Chennai, Oct 8: Asset management firm Tata Mutual Fund today (Oct 8) announced the launch of open ended scheme "Tata Retirement Savings Fund" aimed to provide long financial security for individuals.
"Tata Retirement Savings fund is specifically designed keeping in mind the young and middle aged working generation. The fund is tailor made to support the monetary needs of investors post their retirement", Tata Asset Management Ltd President and CEO Sanjay Sachdev said.
The minimum investment amount for the fund is Rs 5,000 entails minimum of Rs 500 per month he told reporters here. According to Tata Asset Management Ltd Co-Head (Equities) Bhupinder Sethi, the "unique" feature of this fund was the auto-systematic withdrawal facility.
This was designed with the objective of providing the investors with regular cash flows after they turn 60. "This fund offers life cycle linked plan and comes with three options -- Progressive plan, moderate plan and conservative plan..", he said.
Citing a report currently he said only 15 per cent of the domestic market was covered under such schemes in which some were debt oriented this scheme was "open-ended". Currently, Tata Mutual Fund has about Rs 23,000 crore assets under management across its various products, he added.