Birla Sun Life Mutual Funds open-ended monthly income plan (MIP) II-Savings 5 plan has performed well with the fund generating a CAGR return of 12.5 per cent over a three-year period against the benchmark Crisil MIP Blended Index returns of 8.4 per cent as on July 31
An investor who has invested Rs 1-lakh in the scheme since its inception in May 2004, would have received Rs 540 as average monthly income in the form of dividends against Rs 440 from a bank FD and post-office monthly income scheme till July 31, Birla Sun Life CEO A Balasubramanian told reporters here.
During the same period while the Rs 1-lakh invested initially would not have appreciated in conventional saving options, it would have grown to Rs 1.12-lakh in this fund.
More importantly, the income from the conventional investment options are taxable but income from BSL MIP II Savings 5 is not taxable.
Post-tax monthly income for FD and PO MIS is calculated on a rate of interest of 8 per cent per annum and 7.25 per cent per annum, respectively.
Birla Sun Life Asset Management Co is one of the top five asset management firms in India with an average asset under management of Rs 57,331-crore as on July 31.
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