HDFC Mutual Fund is launching its second series of three year capital protection oriented fund - HDFC Debt Fund for Cancer Cure 2014. The fund will remain open for subscription from February 25, 2014 to March 11, 2014.
Launched in February 2011, the first series has donated Rs. 10 crore as dividends to Indian Cancer Society (ICS), said a press release issued by the company.
HDFC has launched this fund by tying up with The Indian Cancer Society (ICS) which is an anti-cancer NGO established in 1951.
Investors have an option to donate either 50% or 100% of dividends declared by the fund towards donation. The donations given to ICS get tax benefit under section 80 G of the Income Tax Act. Indian Cancer Society will issue donation receipt along with its 80G certificate to avail tax deduction.
“We remain committed to this cause and we are not only launching a new series but HDFC AMC will contribute an amount equal to the dividends to be donated to ICS by the investors, to a maximum of Rs. 5 crore every year,” said Milind Barve, Managing Director, HDFC Mutual Fund.
The fund has benefited 517 cancer patients from 20 states across the country. 80% of these patients are less than 30 years of age.
At the end of the year, donor investors will be given a report on the patients who are supported with funds, by name and with details of type of cancer, hospital, treating doctor, cost of treatment, amount disbursed, outcome if known etc. There is a clear and transparent process through which cancer patients can apply for receiving financial assistance through ICS.
The minimum application amount of this fund is Rs. 50,000. The fund house doesn’t charge any investment management or advisory fee for managing this fund.
The fund will be listed on BSE and NSE post the NFO. The fund invests a minimum of 60% of its corpus in debt and money market instruments and a maximum of 40% in government securities.
