The UTI Liquid Fund has mobilised more than Rs 1,097 crore (Rs 10.97 billion) in just two days of the initial offer period, the UTI sources said in Mumbai on Thursday.

Of the funds collected, about Rs 778 crore (Rs 7.78 billion) is under the liquid cash plan, while the rest is under the liquid short-term plan.

UTI Mutual Fund had launched the scheme on June 23.

UTI Liquid Fund is an open-ended income scheme, offering two plans-- liquid cash plan and liquid short-term plan.

It offers a convenient channel to deploy short-term surpluses with a view to generate steady and reasonable income, with low risk and high level of liquidity from a portfolio of money market securities and high quality debt.

The scheme is open to the resident individuals, institutions as well as to NRIs, OCBs and FIIs. The minimum investment is Rs 1,00,000 under the liquid cash plan and Rs 30,000 under the liquid short-term plan, or such amount as may be decided by the UTI AMC from time to time.

The subsequent minimum additional investment under both the plans is Rs 10,000, without any upper limit.

The scheme intends to initially declare the dividend on a weekly basis and subsequently move to declare dividend on a daily basis.

(UNI)