Axis Nifty Bank Index Fund opens for subscription. Key things to know

May 03, 2024, 05:46:13 PM IST

Axis Mutual Fund has launched the Axis Nifty Bank Index Fund. The fund is an open-ended index fund tracking the Nifty Bank TRI.

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The new fund offer or NFO of the scheme is open for subscription and will close on May 17.

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Minimum investment amount

The minimum investment amount in the scheme will be Rs 500 and in multiples of Re 1 thereafter. The minimum amount for daily, weekly, and monthly SIP is Rs 100 and in multiple of Re 1 with minimum six instalments.

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The exit load applicable will be 0.25% if redeemed/switched out within seven days from the date of allotment/investment and no exit load if redeemed/switched out after seven days from the date of allotment/investment.

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Allocation of assets

The scheme will invest in stocks comprising the underlying index and track the benchmark index. The scheme may also invest in debt and money market instruments, in compliance with regulations to meet liquidity and expense requirements.

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The fund is suitable for investors seeking to capitalise on the sector’s growth by including a diversified mix of large-cap and mid-cap banking companies (PSUs as well as private banks).

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“This fund is an interesting opportunity for investors to gain exposure to the banking sector, which is expected to play a pivotal role in India’s economic expansion,” said Ashish Gupta, Chief Investment Officer at Axis Mutual Fund.

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