ITI Mutual Fund Launches Over-Night Fund
ITI Mutual Fund long term wealth creator came with another new fund offer. Its NFO is ITI Overnight Fund. It will open for subscription on 9th October. The scheme is an open-ended debt scheme investing in overnight securities. The NFO offers units price at Rs 1000 per unit for cash and continuous offer for units at NAV based prices.
Basic Details of ITI OVERNIGHT FUND
|NFO Name||ITI OVERNIGHT FUND|
|Fund House||ITI Mutual Fund|
|Offer dates||October 9, 2019 – October 23, 2019|
|Type||Open-Ended Debt Scheme|
|Benchmark||CRISIL Overnight Index|
|Fund Managers||Mr. Milan Mody and Mr. George Heber Joseph|
The scheme will available in tow plans direct and regular with dividend and growth facilities. It will benchmark to CRISIL Overnight Fund. Entry load and exit loads are nill under the scheme.
Investors should invest a minimum of Rs 5000 and in multiples of Re. 1 thereafter
Investors who want to purchase additional units those invest a minimum of Rs 1000 and in multiples of Re 1 thereafter
Minimum Redemption Amount:
Rs. 1,000/- and in multiples of Re. 1/- thereafter or the account balance, whichever is lower.
Objects of the Issue
The investment objective of the scheme is to provide reasonable returns equivalent with low risk and providing a high level of liquidity through investments made primarily in overnight securities having overnight maturity.
The Fund will manage by Mr. Milan Mody and Mr. George Heber Joseph.
Asset Allocation Pattern
|Instruments|| Indicative Allocations (% of net assets)
Maximum – Minimum
| Risk Profile
|Debt and Money Market Instruments maturing on or before the next business day ( including Tri-party Repo and equivalent)||100%||0%||Low|
ITI NFO is the new scheme and hence does not have any performance track record. The scheme is suitable for investors who are seeking regular income with low risk and a high level of liquidity. It invests in money market and debt instruments with overnight maturity.
Disclaimer: This post is just information about the scheme. It does not give any advice or recommendation. Mutual Fund investments are regulated to market risk. Please read the offer document carefully before investing.