HDFC Mutual Fund has launched an open-ended gilt fund, with a key objective to earn risk-free returns through a portfolio of sovereign securities issued by the Central Government and/or State Government. The investor can participate in the no-load fund with a minimum contribution of Rs 3000/- and in multiples of Rs 1000 thereof. Depending on the investment objective, the investors can choose between a short-term and long-term plan. The initial offer period is from July 16, 2001 to July 17, 2001.
The Gilt Funds are categorized in two classes based on the tenure of the instruments held by them-A medium to long term Gilt Fund and a short-term gilt fund, an avenue for parking your short-term surpluses.
Banking on its parent's brand strength, the AMC started its operations in July 2000 with a balanced, growth and debt fund and went on to add a liquid, tax saving and a children's Fund in its kitty. As on June 30, 2001, the AMC managed assets worth Rs 2563 crore.