HDFC Mutual Fund has sought approval from SEBI, for its HDFC Ultra Short Term Fund.

It is an open ended debt scheme and will invest in instruments which have a Macaulay duration of between three to six months. This scheme will invest its entire corpus in debt instruments, including securitized debt and money market instruments.

It also has a provision to invest up to 10% of its assets, in units issued by real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). The other features of the fund is that, it has growth and dividend options, it has a regular and direct plan and minimum application should be of Rs.5,000 and in multiples of Rs.10 thereafter.

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