HDFC Mutual Fund is expanding its product range by launching HDFC Children Gift Fund. An open-ended balanced fund, Children Gift Fund will invest in both equity and debt markets. The minimum investment is Rs 3,000 and in multiples of Rs 1000. The IPO, which opened on January 10, will close for initial subscription on January 31, 2001. The fund offers investment and saving plan options to help investors safe for their child's future. The mutual fund industry already offers funds that aim at creating a sizeable nest egg for children to meet expenses like higher education. Apart from UTI's Children Gift Growth Fund (CGGF), Tata and Kothari Pioneer mutual funds offer similar products.
With the launch of Children Gift Fund, HDFC Mutual Fund currently has six open-end funds. Apart from equity, balanced and income funds, the AMC manages a liquid fund. Besides, it is currently tapping investors with an open-end equity-linked savings scheme.
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