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HSBC Overnight Fund Floats On
(12:44, 16 May 2019)
HSBC Mutual Fund has launched a new fund named as HSBC Overnight Fund, Overnight fund - an open ended debt scheme investing in overnight securities. The New Fund Offer (NFO) price for the scheme is Rs 1000 per unit. The new issue will be open for subscription from 21 May to 22 May 2019.

The investment objective of the scheme aims to offer reasonable returns commensurate with low risk and high degree of liquidity through investments in overnight securities.

The scheme offers Regular Plan and Direct Plan shall be available under the Scheme. The Regular and Direct Plan will have two options viz. Growth and Dividend (Payout and Reinvestment facility), Sub Options under dividend option: Daily Dividend (Reinvestment), Weekly Dividend (Payout and Reinvestment) & Monthly Dividend (Payout and Reinvestment).

The scheme would allocate up to 100% of assets in Debt, Money Market instruments, Cash and Cash equivalents (including Repo) with overnight maturity / maturing on or before next business day with low risk profile.

The minimum application amount is Rs 5000 and in multiples of Re. 1/- thereafter.

The minimum additional amount is Rs 1000 and in multiples of Re. 1/- thereafter.

The fund seeks to collect a minimum subscription (minimum target) amount of Rs 20 crore under the scheme during the NFO period.

Entry load: Nil

Exit load:Nil

The performance of the Scheme / Plan(s) will be benchmarked with CRISIL Overnight Index.

The fund manager of the scheme is Kapil Punjabi.

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