The scheme attracted investors from 244 locations across the country with 55 percent applications coming from B30 cities
Aditya Birla Sun Life Mutual Fund has mobilised nearly Rs 100 crore from 44, 661 applications during the new fund offer Aditya Birla Sun Life Bal Bhavishya Yojna, an official from the fund house said.
Of 44,661 applications, close to 50 percent were through systematic investment plans. The new fund offer of the scheme was open from Jan 22 to February 5. The scheme attracted investors from 244 locations across the country with 55 percent applications coming from B30 cities.
"At a time when markets are volatile, Rs 100 crore collection is quite good for Bal Yojana Fund. Due to volatile investors are preferring to be cautious when it comes to investments," said Shekhar Verma, a Mumbai-based distributor.
Currently, two fund houses offer children plans--HDFC Children Gift Fund and ICICI Prudential Child Care Plan.
Fund Goal
The fund aims to help investors meet the future financial requirements for a child, like expenditure incurred towards higher education, career goals, marriage, for which the investment horizon would be over a longer period.
The open-ended scheme will have a lock-in of at least five years or till the child attains the age of majority (whichever is earlier). The scheme will offer two plans wealth and savings.
Under the wealth plan, at least 65 percent of the corpus will be allocated to equity and equity-related instruments and the balance in fixed income securities and in units issued by Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).
Under the savings plan, the scheme will invest 75-90 percent of assets in debt and money market securities, with the balance in equities and units issued by REITS and InvITs.
Investments under the scheme can be made only in the name of a minor, who is less than 18 years at the time of investing. The minor will be represented by his/her parent or legal guardian, till he or she becomes a major, as per the release.
Other features:Plans: Direct and regular
Options: Growth and dividend
Minimum application: Rs 1,000 and in multiples of Re 1 thereafter
Fund Manager: Ajay Garg and Pranay SinhaPerformance benchmark: Wealth Plan – S&P BSE 200Savings Plan – CRISIL Hybrid 85 percent + Conservative Index 15 percentNot sure which mutual funds to buy? Download moneycontrol transact app to get personalised investment recommendations.
