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HDFC Mutual Fund proposes to commemorate the 10th anniversary by a unique philanthropy initiative of launching HDFC Debt Fund for Cancer Cure (‘H-DFCC') in association with the Indian Cancer Society (ICS).
According to a press release, this will be a three-year close-ended capital protection oriented income scheme.
Investment schedule
An investor will have a unique option of donating the dividends earned, on his investments, either partly or wholly, to ICS. H-DFCC will be launched on February 18, and will remain open for subscription up to March 4.
The donation of dividend to ICS is eligible for tax deduction under Sec 80G of Indian Income-tax Act, 1961, the release added.
The fund will invest up to 80-100 per cent of its corpus in debt instruments and up to 20 per cent in government securities. The minimum investment is of Rs 1 lakh and in multiples of Rs 1,000 thereafter. The benchmark for the fund is the Crisil Short Term Bond Fund.
Limits
According to the mandate of the fund, investors can donate 50 per cent or 100 per cent of the dividend that they receive from the scheme to the ICS. The donation of the dividend is eligible for tax deduction based on the tax regime applicable three years hence.
HDFC mutual fund currently has an AUM of about Rs 87,883 crore (as on December 2010) and folio count of about 41 lakh (as on September 2010).
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