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Canbank Mutual Launches CanIncome

Canbank Mutual Fund is launching its first medium-term debt fund - CanIncome. The initial offer would be open from August 20, 2002 to September 7, 2002. The scheme offers three plans: Growth Plan, Income Plan and Bonus Plan. The minimum investment is Rs 10,000 for Growth and Income plan and Rs 20,000 for Bonus Plan. If an investor opts for a Systematic Withdrawal under the Growth Plan, the minimum investment required is Rs 20,000. The initial issue expenses would be fully borne by the AMC.

The fund would reopen after the initial offer on September 23, 2002. It would not charge any entry load for any purchases made thereafter. But an exit load of 0.50% would be charged for redemption amounts upto Rs 5 lakhs and made within six months from the date of allotment, and 0.25% for redemption amounts above Rs 5 lakhs and redeemed within three months.

Currently, Canbank Mutual Fund manages twelve funds in all- ten open-ended funds and two closed-end funds and has an asset base of around Rs 760 crores. And this is the fourth debt fund from the AMC after Cancigo, Cangilt (PGS) and Canliquid.