UTI has introduced a dividend option under its Money Market Mutual Fund (MMMF). It has also declared a maiden dividend of 0.16 per cent. The same will be distributed to all unitholders whose names appear in the books under the Dividend option as on February 18, 2002. Currently, there is no dividend payout and the whole dividend amount would be reinvested. The fund will announce dividend on a fortnightly basis, depending on the income earned by the fund.
UTI MMMF was launched in April 1997. The fund has posted a total return of 9.88 per cent, as on February 21, 2002. It is a no-load fund and requires a minimum investment of Rs 10,000.