Personal finance Tuesday

Max New York Life launches Flexi Fortune; Birla Sun Life MF launches Fixed Term Plan-Series CM; DSP BlackRock MF launches FMP-3M-Series 28; ICICI Pru MF floats Fixed Maturity Plan-Series 54-24 Months Plan A; Reliance MF introduces Fixed Horizon Fund-XVIII-Series 2; SBI Mutual Fund unveils SBI Debt Fund Series-90 Days-38; Tata MF launches Fixed Maturity Plan Series 30 Scheme A

Max New York Life launches Flexi Fortune

Max New York Life Insurance has launched Flexi Fortune, a unit-linked insurance plan that offers consumers the flexibility to customise the plan as per their needs through choice of policy tenure, life cover multiple and fund options. The customer value proposition of Flexi Fortune is further strengthened by its unique features of systematic transfer plan to benefit from market volatility, extended tenure to maximise returns by timing the exit and progressive auto cover enhancement (PACE) to meet growing protection need.
Rajesh Sud, CEO & managing director, Max New York Life Insurance said, "The product offers the flexibility to choose policy tenure and protection multiple to the consumers which is best suited for their planned goal-be it savings, retirement or family security. It also offers tools to manage good returns without taking undue risk through seven different fund options."
Flexi Fortune caters to a wide customer segment with flexibility to choose from a range of payment terms and sum assured limits. Depending on the customers ease of payment he may choose either a 5 pay 10 year term, 10 pay 15 year term or 15 pay 20 year term. He may also choose a protection multiple starting from 10 times to 30 times his annual premium amount making it ideal for all categories of investors.
The systematic fund transfer feature ensures that the consumer's investment hits the market in 12 equal installments. It works on the concept of 'rupee cost averaging' and thus makes the volatile market work to ones advantage. This ensures the purchase of more units for same amount at lowered prices thus lowering average purchase price.
The customer may choose to defer his maturity in adverse market condition by increasing his policy term to a maximum of five years without paying any further premium. This also allows him to maximise his returns as it operates like a pure investment tool in the extended period. The percentage of the payout will then be equally divided in the number of years opted by the customer.
PACE works towards progressive increase in life cover to beat inflation ensures a 10% enhancement of life cover each year with no increase in premium. This benefit is inbuilt in the product and is guaranteed over the policy term, subject to timely payment of all due premiums.

Birla Sun Life MF launches Fixed Term Plan-Series CM

Birla Sun Life Mutual Fund has launched Birla Sun Life Fixed Term Plan-Series CM, a close-ended income scheme.
The scheme seeks to generate income by investing in fixed income securities maturing on or before the duration of the scheme.
The new issue opens on 18th January and closes on 27th January. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Fund Index is the benchmark index. Kaustubh Gupta would be the fund manager of the scheme.

DSP BlackRock MF launches FMP-3M-Series 28

DSP BlackRock Mutual Fund has launched DSP BlackRock FMP-3M-Series 28, a close-ended income scheme.
The primary investment objective of the schemes is to seek capital appreciation by investing in debt and money market securities. The scheme will invest only in such securities which mature on or before the date of maturity of the schemes. The schemes may also use fixed income derivatives for hedging and portfolio balancing.
The new issue opens on 18th January and closes on 20th January. The minimum investment amount is Rs10,000.

ICICI Pru MF floats Fixed Maturity Plan-Series 54-24 Months Plan A

ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan- Series 54-24 Months Plan A, a close-ended income scheme.
The investment objective of the plan is to generate regular returns by investing in fixed income securities/debt instruments which mature on or before the date of maturity of the plan.
The new issue closes on 31st January. Since the Plan will be listed on the stock exchange, load will not be applicable. The minimum investment amount is Rs5,000.

Reliance MF introduces Fixed Horizon Fund-XVIII-Series 2

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XVIII-Series 2, 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 normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility.

The new issue opens on 18th January and closes on 20th January. The minimum investment amount is Rs5,000.

SBI Mutual Fund unveils SBI Debt Fund Series-90 Days-38

SBI Mutual Fund has launched SBI Debt Fund Series-90 Days-38, a close-ended income scheme.
The 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, PSU & corporate bonds and money market instruments maturing on or before the maturity of the scheme.
The new issue opens on 18th January and closes on 19th January. The minimum investment amount is Rs5,000.

Tata MF launches Fixed Maturity Plan Series 30 Scheme A

Tata Mutual Fund launches Tata Fixed Maturity Plan Series 30 Scheme A, 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 respective schemes. The maturity of all investments shall be equal to or less than the maturity of respective schemes.
The new issue closes on 19th January. The minimum investment amount is Rs10,000.
 

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RBI tightens prudential norms for NBFCs; interest rate to go up

Mumbai: The Reserve Bank of India (RBI) on Monday tightened the prudential norms for non-banking financial companies (NBFCs) to protect them from any impact of possible economic downturn, a development that may push up their lending rates, reports PTI.

Under the new RBI norms, both deposit and non-deposit taking NBFCs will have to set aside 0.25% of performing loans to meet any financial exigencies.

The RBI's decision is expected to push up lending rates by NBFCs as they will be required to keep additional funds as buffer even for those loans on which interest has been paid regularly by the borrowers. According to experts, this could push interest rate by up to 25 basis points.

"In the interests of counter cyclicality and so as to ensure that NBFCs create a financial buffer to protect them from the effect of economic downturns, it has been decided to introduce provisioning for standard assets also", the central bank said in a statement.

Earlier, the NBFCs were required to set aside funds for doubtful and bad assets. These are those loans on which the interest has not been paid regularly by borrowers or defaults had been reported.

NBFCs, the notification said, "should make a general provision at 0.25% of the outstanding standard assets".

Standard assets comprise those loans on which interest has been regularly by the borrowers and the possibility of default is remote.

The notification also said the provisions on standard assets should not be reckoned for arriving at net NPAs.

The provision towards standard assets need not be netted from gross advances but shall be shown separately as 'Contingent Provisions against Standard Assets' in the balance sheet, it added.

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Tulip buys data centre for Rs270 cr; to invest Rs670 cr

New Delhi: Enterprise communication service provider Tulip Telecom today said its subsidiary has bought the data centre facility in Bengaluru from SADA IT Parks Pvt Ltd (SADA) for Rs230 crore and would further invest Rs670 crore to upgrade it, reports PTI.

Tulip Telecom's arm Tulip Data Center Services Private Limited (Tulip Data Center) has bought 100% shares of SADA, which owns the data centre facility in Bengaluru, for Rs230 crore.

Besides, the company will undertake investments of another Rs670 crore in next three years to upgrade the facility, the company said.

"The company has made Rs230 crore as the upfront payment, which will come from Tulip's balance sheet, while about Rs270 crore will be generated from the data centre revenues, and about Rs400 will come from external funding for which we are in discussion with strategic investors," Tulip Telecom CEO Sanjay Jain told PTI.

The data centre, spread over 900,000 sq ft is the world's third largest of its kind, the other two being in the US.

Mr Jain said the company is looking at serving both domestic and overseas customers through this data centre.

This is Tulip's fifth data centre, with the company already operating four data centres-two in Mumbai, and one each in Delhi and Bengaluru.

Mr Jain said the data centre will have a revenue generation potential of Rs1000 crore when it reaches its peak capacity in the next three years.

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