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IDBI PRINCIPAL AMC to Launch a Gil Fund

IDBI PRINCIPAL Asset Management Company is adding a new fund to its fund family with the launch of an open-ended gilt fund - IDBI PRINCIPAL Gilt Fund on August 23, 2001. A no-load fund, it will not charge the initial issue expenses as well. The minimum initial investment in the fund will be Rs 5000 and the minimum repurchase amount will be Rs 500. The fund offers two plans - Investment (Long-term) and Saving (Short-term). Under the savings plan the fund will invest in government securities with average maturity upto four years. While under the Investment Plan the investments would be made in government securities with an average maturity upto 10 years. There will be a dividend and growth option available under both the plans. The fund offers all transfer facilitations -- dividend reinvestment, dividend sweep, systematic investment plan and systematic withdrawal plan, systematic transfer plan and switch over.