DSP Mutual Fund has launched a new fund named as DSP 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 07 January 2019 to 09 January 2019.

The primary objective of the scheme is to seek to generate returns commensurate with low risk and providing high level of liquidity, through investments made primarily in overnight securities having maturity of 1 business day.

The scheme offers a choice of two options, growth (Option A), daily dividend (Option B) Reinvest Dividend and weekly dividend (Option C) payout and reinvest dividend.

The scheme would allocate upto100% of assets in debt securities and money market instruments with upto 1 business day with low risk profile.

The minimum application amount is Rs 500/- and any amount 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: Not applicable.

Exit load: Nil

Benchmark Index for the scheme is CRISIL Overnight Index.

The fund managers of the scheme are Kedar Karnik and Rahul Vekaria.