Birla Sun Life MF unveils Birla Sun Life Fixed Term Plan-Series CF; HDFC Mutual Fund floats HDFC FMP 35D September 2010 (2); Citibank launches credit card for frequent flyers; Allahabad Bank increases base rate to 8.5%; Indian Bank hikes deposit interest rates on shorter maturities

Birla Sun Life MF unveils Birla Sun Life Fixed Term Plan-Series CF

Birla Sun Life Mutual Fund has launched Birla Sun Life Fixed Term Plan-Series CF, a close-ended income scheme. The Scheme seeks to generate income by investing in fixed income securities maturing on or before the duration of the scheme. The Scheme opens on 4th October and closes on 6th October.

The scheme has duration of 367 days from the date of allotment. The Scheme offers growth and dividend (payout) option. The exit load for the Scheme is nil. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The minimum investment amount is Rs5,000. The minimum target amount under the Scheme shall be Rs1 crore during the NFO period. CRISIL Short Term Bond Fund Index is the benchmark index. Kaustubh Gupta is the fund manager.  

HDFC Mutual Fund floats HDFC FMP 35D September 2010 (2)

HDFC Mutual Fund has launched HDFC FMP 35D September 2010 (2), under HDFC Fixed Maturity Plans-Series XV, a close-ended income scheme. The investment objective of the Plan is to generate income through investments in debt/money-market instruments and government securities maturing on or before the maturity date of the Plan. The Plan will invest 60%-100% of assets in debt and money-market instruments and the remaining in government securities.
During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The new issue will close on 6th October. The exit load for the Plan is nil. The minimum investment amount is Rs5,000. CRISIL Liquid Fund Index is the benchmark index. Bharat Pareek and Anand Laddha are the fund managers.

Citibank launches credit card for frequent flyers

Citibank has launched a new credit card that will give frequent flyers the chance to earn mileage points when they fly on more than 50 domestic and international airlines. Till now, air travellers could only accumulate mileage points by flying on a single airline.

The Citibank PremierMiles Credit Card offers frequent flyers a 'universal' mileage platform that enables them the unique freedom and flexibility to earn miles on their travel on over 50 domestic and international airlines. The key benefit of the credit card is that it frees customers from having to choose one airline loyalty programme over another. The card offers a superior earn rate of 10 PremierMiles per Rs100 on all airline spends and a preferential interest rate. With an annual fee of Rs5,000, card members will receive a first-year activation bonus of 5,000 PremierMiles.An annual spending of Rs4 lakh in a year earns cardholders a bonus 2,500 PremierMiles. All non-airline purchases on the card earn customers 2.5 PremierMiles for every Rs100 spent.

Allahabad Bank increases base rate to 8.5%

Allahabad Bank has increased its base rate to 8.5% from 8%. The Bank has raised its base rate by 50 basis points. The revised base rate will be applicable to all loans which are linked to the base rate. The existing borrowers, who are continuing under benchmark prime lending rate system and wish to switch over to this system of base rate before expiry of their contracts, can do so through their respective branches at no extra charge. Base rate is the minimum rate of interest that a bank is allowed to charge from its customers. Unless mandated by the government, Reserve Bank of India rule stipulates that no bank can offer loans at a rate lower than base rate to any of its customers.

Indian Bank hikes deposit interest rates on shorter maturities

Indian Bank has increased its deposit interest rates by 50 to 75 basis points on shorter maturities. The Bank had increased the rates for deposits above two years to 7.75% in August. It has also increased the base rate to 8.5%. The agricultural sector under interest subvention scheme and the Bank's special schemes under poultry and fisheries would be protected from the increase. Loans to micro industries were also exempted partially.