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Baroda Pioneer Asset Management Company has launched a new scheme called Baroda Pioneer Banking and Financial Services Fund. The scheme would invest a minimum of 80 per cent of its corpus in large- and mid-cap stocks in the banking and financial services business. It would also invest up to a maximum of 20 per cent in debt and money market instruments. The scheme offers both growth and dividend options. Those opting for dividend also have the option of either receiving the dividend or reinvesting it. The minimum application amount is Rs 5,000 and in multiples of Re 1 thereafter. The scheme is benchmarked to the CNX Bank Index. The fund offer is open from June 1 to 15.
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