Considering the changes in Indian demographics (more than 70%of the population below the age of 35), changes in investment pattern (rising disposable incomes created a huge potential for investment in Insurance and Mutual Funds), increased competition and thinning of Interest margins, the Indian Banking Industry had to redesign their bouquet of products and introduce marketing of third party products like Insurance and Mutual Funds, to increase fee based income.
To encash on this sentiment, our bank has entered into the Mutual fund distribution business 5 years back and today we have a successful tie up with 21 fund houses with total funds invested at around Rs 100 crores.
The Mutual Fund industry currently has 35 Fund houses with 1800 schemes spread across 30 different categories. During this financial year the industry saw 900 new fund offers(equity, debt, liquid and Fixed Maturity Plans included).The AUM (Asset Under Management) of the Mutual fund industry closed at Rs 5,67,60 Cr on April 2008.
The major fund houses are as follows:
Birla Sunlife Mutual Fund
Franklin Templetoin Mutual Fund
HDFC Mutual Fund
ICICI Prudential Mutual Fund
Kotak Mahindra Mutual Fund
Principal PNB Mutual Fund
Reliance Mutual Fund
Tata Mutual Fund
UTI Mutual Fund
The forms of the various schemes of the fund houses are available at all our branches. For any further assistance you may visit our nearest branch or call the Customer Service Centre on 26464013/19/22.