ICICI is a multinational Indian Bank that ranks among India’s top banking concerns. Its services extend from banking to other financial services too. The bank was established in 1994 as a subsidiary of the Industrial Credit and Investment Corporation of India. ICICI has played a major role in the Indian financial sector. It was a key player in the creation of the rating system CRISIL. It even helped the government in promoting the National Stock Exchange and set up the National Commodities and Derivatives Exchange Limited (NCDEX) in 2003. In 2015 the bank launched a banking service based off Twitter which allows customers to transfer money, check account balances, check transactions etc. all using twitter accounts. The innovation brought in by the company easily earn it the title of one of India’s most progressive banks.
ICICI Prudential Mutual Funds
ICICI Prudential Asset Management Company Ltd. is one of India’s largest asset management companies and is a joint venture between ICICI Bank of India and Prudential Plc of UK and was established in 1998. The company handles mutual funds and also offers portfolio management services to its customers. It also boasts of a customer base in excess of 3 million customers and is continuing its growth at an impressive pace.
Types of ICICI Prudential Mutual Funds
ICICI Prudential Mutual Funds offers its customers a wide variety of funds to choose from which are divided into the following types.
- Equity Funds
Equity funds offered by ICICI Prudential are mutual funds instruments that invest in the stock markets. It aims to provide investors with impressive returns by investing in medium to high risk funds. These funds are managed actively or passively through index funds. These funds help investors create a significant financial profile through long term investments.
- Balanced/Hybrid Funds
These are investment options offered by ICICI Prudential that invests the customer’s money in both the equity and debt markets. The exposure depends on the type of hybrid fund it is. If it is a debt hybrid fund then a majority of the money will be put in the debt markets and the remainder in equity markets. The opposite is true of equity hybrid funds.
- Debt Funds
Debt funds are investment instruments that invest in long or short term bonds, money markets, security products, etc. They aim at using the currently available funds to build wealth while preserving the initial investment. These funds are ideal for those who are looking to take low to medium risks and create an income option.
- Fund of Funds
Fund of funds are investments ICICI Prudential Mutual Funds make in other mutual funds. These funds cater to various risk appetites like low, medium and high risk appetites. It also brings in the concept of diversification by investing across a category of funds available.
- Exchange Traded Funds
The exchange traded funds are as close to stock markets, as a mutual fund can get. These funds can be traded like stocks and generally invest in the stocks of companies, currencies and precious metals. The advantage of these funds is that they let you buy and sell all day long.
Why choose ICICI Prudential Mutual Funds
ICICI Prudential Mutual Funds offer customers a wide variety of benefits that can make them the preferred medium of investment for many. Some of these advantages are:
- One of the most important things about ICICI Prudential Mutual Funds is that they have a CRISIL credit rating AAAmfs for many of their products.
- Small investors can invest using easy to afford systematic investment plans that allow for monthly payments.
- The wide variety of funds to choose from leaves customers spoilt for choice in investments.
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News About ICICI Prudential Mutual Fund
A new launch from ICICI Prudential Mutual Fund
The new product launched by ICICI Prudential Mutual Fund called ICICI Prudential Business Cycle Fund Series - 1 this is a closed ended growth scheme. This product primarily is to provide the clients with capital gain with investing in equity and equity securities, this will focus on the investment through various allocations in different dynamic stocks and sectors. The minimum subscription is an amount of Rs. 5,000 with no entry or exit load added to the scheme. The New Fund Offer will be open for subscription on 18th September 2015 to 30th September 2015. The scheme performance will be against the S&P BSE 500 Index. This will end up being a long term wealth creation for clients.
23rd September 2015
ICICI Prudential MF Corporate Bond Fund Dividend Declared
ICICI Prudential MF declared the dividend on its Corporate Bond Fund, with the quantum of dividend being Rs 0.3750 on the face value of Rs 10 for each unit under the Regular plan and Rs 0.362 for Plan B - Half yearly dividend. A dividend of Rs 0.4122 has been declared for the Direct Plan under half yearly dividend.
September 18, 2015 has been set as the record date for declaration of dividend.
14th September 2015
ICICI Prudential Balanced Advantage Fund to offer money-back option
From September 10, 2015 unitholders of the ICICI Prudential Advantage Fund will be able to avail the money-back option for enhanced liquidity. This option will allow for redemption based on prevailing NAVs. Necessary changes have been made to the fund documents (SID and KIM). It has been clarified, however, that such money-back option shall not be guaranteed i.e. it is akin to normal withdrawals. Investors can exercise the money-back option periodically.
Withdrawals from mutual funds are usually made at regular intervals known as a fixed withdrawal option or when unit value appreciates.
10th September 2015
ICICI Prudential Mutual Fund gets new Fund Managers
ICICI Prudential Asset Management Company incorporated some new changes in its personnel recently, with a new bunch of fund managers set to take charge. Starting September 7, 2015, Pushpinder Singh will be the fund manager for certain schemes under ICICI Prudential Mutual Fund and has been designated as a 'Key Personnel' for the same.
ICICI Prudential India Recovery Fund also has new people on board, with Singh being appointed as the Co-fund manager for Series 1-3. Mrinal Singh will be the other co-fund manager for this scheme.
ICICI Prudential Balanced Advantage Fund also got a new co-fund manager in the form of Rajat Chandak who will assist Manish Gunwani and Ashwin Jain in handling this fund.
4th September 2015
GST rate of 18% applicable for all financial services effective July 1, 2017.