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May 29, 2012, 11.27 AM IST
Axis Mutual Fund has launched a new open ended scheme ‘Axis Banking Debt Fund’ with an investment objective to generate stable returns by investing predominantly in debt and money market instruments issued by banks.
The scheme will invest 80% - 100% of assets in debt and money market instruments issued by banks with low to medium risk profile while up to 20% of assets in CBLO, Repo, T-Bills and Government Securities with low risk profile. The scheme offers two options viz. growth and dividend option. Dividend option offers daily (only reinvestment), weekly, and monthly (payout & reinvestment) as sub-options. The minimum application amount is Rs 5000 and in multiples of Rs 10 thereafter. It seeks to garner a minimum subscription amount of Rs 20 crore during the NFO period. Entry and exit load charge will be nil for the scheme. CRISIL Short Term Bond Fund Index will be the Benchmark Index for the scheme. The fund managers of the scheme will be Mr. Ninad Deshpande and Mr. Sivakumar.
Tags: Axis Banking Debt Fund
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