JPMorgan Asset Management India (JPMAMIPL) has introduced JPMorgan India Income Fund Series 301 & 501, which belong to the three-year and five-year closed-ended income schemes respectively.
According to the wealth manager, the funds’ performance will be ascertained against Crisil Short Term Bond Fund Index for Series 301 and Crisil Composite Bond Fund Index for Series 501.
The funds have been developed to generate income through investments in debt securities/money market instruments and government securities, which mature on or before the maturity date of the schemes.
JPMAMIPL managing director & chief executive officer Nandkumar Surti said, "With the launch of JPMorgan India Income Fund – Series 301 & 501, we hope to reach out to a wide section of retail investors and present to them an opportunity to lock in their investments in a high quality portfolio. Additionally, these funds have the potential to provide better post-tax returns over other interest bearing instruments."
JPMAMIPL fixed income head Namdev Chougule said, "In the current scenario, where interest rates are expected to fall, we believe that investors should lock in rates to get potentially stable returns with a high quality portfolio. AAA long-term bonds are available at higher spreads where an ideal lock in period is for the next three to five years."