| IDFC Mutual Fund has launched a new fund named as IDFC Overnight Fund, An open ended debt scheme investing in overnight securities fund. The New Fund Offer (NFO) price for the scheme is Rs 1000 per unit. The new issue will be open for subscription from 16 January 2019 and closes on 17 January 2019.
The Fund seeks to offer an investment avenue for short term savings by looking to generate returns in line with the overnight rates.
The scheme offers growth option and dividend option with payout & reinvestment facility.
Dividend Option under the Scheme offers further choice of Daily Dividend (Reinvestment), Weekly Dividend (Reinvestment), Monthly Dividend and Periodic Dividend (Reinvestment, Payout and Sweep facility).
The scheme would allocate 0%-100% of assets in debt and money market securities with residual maturity of 1 business day with low to medium risk profile.
The minimum application amount is Rs 5000 and in multiples of Re. 1 thereafter.
The minimum additional purchase amount is Rs 1000 and in multiples of Re. 1 thereafter
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 20 crore under the scheme during the NFO period.
Entry Load: Not Applicable.
Exit Load: Nil
Benchmark Index for the scheme is Nifty 1D Rate Index
The fund managers of the scheme are Mr. Harshal Joshi.
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