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Pru-ICICI FMP opens subscriptions in quarterly series

Prudential-ICICI Fixed Maturity Plan's (FMP) quarterly series opens for subscription from May 22-May 28, 2001. The fund would get redeemed in the last week of August 2001. The minimum investment in the series is pegged at Rs 25000 on a no-entry load basis, but the investor shells out 0.50 per cent for exiting before stated maturity date. The fund to invest in short-term debt securities, money market instruments and call money markets, will be the second quarterly FMP in the third series, which took off in February 2001. The first quarterly FMP of this series would get redeemed in the last week of May 2001.

Prudential-ICICI started off with FMP in December 2000 offering quarterly, half-yearly and yearly fixed duration options. The fund has till date, in different series, launched 5 FMPs of quarterly duration, of which 2 funds- the first quarterly FMP of the 1st and 2nd series, have been redeemed as well. The returns under these schemes were 2.412 per cent and 2.621 per cent, translating to 9.648 per cent and 10.484 per cent respectively on an annualised basis.