The year so far has not been favourable for FMPs, with several schemes extending their NFO closing by a day to up to two weeks. Until March this year, 33 FMPs extended their subscription period while HDFC FMP 413D Feb 2013 (1) was the sole AMC to have withdrawn the offer. ICICI Prudential, Deutsche and Birla Sun Life are amongst the AMCs with the most extensions. This is in stark contrast to 2012, when fewer extensions or withdrawals occured. FMPs seem to be losing favour this year due to a falling trend in interest rates which leads to bond prices rising. Hence, at present, it makes more sense to invest money in long-term bonds and gilt funds. Over the past one year, even the return of income funds has been in the range of 8-13 per cent while the 1-year FMPs have earned between 9 and 10 per cent.
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