UTI MF introduces UTI-Fixed Term Income Fund-Series VIII-VI (366 days); L&T MF launches 91 days FMP; Sahara MF announces dividend under Sahara Star Value Fund; Canara Bank hikes lending interest rate by 0.5%; Punjab & Sind Bank raises deposit rates by up to 0.75%

UTI MF introduces UTI-Fixed Term Income Fund-Series VIII-VI (366 days)

UTI Mutual Fund has introduced a new fund called UTI-Fixed Term Income Fund-Series VIII-VI (366 days). The fund is a close ended income scheme. The scheme offers two options-growth and dividend option. Dividend option offers payout and reinvestment facility. The new issue will be open for subscription on 13 August 2010 and will close on 17 August 2010. The scheme has tenure of 366 days and will mature on 18 August 2011. The new fund offer (NFO) price for the schemes is Rs10 per unit. The investment objective is to generate returns by investing in fixed income securities maturing on or before the date of maturity of the scheme. The minimum subscription amount is Rs10,000 under dividend option and Rs5,000 under growth option and in multiples of Rs10 thereafter. Entry and exit load charge will be nil for the scheme.

L&T MF launches 91 days FMP
 
L&T Mutual Fund has launched L&T Fixed Maturity Plan (FMP)-I (August91D A). The fund is a close ended income scheme. The scheme offers two options-growth and dividend (payout) option. The new fund offer (NFO) price for the scheme is Rs10 per unit. The issue opens on 12 August 2010 for subscription and closes on the same day. The tenure of the scheme is 91 days. The investment objective is to achieve growth of capital through investments made in debt/fixed income securities maturing on or before the maturity of the scheme. The minimum subscription amount is Rs5,000 and in multiples of Re1 thereafter. Entry and exit load charge will be nil for the scheme.

Sahara MF announces dividend under Sahara Star Value Fund

Sahara Mutual Fund has approved the declaration of dividend under the dividend option of Sahara Star Value Fund. The record date is 16 August 2010. The quantum of declaration will be Re1 per unit as on the record. The scheme recorded net asset value (NAV) of Rs12.5588 per unit as on 11 August 2010. Sahara Star Value Fund is an open ended growth fund. 

Canara Bank hikes lending interest rate by 0.5%

Canara Bank has revised its benchmark prime lending rate (BPLR) upwards by 50 basis points (bps) to 12.5% from 12% with effect from 12 August 2010. The revised interest rate is applicable to borrowers under micro, small & medium enterprises (MSME) and existing housing loans linked to BPLR and personal loan schemes. However, the revised interest rate is not applicable to the loans and advances given after 1 July 2010, and to borrowers, who have opted to switch over to base rate system.

 Punjab & Sind Bank raises deposit rates by up to 0.75%

Punjab & Sind Bank has increased its interest rates on fixed deposits (FDs) of different maturities by up to 0.75% per annum. The new deposit rates range from 2.5% to 7.5% on FDs of seven days to 10 years' tenor. The bank has also decided to provide special rates-7.25% per annum and 7.5% per annum for fixed maturities of 500 and 1,000 days' tenor. Senior citizens will continue to get additional benefit of 50 basis points.