Reliance Mutual Fund has launched a new close ended income scheme named "Reliance Fixed Horizon Fund XXVIII- Series 3" with maturity period of 1185 days from the date of allotment.

The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The NFO opened for subscription today and will close on January 08.

According to the offer document filed with SEBI, the entry load is nil and since the scheme is planned to be listed on the Stock Exchange or any other exchange, the exit load charge will not be applicable. This suggests that the investors wishing to exit may do so through the stock exchange mode.

The minimum application amount is Rs 5,000 and in multiples of Rs 1 thereafter. The options available under the plan of the scheme are Growth and Dividend option.

The performance of the scheme will be benchmarked against Crisil Composite Bond Fund Index. Amit Tripathi will be the fund managers of the scheme.

The asset allocation of scheme will be in such a way that the objective of the scheme to generate returns and growth of capital will be met by investing in a portfolio of Central and State Government securities and other fixed income. Hence, the scheme will allocate 0 to 20 per cent of asset in money market instruments and 80 to 100 per cent in government securities and debt instruments.