Indian Overseas Bank, American Express launch premium credit cards

The Gold and Platinum credit cards offered would be available at 500 Indian Overseas Bank branches in New Delhi, Mumbai and Chennai

Indian Overseas Bank (IOB) has launched premium credit cards targeting elite customers in association with American Express.

As per the association, IOB and American Express would jointly promote the cards that would feature the logos of both the companies, the IOB chairman-cum-managing director, M Narendra said.

Initially, the Gold and Platinum credit cards offered would be available at 500 Indian Overseas Bank branches in New Delhi, Mumbai and Chennai.

Currently, IOB has about 40,000 credit card customers, Mr Narendra said, adding that, “With this tie-up, our plan is to add 50,000 credit cards in three months and five lakh cards in the next two-three years.’’

Stating that its tie-up with IOB would help increase its subscriber base significantly, the American Express Banking Corporation country manager and consumer card-head, Mr Shailesh Baidwan, said “ ...it marks a special beginning for two large financial institutions.’’

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Tata Mutual Fund launches 368 fixed maturity plan

Tata Mutual Fund new issue closes on 1st June

Tata Mutual Fund has launched Tata Fixed Maturity Plan Series 35 Scheme A (368 days maturity), a close-ended income scheme.

The investment objective of the schemes is to generate income and/or capital appreciation by investing in wide range of debt and money market instruments having maturity in line with the maturity of the schemes. The maturity of all investments shall be equal to or less than the maturity of respective schemes.

The new issue closes on 1st June. The minimum investment amount is Rs10,000.

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Reliance Mutual Fund unveils Fixed Horizon Fund-XIX-Series 5

Reliance Mutual Fund new issue closes on 31st May

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XIX-Series 5, a close-ended income scheme.

The investment objective of the scheme is to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/debt securities maturing on or before the date of maturity of the scheme with the objective of limiting interest rate volatility.

The new issue closes on 31st May. The minimum investment amount is Rs5,000.

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