Personal finance Tuesday

Kotak Mahindra MF launches Kotak FMP 370 Days Series 8; Sundaram BNP Paribas MF introduces Sundaram BNP Paribas Fixed Term Plan-AO; IDFC Fixed Maturity Plan Quarterly Series 61, 62 & 63 and Half Yearly Series 12, 13 &14 files offer document with SEBI; Birla Sun Life files offer document with SEBI to float Short Term FMP–Series 1 to Series 3; Kotak Mahindra Bank hikes term deposit rates

Kotak Mahindra MF launches Kotak FMP 370 Days Series 8

Kotak Mahindra Mutual Fund has launched Kotak FMP 370 Days Series 8, a close-ended debt scheme. The investment objective of the Scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The Scheme offers two options — growth and dividend (payout). During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The issue opens on 21st September and closes on 23rd September. The exit load for the Scheme is nil. The minimum investment amount is Rs5,000. The maturity of the Scheme is 370 days after the date of allotment.

The benchmark for the Scheme is CRISIL Short Term Bond Index. Deepak Agarwal and Abhishek Bisen will be the fund managers for the Scheme. The Fund seeks to collect a minimum subscription amount of Rs1 crore each, under the Scheme.

Sundaram BNP Paribas MF introduces Sundaram BNP Paribas Fixed Term Plan-AO

Sundaram BNP Paribas Mutual Fund has introduced Sundaram BNP Paribas Fixed Term Plan-AO, a closed-end income scheme. The objective of the Scheme is to generate income with minimum volatility by investing in debt and money market securities, which mature on or before the maturity of the Scheme. The Scheme offers two options — growth and dividend (payout). During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The exit load for the Scheme is nil. The minimum investment amount is Rs5,000. The scheme opens on 21st September and closes on 24th September. The scheme seeks to collect a minimum corpus of Rs1 crore. CRISIL Short-Term Bond Fund Index is the benchmark index.

IDFC Fixed Maturity Plan Quarterly Series 61, 62 & 63 and Half Yearly Series 12, 13 &14 files offer document with SEBI   

IDFC Mutual Fund has filed an offer document with the Securities and Exchange Board of India (SEBI) to launch IDFC Fixed Maturity Plan Quarterly Series 61, 62 & 63 and Half Yearly Series 12, 13 &14, a close ended income scheme. The new fund offer price will be Rs10 per unit. The investment objective of the Scheme will be to generate income by investing in debt and money market instruments maturing before the maturity of the Scheme. The Schemes offer following plans: IDFC Fixed Maturity Plan–Quarterly Series 61, 62 & 63 with a duration of three months. IDFC Fixed Maturity Plan–Half Yearly Series 12, 13 &14 with a duration of six months. The Scheme offers two options under Plans — growth and dividend. The minimum investment amount will be Rs10,000. The minimum target amount will be Rs1 crore. CRISIL Composite Bond Fund Index will be the benchmark index. The exit load for the Scheme will be nil. Anupam Joshi is the fund manager.

Birla Sun Life files offer document with SEBI to float Short Term FMP–Series 1 to Series 3

Birla Sun Life Mutual Fund has filed an offer document with SEBI to launch Birla Sun Life Short Term FMP–Series 1 to Series 3, a close ended income scheme. The new fund offer (NFO) price of units of the Scheme will be Rs10 per unit. The Scheme seeks to generate income by investing in fixed income securities maturing on or before the duration of the Scheme. The Scheme will have growth and dividend (payout) option. The minimum investment amount will be Rs5,000. The minimum subscription amount under the Scheme shall be Rs10 crore. CRISIL Short Term Bond Fund Index will be the benchmark index. The exit load for the Scheme is nil. Kaustubh Gupta is the fund manager.

Kotak Mahindra Bank hikes term deposit rates

Private bank lender Kotak Mahindra Bank has increased its interest rates by 25 basis points (bps) for all retail term deposits with maturity of one year and above. The interest rate is increased to 7.25% from 7% for deposits, which have a maturity of one year and above. And for deposits, which have a maturity period of 5-10 years, the interest rate is increased to 7.75% from 7.50%. For senior citizens the interest rates in increased by 50 bps across all maturities.

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