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Fund houses are yet to take a breather from the series of fixed maturity plans they have been launching. The latest to hit the market is Reliance Fixed Horizon Fund – XX – Series 31. This close-ended income scheme though is in variance to the one-year FMPs seen in the market. This FMP will have tenure of 677 days instead. The offer will close on September 13.
Birla Sun Life Mutual has announced October 10, 2011 as the maturity date for its close-ended scheme Birla Sun Life Long Term Advantage Fund. The fund will be converted into an open-ended scheme from October 11. Investors have the option to exit the fund between September 9 and October 10. No exit load will be charged for redemption during this period. However, post this period, the fund will have an exit load of 1 per cent for redemptions made within 365 days from the date of allotment and nil after that. The new load structure will be effective October 18 as the fund will be closed for seven days post the maturity date.
Axis Mutual has revised the load of Axis Short Term Fund and Axis Dynamic Bond Fund with effect from September 9. Axis Short Term will have an exit load of 0.5 per cent redemptions within 6 months of allotment. The exit load will be 0.75 per cent for redemptions made within 12 months of allotment in case of Axis Dynamic Bond.
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