| Tata Mutual Fund has launched a new fund named as Tata Overnight Fund, an open ended debt scheme investing in Overnight Securities. The New Fund Offer (NFO) price for the scheme is Rs 1000 per unit. The new issue will be open for subscription from 25 March to 25 March 2019.
The objective of the scheme is to seek to generate returns commensurate with low risk and providing high level of liquidity, through investments made primarily in overnight securities having maturity of 1 business day.
The scheme offers regular plan and direct plan for investment. Both plans offer growth option and daily dividend (reinvestment) option and default option.
The scheme would allocate upto 100% of assets in debt & money market instruments with maturity upto 1 business days with low risk profile.
The minimum application amount is Rs 5000 and in multiples of Re. 1/- thereafter.
The minimum additional 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 CRISIL Overnight Index.
The fund manager of the scheme is Amit Somani.
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