SBI Mutual Fund has also joined the FMP bandwagon with the launch of its series of Fixed Maturity Plans. Aimed at immunizing returns from interest rate volatility, the AMC will offer a series of close-ended plans with maturity profile ranging from 60 days to 36 months.
Christened "Magnum Debt Fund Series" (MDFS), the funds will invest in AAA/AA+ rated debt instruments and government securities with residual maturity matching the maturity of the fund.
The first fund in the Magnum Debt fund series is the 15 months option (MFDS-15 month) and will be open for investments from June 28, 2001 to July 7, 2001.
Investors can enter the fund with a minimum investment of Rs 10 lakh and in multiples of Rs 1 lakh thereafter and opt for either dividend or growth options.
The fund will declare NAV on weekly basis and any redemption before the maturity of the specific series will attract an exit load of 3 per cent.
Kothari Pioneer Mutual Fund has revised the load structure in the growth options of two of its debt funds: Kothari Pioneer Income Builder Account (KP-IBA) and Monthly Income Plan (KP-MIP).
The new loads will come into effect from July 1, 2001. Under the new load structure, the entry load continues to be nil but withdrawals within one year of investment will attract an exit load of 1 per cent in both the funds.
Templeton Mutual Fund has simplified the load structure in its three equity funds Templeton India Growth Fund (TIGF), Franklin India Growth Fund (FIGF), Franklin India Balanced Fund (FIBF) with effect from July 1, 2001.
While the entry load in all the three funds has been waived, the exit load would be 2 per cent in TIGF & FIGF, each and 1 per cent in FIBF if investments are redeemed within one year.
