UTI Mutual Fund has filed offer document with SEBI to launch an open ended income scheme with no assured return as 'UTI Medium Term Fund'. The New Fund Offer price is Rs 10 per unit.
Entry load charges will be nil for the scheme and exit load less than 365 days- 1.00%, less than 365 days and more than 548 days: 0.50% and more than 548 days : NIL. The scheme offers growth and dividend option and seeks to collect a Minimum Target Amount of Rs 20 crore.
The scheme will be benchmarked against CRISIL Composite Bond Fund Index. The minimum application amount is Rs 5000 and in multiples of Re 1 thereafter.
The investment objective of the scheme is to generate steady and reasonable income, with low risk and high level of liquidity from a portfolio of money market securities and high quality debt.
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