| BOI AXA Mutual Fund has launched a new fund named as BOI AXA 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 27 January 2020 to 28 January 2020.
The investment objective of the scheme is to generate income commensurate with low risk and high liquidity by investing in overnight securities having residual maturity of 1 business day.
The Scheme will have Regular Plan and Direct Plan Each of the above Regular and Direct Plan under the scheme will have the following Options/Sub-options: (1) Growth Option and (2) Dividend Option. The Dividend Option shall have Weekly & Monthly Dividend Reinvestment and dividend Payout option.
The scheme would allocate upto100% of assets in debt and money market instruments with residual maturity 1 business day with low risk profile.
The minimum application amount is Rs 5000/- per application and in multiple of Re.1/- thereafter.
The minimum additional application amount is Rs 1000/- per application 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 Modani
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