Unclaimed deposit rates cut

The RBI has slashed the interest paid on unclaimed deposits by 50 basis points to 3.5 per cent simple interest per annum with effect from July 1. The amount to the credit of any account in India with any bank which has not been claimed by a customer for more than 10 years is transferred to the Depositor Education and Awareness (DEA) Fund. When the amount is later claimed by self or heir/nominee, an interest rate of 3.5 per cent will be paid. DEA is used for promotion of depositor’s interest and such other purposes as specified by the RBI.

UTI launches Index fund

UTI has launched a new open-ended scheme, UTI Nifty Next 50 Index Fund, which would replicate or track Nifty Next 50 Index. The new fund offer opened on June 8 and will close on June 22. The fund will invest in companies comprising the underlying index and try to achieve areturn equivalent to the underlying index by “passive” investment. Weightage towards any stocks will be a replica of the underlying index, to minimise the performance differences between the fund and the underlying index. The minimum application amount is ₹5,000, and in multiples of ₹1 thereafter. There is no entry and exit load for the fund.

Mirae Asset Fund NFO open

Mirae Asset Mutual Fund has launched Mirae Asset Healthcare Fund, an open-ended equity scheme. The fund is mandated to invest a minimum of 80 per cent of its corpus in pharma, healthcare and allied sectors, and the remaining in other equity-related, money-market and debt instruments. The new fund offer opened on June 8 and closes on June 25. The minimum investment amount is ₹5,000, and in multiples of ₹1 thereafter. The fund offers both regular and direct plans, and has growth and dividend options. The fund will follow a bottoms-up approach and invest in growth companies. It would attempt to maintain a concentrated portfolio of 30-40 stocks. The fund is benchmarked to S&P BSE Healthcare Index.

Tata Mutual launches FMP

Tata Fixed Maturity Plan Series 55 Scheme A is a close-ended debt scheme investing in debt and money-market instruments. The NFO opened last week and closes on June 12. The fund provides growth and dividend options for both regular and direct plans. The minimum investment amount is ₹5,000, and in multiples of ₹1 thereafter. Being a close-ended debt scheme, the duration is 1,098 days from the date of allotment. The fund is benchmarked to CRISIL Medium Term Debt Index.

CASHe ties up with BankBazaar

Digital firm CASHe, which provides loans to young salaried individuals, has partnered with BankBazaar, a financial services company, for providing short-term loans. Customers of Bankbazaar will now have easy access to instant short-term credit facility from CASHe. The digital firm provides loans ranging from ₹10,000 to ₹2 lakh payable over 15, 30, 90 and 180 days.

KVB, Aditya Birla partner

Karur Vysya Bank has entered into a bancassurance partnership with Aditya Birla Health to provide health insurance services to its customers. Through the partnership, Aditya Birla Health Insurance will have access to customers of KVB in tier I, II and III centres. KVB plans to offer health insurance to customers across all its 790 branches.

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