Business briefs

ICICI Prudential Mutual Fund launches booster SIP ICICI Prudential Mutual Fund on Wednesday launched an industry-first feature known as ICICI Prudential Booster Systematic Investment Plan SIP.The booster SIP is a feature wherein a fixed amount is invested at pre-defined intervals in the source scheme and a variable amount is transferred to the target scheme at pre-defined intervals depending on Equity Valuation Index, the fund house said in a statement.Through this feature, a smaller amount of base installment is invested when equity valuation is considered expensive.

ICICI Prudential Mutual Fund launches booster SIP * ICICI Prudential Mutual Fund on Wednesday launched an industry-first feature known as ICICI Prudential Booster Systematic Investment Plan (SIP).

The booster SIP is a feature wherein a fixed amount is invested at pre-defined intervals in the source scheme and a variable amount is transferred to the target scheme at pre-defined intervals depending on Equity Valuation Index, the fund house said in a statement.

Through this feature, a smaller amount of base installment is invested when equity valuation is considered expensive. Conversely, when the valuation is considered cheap, the investment will be of a relatively higher value. ''Booster SIP leverages rupee cost averaging and value averaging by staggering investments in the target scheme through dynamic installment. Market valuation based on which the installment amount is decided, is based on in-house Equity Valuation Index,'' Chintan Haria, Head-Product Development & Strategy at ICICI Prudential AMC, said.

*** SBI General launches new health vertical * Non-life insurer SBI General Insurance on Wednesday unveiled its new health insurance vertical.

The company aims to leverage the expansive footprint and network of its parent -- State Bank of India -- to further entrench health insurance penetration in Tier 3 and 4 markets across the country, thereby offering affordable and comprehensive health insurance products, a release said.

The company announced that through the vertical, it will manage in-house servicing of all health insurance claims to deliver a superior and hassle-free customer experience.

It has partnered with Apollo 24/7, an omnichannel digital healthcare provider, to offer access to various services to the insurer's customers.

*** Shivalik Small Finance Bank raises interest rates on FDs by 0.75 pc for select tenors * Shivalik Small Finance Bank has increased interest rates on Fixed Deposits (FDs) by 0.75 per cent in certain slabs with a maximum offering of 7.50 per cent, effective May 27.

The revised interest rates will be available on fresh deposits opened as well as deposits renewed during the scheme period, a release said.

Interest rates on FDs (in certain slabs) for senior citizens have also been raised in tandem with those offered to general residents, it said.