Templeton India Mutual Fund has introduced Weekly Dividend option in its Ultra Short Bond Fund. The NFO for the same opens and closes on August 01, 2008. The ongoing sales and redemption of units will commence from August 04, 2008.
The fund would be investing nearly 30% of the corpus into Debt Securities with maturity over 12 months and rest will be allocated in Money Market and Debt Instruments having maturity upto 12 months. The minimum amount for subscription under retail plan will be Rs. 25000, whereas Rs 1crore and 5 crore for Institutional and Super Institutional respectively.
The entry load for the scheme will be nil but fund will charge 0.25% exit load if redeemed within 7 days of allotment effective from August 1, 2008.