Axis Mutual Fund launches Axis Nifty Bank Index Fund:Axis Mutual Fund has announced the launch of a new open ended equity scheme. The new fund offer of this scheme, which is being launched under the name of Axis Nifty Bank Index Fund, is opening on 3 May 2024. This index fund will track Nifty Bank TRI (Nifty Bank – Total Return Index). The minimum investment in this fund will start from Rs 500, after which any amount can be invested in multiples of Re 1. Axis Mutual Fund has said that the managers of this new fund will be Karthik Kumar and Ashish Naik. The closing date of NFO has been kept as 17 May 2024. Axis Nifty Bank Index Fund can be an attractive option for investors who want to take advantage of the growth of this sector by including government and private sector large-cap and mid-cap banks in their portfolio.
Exit Load of Axis Nifty Bank Index Fund
Axis Nifty Bank Index Fund is quite affordable in terms of exit load. In this scheme, the exit load on redemption/switching out of units within 7 days from the date of allotment/investment will be 0.25 percent. But there is no exit load in this scheme if redeemed/switched out after 7 days from the date of allotment/investment. The index includes some of India’s largest and most liquid banking stocks, which represent an important segment of the country’s economy.
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Will benefit from dynamic growth of banking sector
Axis Mutual Fund says that the objective of its new fund is to take advantage of the dynamic growth of the Indian banking sector. This fund will provide its investors an opportunity to take advantage of the growth story of Indian banks by tracking Nifty Bank TRI. Under the scheme, investments can also be made in debt and money market instruments keeping in mind the rules to meet the liquidity and expense requirements. The Nifty Bank Index is rebalanced every six months to include those banks that best represent the sector’s performance.
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Opportunity to benefit from the country’s growth story: Gopkumar
MD and CEO of Axis AMC, the company operating Axis Mutual Fund, is B. Giving detailed information about this, Gopkumar said, “There are many reasons for the economic progress of our country and our growth story has the potential to take the country forward towards becoming a major economic power in the world. It is against this background that the banking sector of the country has demonstrated its growth and strength. With a strong regulatory framework and rapid adoption of digital banking, the sector is well positioned for continued expansion. Axis Nifty Bank Index Fund is giving a great opportunity to investors to take advantage of this growth opportunity. The banking sector has also benefited greatly from its emphasis on innovation and adhering to the highest standards of governance. This is why today we are in a position to take advantage of the trends that are giving a new identity to India’s banking landscape. Ashish Gupta, Chief Investment Officer, Axis AMC, says, “This fund is a great opportunity for investors to invest in the banking sector. This is an important opportunity to do so. The banking sector is playing an important role in the economic expansion of the country.
The objective of this fund is to provide pre-expense returns to its investors in line with the total returns of Nifty Bank TRI. However, there may also be tracking errors in this return. While announcing the launch of this NFO on behalf of Axis Mutual Fund, a disclaimer has also been given that no guarantee can be given to achieve the investment objectives in this scheme.
