The Hindu Business Line : TMB pact for Templeton MF schemes

Tamilnad Mercantile Bank has entered into a memorandum of understanding with Franklin Templeton Asset Management (I) P Ltd, for distribution of Franklin Templeton Mutual Fund schemes, as part of its strategy to enter new areas.

This is the fourth deal entered into by TMB with mutual fund companies. Already it has tied-up with Prudential ICICI Mutual Fund, UTI Mutual Fund and Reliance Mutual Fund. Now on offer from FTMP is `Templeton India equity income fund', opened on March 22.

This is an open-ended diversified equity fund that provides a combination of regular income and long-term capital appreciation by investing primarily in stocks that have a current or potentially attractive dividend yield.

The minimum initial investment is Rs 5,000 and subsequent minimum investment under a folio is Rs 1,000 and in multiplies of Re 1, thereafter, with no upper limit. During the NFO period, investors can purchase unit at Rs 10 with applicable entry load. TDS will not be deducted from the dividends distributed by the mutual fund.

There are two types of plans, namely growth plan and dividend plan. Dividends declared by the fund is fully exempted from tax. This fund closes on April 20 and re-opens on May 19 for further purchase of units, a TMB press release said.

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