Easy exports

Punjab National Bank has introduced PNB Expo Gold Card for exporters. The scheme will provide relaxation in interest rates up to 0.25 per cent on rupee export credit based on the credit ratings of the exporters and a 10 per cent discount in charges and fee structure for services and transactions. Export credit in foreign currency will be provided on priority basis at LIBOR+0.75 per cent per annum with a flat service charge of 0.1 per cent. The card will be issued for three years and will be renewed automatically for a further period of three years unless there are adverse irregularities in the account.

Group mortgage

Tata AIG Life Insurance will offer Group Mortgage Reducing Term Insurance to Saraswat Co-operative Bank’s home loan customers. The policy will cover the home loan obligation of the insured member against death and permanent disability during the term of the policy. In the event of any unfortunate incident, the insurance company will pay off the outstanding loan amount.

Discovery Fund

Prudential ICICI Mutual Fund has unveiled Discovery Fund. The diversified equity fund will invest between 80-100 per cent in equity and equity-related instruments and between 0-20 per cent in cash and money market instruments. The fund will charge an entry load of 2.25 per cent on investments below Rs 5 crore and has no exit load. The IPO will be open till July 23.