Publish Date:
ITI Mutual Fund has launched ITI Banking and PSU Debt Fund.
It is an open-ended debt scheme predominantly investing in debt instruments of Banks, Public Sector Undertakings, Public Financial Institutions and Municipal Bonds.
Accordingly, the investment objective of the scheme is to generate income/capital appreciation through investments in debt and money market instruments consisting predominantly of securities issued by entities such as Scheduled Commercial Banks (SCBs), Public Sector Undertakings (PSUs), Public Financial Institutions (PFIs) and Municipal Bonds.
ITI Banking and PSU Debt Fund is mandated to invest 80% to 100% of its assets in Debt (including securitised debt) and Money Market Instruments issued by Scheduled Commercial Banks (SCBs), Public Sector Undertakings (PSUs), Public Financial Institutions (PFIs) and Municipal Bonds. Upto 20% of the funds portfolio can be held in Debt (including government securities) and Money Market Instruments issued by entities other than the above. It can also invest upto 10% of its assets in Units issued by REITs & InvITs.
The scheme’s performance will be benchmarked against CRISIL Banking and PSU Debt Index.
ITI Banking and PSU Debt Fund will be managed by Mr Milan Mody and Mr George Heber Joseph.
The NFO opens for subscription on October 05, 2020 and closes on October 19, 2020. The scheme will reopen for continuous Sale and Repurchase on or before October 30, 2020.
The fund’s NAV is priced at Rs 10/- per unit during the NFO period. The minimum subscription amount is Rs 5,000 and in multiples of Rs 1 thereafter.
The fund offers Regular Plan and Direct Plan having Growth Option and Dividend Option (Dividend Re-investment and Dividend Pay-out facilities).