Union Bank of India customers can pay income tax through ATMs

The customers of the Union Bank of India, after one-time registration at the Bank’s portal, will be able to make their income-tax payments on ATMs

Union Bank of India (UBI) customers can now pay their income tax through the automated teller machines (ATMs) of the Bank.

The customers of the Bank, after one-time registration at the Bank's portal, will be able to make their income-tax payments on ATMs. They will be able to generate their challan on Bank's portal. Registration for income-tax payment will also be extended through the bank's branches. The Bank has an ATM network of 2,600 ATMs and a card base of 6.5 million.

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Fidelity Mutual Fund files offer document with SEBI to launch Fidelity Fixed Maturity Plan-Series VI

Fidelity Fixed Maturity Plan-Series VI is a closed ended debt scheme

Fidelity Mutual Fund has filed an offer document with SEBI to launch Fidelity Fixed Maturity Plan-Series VI, a closed ended debt scheme. The fund has six plans-Plan A to F. The Investment objective of the scheme is to seek to generate reasonable returns and reduce interest rate volatility primarily through investment in money market and short to mid term debt instruments having maturity, on or before the date of maturity of a Plan. The plan shall invest up to 100% in debt and money market instruments. It may also invest in foreign securities up to 25% of its net assets.

Since tenure of the plans ranges from 3 months to 37 months, the benchmark will be decided at the time of launch of a Plan depending upon the tenure of a Plan.

The minimum investment amount is Rs5,000. The scheme will be managed by Shriram Ramanathan and Mahesh Chhabria (assistant fund manager).

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L&T Mutual Fund files offer document with SEBI to float Short Term Debt Fund

L&T Short Term Debt Fund is an open-ended debt scheme

L&T Mutual Fund has filed an offer document with SEBI to launch L&T Short Term Debt Fund, an open-ended debt scheme.

The investment objective of the scheme is to generate returns for investors with a short-term investment horizon by investing in fixed income securities of shorter term maturity. The scheme will invest up to 60%-100% in debt and money market instrument with maturity up to 24 months. And also invest up to 40% debt instrument with maturity greater than 24 months. The scheme may invest in securitised debt up to 50% of the portfolio.

The scheme will charge an exit load of 1% if redeemed before one year and nil for the redemption after one year. The minimum investment amount is Rs5,000.

Crisil Short Term Bond Fund Index is the benchmark index. Bekxy Kuriakose will manage the fund.

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