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Mumbai, Aug. 29 ING Mutual Fund has announced a close-ended bond scheme, ING Fixed Maturity Fund Series XXXII. The new fund offer opens on August 30 and closes on September 10. The minimum application amount for the Retail Plan is Rs 5,000 and for the Institutional Plan it is Rs 1 crore.

The scheme will offer an investment plan of 368 days maturity — investing in a portfolio of Government securities or highly rated corporate bonds maturing close to the maturity of the scheme so as to generate returns comparable with alternative fixed-income instruments of similar maturity.

The scheme has been benchmarked against the Crisil Liquid Fund Index.

“One year P1+ corporate bond yields have increased by 200 basis points in a short span of two months to around 9.5 per cent today.

“Hence, this product presents a good opportunity for investors to lock their investments into high current yields,” said Mr Ramanathan K., Head – Fixed Income, ING Investment Management (I) Pvt Ltd.

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