HDFC mutual fund announced the launch of its close-ended income scheme: HDFC Fixed Maturity Plans-Series VI-90 Days-August 2007. The primary objective is to generate regular income through investments in debt and money market instruments and government securities. HDFC Fixed Maturity Plans-Series VI-90 Days-August 2007 will invest upto 60%-100% in debt and money market instruments and securitised debt. The investment in to domestic securitised debt will be upto a maximum of 75% of the scheme's net assets. The scheme will also invest 0%-40% in government securities.
The scheme being a close-ended scheme is not permitted to charge entry load. It will charge an exit load of 0.75% if the investment is redeemed before the maturity date. There will not be any exit load charged on the redemption made on maturity date.
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