Indian bank mutual funds were first launched in 1990 and are one of the early entrants in the mutual fund industry. Indianbank mutual fund was established in form of a trust by this Chennai based bank with an initial corpus of about Rs 25 lakhs devoted for Indian bank mutual funds. Indianbank mutualfund was managed by this trust from 1990 till 1994. To register Indianbank mutual fund with SEBI, Indfund Management limited (IFML) was setup in January 1994. IFML is a wholly owned subsidiary of Indian Bank and is the main sponsor and managed of Indian bank mutual funds. Though AMC managing Indianbank mutualfund has been merged with the banking division of IFML since last few years, Indian bank is again trying to register itself with SEBI and planning to launch new Indianbank mutual fund projects. To know more about the past Indian bank mutual fund schemes and bank’s plan for launching new Indian bank mutual funds schemes read the following section of moneysuperbazaar.com.

Different Indian bank mutual fund schemes

IFML took over the management of Indianbank mutualfund in 1994. Since then 12 close ended Indianbank mutual fund schemes have been launched. Rs 627.10 crores were generated by launching these 12 Indian bank mutual fund schemes. 9 Indian bank mutual funds schemes have been redeemed on their maturity date. The remaining three Indian bank mutual fund schemes were transferred in 2001 to Tata Mutual Fund.

9 Indianbank mutualfund schemes which could be redeemed by showing the certificate to IFML include Ind Ratna, Ind Ratna rolled over, Swarna pushpa monthly, swarna pushpa yearly, swarna pushpa monthly rolled over, swarna pushpa yearly rolled over, Ind 88 A, Ind Moti, Ind jyothi, Ind prakash, ind sagar.

The three Indianbank mutualfund schemes which were transferred to Tata Mutual fund were Ind Shelter, Ind tax shield and Ind Navratna. As on 2008 Indian bank was planning to launch new Indian bank mutual fund schemes and looking to renew their license with SEBI. Indian bank is searching for a new partner who is an expert in the field of wealth management to revive their Indianbank mutual fund business.

Checkout other sections of moneysuperbazaar.com to get more details about other mutual fund schemes offered by other banks.