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Bancassurance is low-cost distribution channel for MF industry: IDBI MF

IDBI MF is looking beyond tier-I cities for expanding its business

July 27, 2012 11:28 IST | India Infoline News Service
IDBI Mutual Fund, which launched its Gold Fund on 25th July, is focusing on bancassurance channel to market its product. IDBI MF has tied up with two public sector banks—Indian Overseas Bank & Corporation Bank—to sell their products. The products will also be available with two private banks—Federal Bank and Lakshmi Vilas Bank.

"Bancassurance is a low-cost distribution channel that is essential for the mutual fund industry. We are already selling products through IDBI Bank. We have now tied-up with other banks," IDBI MF managing director and CEO Debasish Mallick said. He was in Kolkata to launch IDBI Gold Fund, an open-ended fund of funds (FoF) scheme. IDBI MF is looking beyond tier-I cities for expanding its business. We are planning to expand our reach in tier-II and tier-III, added Mr Mallick.

The Gold Fund offers facility to invest in gold by way of lumpsum investment or accumulation through regular SIP (systematic investment plan). IDBI Gold Fund is the simple way of holding gold. It has 24-carat convenience. There is assured purity of 99.5% and no storage charges. The new fund offer of IDBI Gold Fund will close on August 8, 2012. The units will be available at par (Rs.10/-) during the NFO and at NAV related prices thereafter. The scheme will re-open for continuous sale and repurchase from August 23, 2012.

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