September 30 has been fixed as record date for declaration of dividend in three mutual fund schemes — HSBC Equity Fund, HDFC Equity and Alliance Equity. HDFC has set September 30 as the record date for declaration of dividend in a couple of other schemes as well. Record date for declaration of maiden dividend in First India Growth Fund is September 25. IL&FS Mutual Fund has fixed September 29 as the record date for declaration of dividend in its Growth & Value Fund. Reliance Mutual Fund will be paying a dividend of 25 per cent in Reliance Vision Fund; the record date is September 23.
Most fixed income securities like National Savings Certificates, Kishan Vikas Patra could be dematerialised soon. This would enable investors to get rid of certificates and hold these securities in bank accounts.
EIH Ltd — the company that manages the Oberoi chain of hotels — has cut interest rate on fixed deposits to 8.5 per cent. The minimum deposit is Rs 25,000 and thereafter in multiples of Rs 5,000. The term of deposits is three years. EIH accepts deposits only from its shareholders. A few companies in the manufacturing sector are accepting public deposits. These include JK Paper, JK Industries and Escorts. They are offering better rates than bank fixed deposits.