DSP BlackRock MF unveils 3 months fixed maturity plan

DSP BlackRock Mutual Fund new issue closes on 6th July

DSP BlackRock Mutual Fund has launched DSP BlackRock FMP-Series 3-3M, a close-ended income scheme.

The investment objective of the scheme is to seek to generate returns and capital appreciation by investing in a portfolio of debt and money market securities. The scheme will invest only in such securities which mature on or before the date of maturity of the scheme. The tenure of the scheme is three months.

The new issue closes on 6th July. The minimum investment amount is Rs5,000.
CRISIL Liquid Fund Index is the benchmark index. Dhawal Dalal is the fund manager.

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Lakshmi Vilas Bank introduces Visa Debit Gold Card

The card has a transaction limit of Rs50,000 on the ATM and Rs1 lakh on the point of sales terminal

Lakshmi Vilas Bank has introduced Visa Debit Gold Card for its customers. The card has a transaction limit of Rs50,000 on the ATM and Rs1 lakh on the point of sales terminal.

Each card holder will get a free personal accident insurance policy worth Rs2 lakh. The customers can also enjoy the benefits of loyalty points which can be exchanged for gifts. The product is expected to help the Bank in its CASA mobilisation efforts.

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SBI Life launches variable insurance plan—Flexi Smart Insurance

The product is designed to provide safety for customer’s investment and stable returns to risk-averse customers having preference for non-market linked plans

SBI Life has launched a variable non-participating insurance plan-Flexi Smart Insurance. The product is designed to provide safety for customer's investment and stable returns to risk-averse customers having preference for non-market linked plans. The premiums paid by the policyholder will earn an interim interest rate of 7% during the financial year 2011-12. The interim interest rate will be declared at the beginning of each financial year. Depending on the investment returns in the fund, an additional interest rate may be declared at the end of the financial year, on 31st March, which will be credited along with the interim interest rate to the policy holders' account.

The product is available at a minimum premium amount of Rs1,500 per month. The policyholder can opt to pay premiums at yearly, half-yearly, quarterly or monthly mode of payments.  

The plan also includes premium holiday option. In case of financial problems, the policy holder can take a break from paying premium payments upto three years during the policy term. However, the life cover will continue to be available to the policyholder during this premium-holiday period, without deduction of mortality charge. Further, Flexi Smart Insurance provides the option of investing any surplus money in the form of Top-up premium.

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