IDFC Mutual Fund unveils 200 days fixed maturity plan

IDFC Mutual Fund new issue closes on 5th May

IDFC Mutual Fund has launched IDFC Fixed Maturity Plan-200 Days Series 1, a close-ended income scheme.

The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments maturing on or before the maturity of the scheme. The tenor of the plan is 200 days.

The new issue closes on 5th May. The minimum investment amount is Rs10,000.

Crisil Composite Bond Fund Index is the benchmark index. Anupam Joshi is the fund manager.

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Birla Sun Life Mutual Fund floats 1,093 fixed term plan

Birla Sun Life Mutual Fund new issue closes on 11th May

Birla Sun Life Mutual Fund has launched Birla Sun Life Fixed Term Plan-Series DA, a close-ended income scheme.

The scheme seeks to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. The scheme will have duration of 1,093 days.

The new issue closes on 11th May. The minimum investment amount is Rs5,000.

CRISIL Composite Bond Fund Index is the benchmark index. Kaustubh Gupta is the fund manager.

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Yes Bank hikes base rate, BPLR by 0.5%

Private sector Yes Bank raised its base rate and benchmark prime lending rate by 0.5% to 9.50% and 19%, respectively

A day after the Reserve Bank of India (RBI) hiked its key short-term lending and borrowing rates by 0.5% each, private sector Yes Bank on Wednesday raised its base rate and benchmark prime lending rate (BPLR) by 0.5% to 9.50% and 19%, respectively. 

The new rates will be with immediate effect, the bank said in a press release.

In response to the increase in the cost of funds and keeping in view market conditions, the bank has decided to increase both its base rate and BPLR by 0.5% each, it said.

The Bank’s managing director & CEO, Rana Kapoor, said, “to further the monetary policy transmission of the Reserve Bank of India, YES Bank has increased its base rate and PLR by 50 basis points each.”

The private lender also welcomed the RBI’s move to increase interest on savings account deposits by 0.5% to 4%.

On Tuesday, the RBI hiked its key short-term lending and borrowing rates by 0.5%  each with immediate effect to tackle inflation. The short-term lending (repo) rate now stands at 7.25% and the borrowing (reverse repo) rate at 6.25%. IDBI Bank, had, late evening yesterday, raised its base rate and prime lending rate by 0.5% each with effect from 5th May. Its base rate or the minimum lending rate would now stand at 10% while its BPLR would be 14.50%.

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