LIC Mutual Fund has launched a new Open Ended Growth scheme named LIC MF Overnight Fund with a maturity period of 0 days from the launch date.
The New Fund Offer (NFO) price for the scheme is Rs 1,000.00 per unit, which will open for subscription from Jul 15 to Jul 15, 2019.
According to the offer document filed with SEBI, the entry and exit load is Nil.
The minimum application amount is Rs 5,000.00 and in multiples of Rs 1 thereafter. The options available under the plan of the scheme are Dividend, Growth.
The fund manager of the scheme will be Rahul Singh, while the performance of the scheme will be benchmarked against the Nifty 1D Rate Index.
The Scheme aims to provide reasonable returns commensurate with low risk and providing a high level of liquidity, through investments made primarily in overnight securities having maturity/residual maturity of 1 business day.