IDFC Mutual Fund launches IDFC Floating Rate Fund: 10 things to know

  • IDFC Floating Rate Fund is an open-ended debt scheme predominantly investing in floating rate instruments
  • The New Fund Offer (NFO) will open on 10 February and close on 16 February

Written By Sangeeta Ojha
First Published9 Feb 2021
IDFC Mutual Fund has announced the launch of IDFC Floating Rate Fund.
IDFC Mutual Fund has announced the launch of IDFC Floating Rate Fund.

IDFC Mutual Fund has announced the launch of IDFC Floating Rate Fund. IDFC Floating Rate Fund is an open-ended debt scheme predominantly investing in floating rate instruments (including fixed-rate instruments converted to floating rate exposures using swaps/derivatives). The Fund seeks to generate returns by creating a portfolio that is primarily invested in floating rate instruments, including fixed-rate instruments swapped for floating returns and other debt and money market instruments.

Also Read | India should worry about its public debt

Here are 10 things to know about IDFC Floating Rate Fund:

1) IDFC Floating Rate Fund aims to invest a minimum of 65% of its corpus in floating rate securities issued by corporates or the government.

2) The New Fund Offer (NFO) will open on 10 February and close on 16 February.

3) Anurag Mittal and Arvind Subramanian will be the fund managers.

4) The scheme is benchmarked against the NIFTY Low Duration Debt Index.

5) This product is suitable for investors who are seeking to generate short-term optimal returns.

6) The scheme is suitable for goals with a horizon of up to 1 year

7) IDFC Floating Rate Fund offers Regular Plan & Direct Plan. Both the plans will have separate NAV and a common portfolio.

8) IDFC Floating Rate Fund Regular and Direct Plan offer dividend as well as a growth option.

9) The minimum application amount during the New Fund Offer (NFO) period

for lumpsum (including switch-in): 5,000 and any amount

thereafter, for SIP: 1,000 and in multiples of Re 1 thereafter [minimum 6

instalments]

10) The minimum application amount during the Ongoing Offer Period for Lumpsum Purchase:

Fresh Purchase (including switch-in): 5,000 and any amount thereafter

Additional Purchase (including switch-in): 1,000 and any amount thereafter

SIP: 1,000 and in multiples of Re 1 thereafter (minimum 6 instalments)

Redemption: 500 or the account balance of the investor, whichever is lower

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