Sr.

No.

Category of Schemes

Scheme Characteristics

Type of scheme (uniform description of scheme)

1

Overnight Fund**

Investment in overnight securities having maturity of 1 day

An open ended debt scheme investing in overnight securities

2

Liquid Fund $ **

Investment in Debt and money market securities with maturity of up to 91 days only

An open ended liquid scheme

3

Ultra Short Duration Fund

Investment in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 3 months - 6 months

An open ended ultra-short term debt scheme investing in instruments with Macaulay duration between 3 months and 6 months

4

Low Duration Fund

Investment in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 6 months- 12 months

An open ended low duration debt scheme investing in instruments with Macaulay duration between 6 months and 12 months

5

Money Market Fund

Investment in Money Market instruments having maturity up to 1 year

An open ended debt scheme investing in money market instruments

6

Short Duration Fund

Investment in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 1 year – 3 years

An open ended short term debt scheme investing in instruments with Macaulay duration between 1 year and 3 years

7

Medium Duration Fund

Investment in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 3 years – 4 years

An open ended medium term debt scheme investing in instruments with Macaulay duration between 3 years and 4 years

8

Medium to Long Duration Fund

Investment in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 4 – 7 years

An open ended medium term debt scheme investing in instruments with Macaulay duration between 4 years and 7 years

9

Long Duration Fund

Investment in Debt & Money Market Instruments such that the Macaulay duration of the portfolio is greater than 7 years

An open ended debt scheme investing in instruments with Macaulay duration greater than 7 years

10

Dynamic Bond

Investment across duration

An open ended dynamic debt scheme investing across Duration

11

Corporate Bond Fund

Minimum investment in corporate bonds- 80% of total assets (only in highest rated instruments)

An open ended debt scheme predominantly investing in highest rated corporate bonds

12

Credit Risk Fund^

Minimum investment in corporate bonds- 65% of total assets (investment in below highest rated

instruments)

An open ended debt scheme investing in below highest rated corporate bonds

13

Banking and PSU Fund

Minimum investment in Debt instruments of banks, Public Sector Undertakings, Public Financial Institutions - 80% of total assets

An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings, Public Financial Institutions

14

Gilt Fund

Minimum investment in G-Secs- 80% of total assets (across maturity)

An open ended debt scheme investing in government securities across maturity

15

Gilt Fund with 10 year constant duration

Minimum investment in G-Secs- 80% of total assets such that the Macaulay duration of the portfolio is

equal to 10 years

An open ended debt scheme investing in government securities having a constant

maturity of 10 years

16

Floater Fund

Minimum investment in floating rate instruments- 65% of total assets

An open ended debt scheme predominantly investing in floating rate instruments

As you can see from the above classification, the SEBI has given debt fund classification based on duration and also on the basis of credit quality so that appropriate funds can be targeted and purchased based on the risk appetite and return requirements.