Smart Money

Updated: May 31 2013, 09:16am hrs
Rel MF starts Dual Advantage Fixed Tenure Fund III

Reliance Mutual Fund has launched the new fund offer (NFO) of Reliance Dual Advantage Fixed Tenure Fund III Plan C, a close-ended income scheme. The NFO, which opened for subscription on May 17, will close on May 31. The investment objective of the scheme is to generate returns and reduce interest rate volatility, through a portfolio of fixed income securities that are maturing on or before the maturity of the scheme along with capital appreciation through equity exposure.

AXIS AMC declares quarterly dividends

Axis Asset Management Company has declared a quarterly dividend of R0.20 per unit on a face value of R10 in the quarterly dividend option of Axis Income Fund. The fund house has also declared quarterly dividend of R0.25 per unit on a face value of R10 for Axis Dynamic Bond Fund and the also a quarterly dividend of R0.25 per unit on a face value of R10 for Axis Income Saver. The record date for the dividends is May 27, 2013.

UTI MF bonus for three schemes

UTI Mutual Fund has declared a bonus under three of its schemes: UTI-Childrens Career Balanced Plan, UTI Unit Linked Insurance Plan and UTI Retirement Benefit Pension Fund in the ratio of 1 unit for every 10 units held of face value of R10 each. The record date for the bonus is May 30, 2013.

Dividend on ICICI Prus Interval Fund

ICICI Prudential Mutual Fund has declared dividends under the following plans/options of ICICI Prudential Interval Fund-Quarterly interval Plan I. The record date for dividend is May 29, 2013. The recommended rate of dividend on the face value of R10 per unit will be R0.1993 per unit under retail dividend option, R0.1991 per unit under retail quarterly dividend option, R0.2092 per unit direct plan dividend option and R0.2056 per unit under regular plan dividend option.

Xpress Moneys free life cover for expats

Xpress Money, a money transfer company, in association with Union Insurance, a leading insurance firms in the Gulf Co-operation Council region, has launched free life insurance for Indian expats working in the region. The insurance will provide a life insurance protection of 15,000 dirhams including 5,000 dirhams of repatriation expenses of the mortal remains, something that not many insurance companies cover. The life insurance benefit will be available to any person remitting money through Xpress Money for a period of one month, from the day the customer makes a transaction. The life insurance cover will be offered to customers sending money to India from UAE, Saudi Arabia, Oman, Qatar, Kuwait and Bahrain.

Deutsche Bank India launches Eve account

Deutsche Bank India launched Eve account for women in India. Some of the features of the account include special discounts on lockers, preferential interest rate for home and personal loans and the account balance being waived for minor accounts. The account has been launched in two variants Eve Advantage Account and Eve Value Plus. With family accounts, there is an option to group accounts. At the same time, the family members have the flexibility to operate each account independently.

Birla Sun MF launches Interval Income Fund

Birla Sun Life Mutual Fund has launched Interval Income Fund Annual Plan VI (BSL IIF- Annual Plan VI), an interval income scheme with a term of 368 days. The minimum investment during the NFO will be R5,000 and in multiples of R10 thereafter. The investment objective of BSL IIF- Annual Plan VI is to generate returns and growth of capital by investing in a diversified portfolio of debt and securities maturing on or before the term of the scheme.