Kotak MF Rolls Out New FMP

Kotak Mutual Fund has announced the launch of a new scheme Kotak FMP 3M Series 22. The New Fund Offer (NFO) period of scheme is from 25 June 2007 to 27 June 2007. The scheme will be close-ended debt scheme. The minimum investment for scheme starts from Rs. 5,000 and in multiples of Re.1 thereafter. The NFO price is Rs. 10. As it's a close-ended scheme, there will be no entry load. There will be exit load of 1.00% of the applicable NAV for redemptions before maturity of the scheme. However, where an investor wants to switch his investments into any other scheme/plan of Kotak Mutual Fund on the maturity date, or from one option to other option under the same scheme, no exit load will be charged. The maturity will be 90 days after the date of allotment.
There are two options available under the Scheme viz. growth option and dividend option. Dividend sub-option has payout and reinvestment facility. The investment objective of the Scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk.