Peerless MF allows investment in cash

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PEERLESS Mutual Fund, an arm of the Kolkata headquartered Peerless General Finance and Investment, has now teamed up with Allahabad Bank to introduce the option of investing using cash in retail mutual fund schemes through select Allahabad Bank branches. This is in accordance with to Sebi's guidelines of allowing cash investments by investors up to Rs 20,000 per investor, per mutual fund, per financial year, company officials said.

Investors can now choose to invest in Peerless Income Plus Fund, Peerless Child Plan, Peerless Equity Fund and Peerless Short Term Fund. The combination of cash investments coupled with non-requirement of PAN for such investors, being less than Rs 50,000, will widen the reach of mutual funds amongst semi-urban / rural segment.

Although as starter, the cash purchase facility has been made available at select Allahabad Bank branches, the same facility will eventually be extended to all 2,500 branches across India.

Peerless Mutual Fund aims to cater to un-banked customers in tier III and tier IV locations through this facility. Allahabad Bank has a strong presence in these markets and synergy of both organizations will help customers, who wish to take advantage of the growing capital markets through our well performing schemes.

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