Mumbai: HDFC Mutual Fund has launched a new plan called HDFC Fixed Investment Plan October 2003(I), a single plan in the HDFC Fixed Investment Plan (HDFC FIP), a close-ended income scheme.

The issue opened on 13 October 2003 and will close on 20 October 2003. The maturity date/final redemption date for the plan is 5 November 2004. The offer price during the initial public offering is Rs 10 per unit.

The primary objective of the scheme is to generate regular income through investment in debt and money market securities. The minimum application amount for HDFC FIP October 2003(I) is Rs 25,000 per application and in multiples of Rs 1 thereof.

Investors can obtain a copy of the offer document and abridged offer document along with application form of HDFC FIP from offices of HDFC AMC and its investor service centres. The scheme does not have any entry load, but an exit load of 1 per cent is applicable on redemptions / switches made before the maturity dates.

No exit load, however, is payable if the investor gives a redemption / switch-out (to other open-ended schemes of HDFC Mutual Fund) notice on any business day in writing of at least five clear days (excluding the date of notice and the date of redemption / switch -out). Such notice once given cannot be withdrawn / changed. For redemptions / switches made on the maturity dates, the exit load will be nil.

HDFC Asset Management Company Ltd is a joint venture between HDFC Ltd and Standard Life Investments Ltd, UK.