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UTI Mutual Fund launches new scheme

Staff Reporter

KOCHI: UTI Mutual Fund has announced the launch of UTI-Long Term Advantage Fund, which closes on March 20, 2007. The fund is a 10-year close-ended equity linked savings scheme with a redemption facility after an initial lock-in period of three years from the date of allotment at relevant redemption price.

The investment objective of the scheme is to provide medium to long-term capital appreciation along with income tax benefit. Investment made in the scheme will qualify for deduction from Gross Total Income up to Rs.1 lakh (along with other prescribed investments) under Section 80C of the Income Tax Act, 1961.

UTI Mutual Fund has also announced UTI - Capital Protection Oriented Scheme - Series I, which closes on January 25, 2007. It is a close-ended capital protection-oriented scheme. It consists of two plans — one of 3 years and the other of 5 years, according to a press release.

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