HSBC Mutual Fund has announced the launch of a liquid fund - HSBC Liquid Plus Fund. This fund is an open ended debt scheme that will aim at providing liquidity and reasonable returns. Towards this end, investments will be made in a mix of short-term debt and money market instruments. The fund would be initially open for subscription for only two days: October 11 and October 12, 2006.
It would invest atleast 70 per cent of its assets in money market and instruments of maturity not greater than an year and upto 30 per cent of its assets in instruments with maturity greater than one year.
The fund offers three options: Regular, Institutional and Institutional Plus. Regular Option comes with two sub-options: Dividend reinvestment (daily and weekly) and growth. The minimum application amount for this option is Rs 5,000.
For the Institutional and Institutional Plus options, there is daily, weekly and monthly dividend along with the growth option. The daily and weekly dividend will be reinvested whereas an investor in a monthly dividend scheme can opt for either payout or reinvestment. The minimum application amount is Rs 1 crore (Institutional) and Rs 5 crore (Institutional Plus).
The minimum redemption amount for all is Rs 1,000. There is no entry or exit load.
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