With a slew of changes, the government is making sure that the economy grows well. One such step that has come to the mainstream is the new fund by the state-owned agency, Life Insurance Corporation of India or LIC as is popularly known as. The state-owned agency has come up with a new Open-Ended Growth Scheme. The scheme has been named as the Life Insurance Corporation (LIC) Mutual Fund (MF) Overnight Fund. The most interesting fact about the project is its maturity period. The fund has a maturity period of zero-days, starting from the day of its launch.
The fund has pegged the value of its New Fund Offer or NFO price at Rs.1,000 per share. The subscription is available from the 15th of July, 2019 to 15th July, 2020. The documents filed with SEBI clearly states that the fund has no entry or exit load while the application amount has to be at least Rs. 5,000. After that, the application amount will be paid in the multiples of Rs.1. This gives investors an excellent facility in terms of investment. Both Dividend and Growth are available in the following scheme. Rahul Singh will manage the fund. The Nifty 1D Rate Index will be used to monitor the fund’s performance. The fund aims to provide moderate returns with low risks while providing liquidity to the investors.