After Cholamandalam, IDBI Principal and Sun F&C Mutual fund, JM Mutual Fund has introduced a daily dividend plan in its cash fund, JM High Liquidity Fund . At present the fund offers weekly dividend and growth options. The new plan will be launched on July 2, 2001, declare dividends on daily basis and entail a minimum investment of Rs one lakh.
Falling in the short-term debt category, the Fund with its annualised return of 11.86% since its launch in December 1997 has outperformed the benchmark JP Morgan Treasury Bill Index which returned 10.02% during the same time. The fund has doled out aggregate dividend of 17.69% over 6 quarterly and 39 weekly payouts till date.
Weekly Dividends in Cash Funds
Alliance Cash Manager paid a dividend of Rs 1.48 per unit (face value of Rs 1000) for the week ended June 27, 2001. The short-term debt fund, with its focus only on triple A rated instruments has proven to be the quality bet for parking short term surplus.
HDFC Liquid fund paid a dividend of Rs 0.0154 per unit for the week ended June 25, 2001. The fund has posted a simple return of 9.43% since its launch in October 2000.
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