Reliance Mutual Fund unveils Fixed Horizon Fund-XVIII-Series 8

Reliance Mutual Fund new issue closes on 13th April

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XVIII-Series 8, a close-ended income scheme.

The investment objective of the scheme is to seek 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 tenor of the plan is 181 days.

The new issue closes on 13th April. The minimum investment amount is Rs5,000.

Crisil Short Term Bond Fund Index is the benchmark index. Amit Tripathi is the fund manager.

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Reliance Mutual Fund floats Dual Advantage Fixed Tenure Fund-I-Plan J

Reliance Mutual Fund new issue closes on 25th April

Reliance Mutual Fund has launched Reliance Dual Advantage Fixed Tenure Fund-I-Plan J, a close-ended income scheme.

The scheme seeks to generate returns and reduce interest rate volatility, through a portfolio of fixed income securities that are maturing on or before the maturity of the Scheme along with capital appreciation through equity exposure. The tenor of the plan is three years.

The new issue closes on 25th April. The minimum investment amount is Rs5,000.

Crisil MIP Blended Fund Index is the benchmark index. Shailesh Raj Bhan and Anju Chajjer are the fund managers.

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Dhanlaxmi Bank revises short term deposit rates

Dhanlaxmi Bank has revised interest rates on its select short term deposits and special medium term deposit scheme

Interest rates on select short term deposits will be reduced by 75 to 275 basis points for deposits of less than Rs15 lakh and for deposits of Rs15 lakh and above and up to and inclusive of Rs1 crore.

Interest rates on special medium term deposit of 500 days will be increased by 50 basis points to a peak rate of 9.50% p.a. for deposits of less than Rs15 lakh while 500 days deposits above Rs15 lakh, interest rates will be increased by 25 basis points to 9.60% p.a. The new rates are effective 11 April 2011.  

For short term deposits with maturity period between 46-90 days, the bank will offer revised interest rate of 6.25% p.a. as against 9% p.a. at present. Similarly, for maturity period between 91-179 days interest rates will be revised to 6.50% p.a. from the current 8.75% p.a. While for deposits with maturity period of 180-365 days, rates will be revised to 8.50% p.a. from 9.25% p.a. Senior citizens will be eligible for an additional rate of 0.50% p.a. for tenures starting from 180 days and above (except for 500 days deposits).

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