Navi Mutual Fund is launching a new fund offering named “Navi Overnight Fund”, An open-ended debt scheme investing in securities with overnight securities. A relatively low interest rate risk and relatively low credit risk.
The NFO is open for subscription from July 11th, and will end on July 14th, 2023. Scheme will re-open for continuous Sale and Repurchase on or before within 5 business days from the date of allotment. With a minimum investment of Rs. 10, Both a Regular Plan and a Direct Plan are available.
About Navi Mutual Fund
Navi, the brainchild of Sachin Bansal (former co-founder of Flipkart) and Ankit Agarwal (former banker with Deutsche Bank and Bank of America), aims to revolutionize financial services by making them simple, transparent, and accessible. With a technology-driven and customer-centric approach, Navi has ventured into various sectors of the financial services space. It started in December 2018 with Digital Lending through its wholly-owned NBFC subsidiary, ‘Navi Finserv.’ In just three months, it became one of the country’s largest lending apps, serving over 1.5 lakh customers.
Expanding its offerings, Navi then launched General Insurance, guaranteeing cashless claim approvals in under 20 minutes through its health insurance app, which collaborates with 10,000+ hospitals across India. Additionally, Navi has entered the Micro-Financing realm through its wholly-owned MFI-NBFC, ‘Chaitanya India,’ serving over 5 lakh customers across eight states, with an impressive AUM of 1.3 thousand crore. Recognizing the significant capital requirements in the financial services industry, Navi’s founders have already invested approximately 4,000 crores of equity capital in the company, demonstrating their commitment to its success.
Navi Overnight Fund – NFO Detail
| Type of Offer | NFO (New Fund Offer) |
| Fund House | Navi Mutual Fund (Erstwhile Essel Mutual Fund) |
| Name of the Fund | Navi Overnight Fund |
| Type of Scheme | Open-ended |
| Category of Scheme | Debt: overnight |
| NFO Starts | 11-July-2023 |
| NFO Ends | 14-July-2023 |
| NFO Unit Price | Rs 10 per unit |
| Minimum Investment | Rs. 10 |
| Plans | Regular, Direct |
| Options | Growth, IDCW |
| Entry Load | Not Applicable |
| Exit Load | Nil |
| Investment Manager | Navi AMC Limited (Formerly known as Essel Finance AMC Limited) |
| Fund Manager | Ms. Surbhi Sharma |
Navi Overnight Fund NFO – Scheme Objective
The investment objective of the scheme is to generate returns by investing in debt and money market instruments with overnight securities having maturity of 1 day.
Navi Overnight Fund NFO – Who Can Invest?
This product is suitable for investors who are seeking*:
- Regular income over a short term that may be in line with the overnight call rates.
- To generate returns by investing in debt and money market instruments with overnight maturity.
How Will the Scheme Allocate Its Asset
- 0-100% in Debt and Money Market instruments with overnight maturity.
Where Will the Scheme Invest?
Subject to the Regulations, the corpus of the Scheme may be invested in all or any one of (but not exclusively) the following securities:
- Tri-party repo (TREPS).
- Certificate of Deposit (CD) of scheduled commercial banks and development financial Institutions.
- Commercial Paper (CP).
- Treasury Bill (T-Bill).
- Repo (Repurchase Agreement) or Reverse Repo.
- Securities created and issued by the Central and State Governments.
- Non-convertible debentures and bonds.
- Floating rate debt instruments.
Navi Overnight Fund NFO – SID (Scheme Information Document)
Please click here to read the SID (Scheme Information Document) of this upcoming NFO scheme.
How to Invest?
Visit this page on the AMC website for further detail and investment.
Disclaimer: This post is just information about the scheme. It does not give any advice or recommendation. Mutual Fund investments are subject to market risk. Please read the offer document carefully before investing.
