UTI Mutual Fund has filed a draft offer document with SEBI to launch its open ended Banking and PSU Fund. The scheme seeks to generate steady and reasonable income with low risk and high level of liquidity from a portfolio of debt and money market security by banks and public sector undertakings.
The benchmark of the fund is CRISIL Short Term Bond Index. The scheme will charge an exit load of 0.25 percent if redeemed within 30 days from the date of allotment. No exit loads will be charged thereafter. The minimum application amount will be Rs 5000. The fund will be co-managed by Sudhir Agarwal and Arpit Kapoor.
