IDFC Mutual Fund has announced the launch of IDFC Banking Debt Fund, an open ended income fund with an investment objective to seek to generate stable returns with a low risk strategy by creating a portfolio that is invested in debt and money market instruments issued by scheduled Commercial banks.
The New Fund Offer (NFO) will remain open for subscription from February 26, 2013 to March 26, 2013.
During the NFO period, the fund seeks to garner minimum subscription amount of Rs 20 crore. The scheme will come in two options growth & dividend option and will be managed by Anupam Joshi
The minimum application amount is Rs 5000 and in multiples of Rs 1 thereafter.
Entry load charge for the scheme will be nil. Exit load charge will be 0.15% if exited within 7 days.
CRISIL Short Term Bond Fund Index will be the benchmark Index for the fund.