The Unit Trust of India(UTI) has collected a record Rs. 27 bn under its monthly income plan (MIP)-99, reports the Economic Times. The scheme, which closed for subscription on 19 May, offers investors an assured, tax-free return of 10.75 per cent (payable monthly) for its entire five-year tenure. The yield under MIP-99s yearly option works out to 11.3 per cent. Never before has any income scheme collected such a a large amount. The scheme has attracted over 130,000 retail applications, said P.S. Subramanyam, chairman, UTI. The Monthly Income Plan series has been a big draw with investors because of its `assured returns feature.

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