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Franklin Templeton is launching an open-ended debt scheme that invests in overnight securities. Called Franklin India Overnight Fund (FIONF), the fund intends to provide reasonable income with high liquidity by investing in overnight securities having a maturity of one business day. The fund offers both growth and dividend (weekly and daily payout) options. FIONF has no lock-in period and exit load.
The offer will be open from May 7 to May 8 during which units will be available at ₹1,000 per unit. The scheme will be open for continuous sale and repurchase sale on May 10. The minimum investment for fresh and additional purchases are ₹5,000 and ₹1,000 respectively.
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