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IL&FS Launches FMP - Yearly Series

IL&FS Mutual Fund has launched a Fixed Maturity Plan (FMP) - Yearly Series. It is a close-ended income scheme and opens for subscription from March 22 to March 28, 2002. The fund will mature on April 23, 2003.

The fund will invest in debt and money market instruments. The minimum subscription in the Plan is Rs. 10 lakh and in multiples of Rs 1 lakh thereafter. There is no entry load applicable for subscriptions received during the initial offer period. However, an exit load of 1 per cent will be applicable for redemption made within 379 days of the closure of the initial offer (i.e. redemption made before April 11, 2003).

With this, IL&FS Mutual fund now has a complete range of debt products namely Liquid fund, Short term Bond, Regular bond fund, Gilt fund and FMP.