FMPs are close-ended debt funds. Investments can be made in them only during the new fund offer period.
FMPs invest in debt instruments issued by corporates and their investments have a maturity that coincides with the maturity of the FMP. Hence the name - fixed maturity plans.
The investments made by the FMP have an indicative yield. This means, on maturity, there is a possibility of the actual returns deviating from the returns indicated at the time of investing.