SBI Mutual Fund is also launching a short-term plan under the Magnum InstaCash Fund.
The plan will be open for initial subscription from September 16th to 24th. The minimum subscription in the scheme is Rs 10,000. The fund would charge an initial expense of 0.112%. It will reopen for continuous sale and repurchase from October 1. The plan will not charge any entry/exit load for the investment.
The scheme would invest in corporate debentures, bonds, government securities, call money and money market instruments Investments in debt and government securities will be in securities with maturity less than or equal to 3 years. Total recurring expenses of the scheme would be limited to 1.20% of the weekly average net assets.
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