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Mutual fund companies line up 26 fixed maturity plans

Aiming to attract risk-averse investors seeking short-term returns

Written by Press Trust Of India | Published: August 26, 2013 4:33:36 am

Mutual fund companies line up 26 fixed maturity plans

New Delhi: Aiming to attract risk-averse investors seeking short-term returns,mutual fund companies have lined up at least 26 Fixed Maturity Plans (FMP) and have filed draft documents for them with market regulator Sebi. The documents for these New Fund Offers (NFOs) have been submitted with the Securities and Exchange Board of India (Sebi) since July and the schemes will be opened for subscription soon after the necessary clearances. Of these,16 draft offers have been filed in August so far,while the other 10 were filed in July. The fund houses that have lined up these FMPs and Fixed Tenure Plans include HDFC,ICICI Prudential,L&T,Peerless,IDFC,Tata,Kotak,IDBI,Baroda Pioneer and Religare. Besides,LIC Nomura,J P Morgan and Birla Sun Life are launching more than one NFO in the fixed-maturity plan segment. FMPs mainly invest in specified duration instruments like bank certificates of deposit and commercial papers,which are issued by companies and usually have tenures of a few months or a year.

Dena Bank raises interest rates on NRI deposits by 1%

New Delhi: Dena Bank has raised interest rates on NRI deposits of over three years by 1 per cent,days after the Reserve Bank deregulated interest rates on such deposits. The increased interest rates would be applicable on fixed deposits Foreign Currency Non-Resident Bank by NRI in the US dollar,pounds,euro,Japanese yen,Canadian dollar and Australian dollar. The fixed deposits between 3-4 years in US dollar would attract 4.78 per cent as compared to 3.78 per cent. Similarly,4-5 years term deposit would earn 5.17 per cent against 4.17 per cent,it said. For 5 years,term deposit the new interest rate would be 5.56 per cent as against 4.56 per cent,it added.

ICICI Bank raises fixed deposits rates by up to 0.75%

New Delhi: ICICI Bank has raised fixed deposit rates by up to 0.75 per cent across select maturities. The private sector bank has raised interest rate on term deposits with 46-60 day maturity by 0.75 per cent to 7 per cent. For 61-289 days as well,the increase is by similar percentage points to 7.75 per cent,as per ICICI Bank website. At the same time,the bank raised interest rate by 0.5 to 7.75 per cent as compared to 7.25 per cent for fixed deposit maturing between 290 days to 1 year. For term deposits between 1 year to 389 days,the rate has been raised by to 8 per cent from 7.50 per cent.

Axis Bank raises benchmark lending rate by 25%

New Delhi: Private sector Axis Bank has increased benchmark lending by 0.25 per cent to 10.25 per cent making costlier the home,auto,corporate and other loans linked with base rate or the minimum lending rate. All categories of loans (other than exceptions permitted by RBI) will become costlier at least by 0.25 per cent. Earlier this month,the country’s second largest private sector lender HDFC Bank had raised the base rate to 9.80 per cent from 9.60 per cent.

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