MIP dividends cut sharply.

(From Business Line)

THE rate of income distribution of the Monthly Income Plans of the Unit Trust of India (UTI) have been pegged at levels lower than what can be obtained even on a savings bank deposit.

The MIPs are now under the charge of the Administrator of the Specified Undertaking of the UTI.

The income distribution announced are: 3 per cent per annum for MIP 1999 (II) and MIP 2000, 4 per cent per annum for MIP 2000 (II) and MIP 2000 (III) and 5 per cent per annum for MIP 2001.

For these schemes, the assured returns are fixed on a year-to-year basis and announced at the beginning of the fiscal.

The dividends announced apply …