UTI Mutual Fund has launched a new fund named as UTI Fixed Term Income Fund - Series XXXI - II (1222 Days), a close ended debt scheme. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 03 January 2019 to 17 January 2019.

The investment objective of the scheme is to generate returns by investing in a portfolio of fixed income securities maturing on or before the date of maturity of the scheme.

The scheme offers growth option, quarterly dividend option with payout facility, flexi dividend option with payout facility, annual dividend option with payout facility and maturity dividend option with payout facility.

The scheme would allocate 80%-100% of assets in debt instruments with low to medium risk profile and invest upto 20% of assets would be allocated to money market instruments with low risk profile.

The minimum application amount is Rs 5000 and in multiples of Rs 10 under all the options.

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

Entry and exit load charge will be nil for the scheme.

Benchmark Index for the scheme is CRISIL Composite Bond Fund Index.

Sunil Patil is the fund manager for the scheme.