Kotak Mahindra Bank raises lending rate by 50 bps‎

Kotak Mahindra Bank base rate has been increased from 8.75% to 9.25% with effect from 10th May

Kotak Mahindra Bank has raised its base rate or minimum lending rate and fixed deposit rates by up to 50 basis points in response to policy rate hike by Reserve Bank of India.

The base rate has been increased by 50 basis points from 8.75% to 9.25% with effect from 10th May, Kotak Mahindra Bank said in a statement.

The Bank has also hiked its benchmark prime lending rate (BPLR) upwards by 50 basis points making loans expensive for the existing borrowers.

Besides, the bank has increased its deposit rates across tenor buckets by up to 50 basis points.

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SBI Mutual Fund launches Debt Fund Series 180 Days 18

SBI Mutual Fund new issue closes on 11th May

SBI Mutual Fund has launched SBI Debt Fund Series 180 Days 18, a close-ended income scheme.

The minimum investment objective of the scheme is to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising debt instruments such as government securities, AAA/AA+ bonds and money market instruments maturing on or before the maturity of the scheme.

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

CRISIL Liquid Fund Index is the benchmark index. Rajeev Radhakrishnan is the fund manager.

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Religare Mutual Fund floats 369 days fixed maturity plan

Religare Mutual Fund new issue closes on 11th May

Religare Mutual Fund has launched Religare Fixed Maturity Plan-Series VII-Plan A to F-Plan C (369 Days), 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 date of maturity of the scheme.

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

Nitish Sikand is the fund manger for the scheme. CRISIL Short-Term Bond Fund Index is the benchmark index.

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