
  • The fund manager aims at building long-lasting relationships with all the clients.
  • The fund house employs an investment strategy aiming at capital growth for the investors.
  • The asset portfolio is managed by experienced fund managers who use advanced scientific and mathematical techniques.
  • Investors can benefit from certain tax benefits offered under the Indian Income Tax Act, 1961.

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