The four schemes that are on the anvil are an assured return close-ended income scheme, an open-ended income scheme which will be launched subsequent to the launch of two schemes: GIC Money Back Plus Scheme and GIC Demat scheme.

The Money Back Plus scheme is a seven year close-ended debt oriented scheme. The fund is planning to file the draft prospectus of the scheme with Sebi on November 19. The unique feature of the money back scheme is that whatever amount is invested in the fund, the capital of the scheme will be paid to the investor through monthly instalments and at the end of seven years, the remaining principal as well the appreciation on investments would be given to theinvestor.

``Monthly payments equal to 94.5 per cent of the amount invested will be made to the investors through post-dated warrants and the remaining 5.5 per cent will be returned to the investor on maturity plus the amount of appreciation,'' said the chief executive officer of GIC asset management company, AR Prabhu.

The rate of return on monthly instalments would be anywhere between 12.5-14 per cent. ``Another unique advantage of this fund is that the investor will not have to pay income tax as the monthly instalments would be paid out of the principal and would not be treated as income. And at the end of seven years, the investor pays capital gains tax according to the prevalent rates thus saving on yearly taxes,'' said Prabhu.

The GIC Demat Scheme, which has been on hold for quite sometime now due to bad market conditions is going to see the light of the day 15 days subsequent to the launch of Money Back scheme. ``The markets have started to look up as the waiver of sanctions has propped up thesentiment. It is a good time to launch this scheme,'' said Prabhu.

The scheme would work in the following manner: ``An owner of physical shares of any company who wants to get his shares dematerialised can come to GIC mutual fund and sell these shares to the GIC fund. GIC would in turn issue units at par equivalent to the amount of shares lodged in the scheme,'' he said. ``Thus, an investor without opening a depository account as well as paying demat charges would get his shares dematerialised, get high liquidity plus the returns that the fund will generate on the investment. One of the most significant advantage of demat scheme would be that an owner of odd-lot shares would able to get instant liquidity,'' said Prabhu.

GIC fund is also planning to launch an open-ended non-assured return scheme and plans to garner around Rs 1 crore. Another scheme that is on the cards is a closed-end, five year assured return scheme. ``We hope to garner around Rs 250 crore in this,'' said Prabhu.