ING yesterday announced a revised and apparently final offer to investors for two New Zealand funds that were suspended near the start of 2008, the Diversified Yield Fund and the Regular Income Fund. The offer includes an option for investors to place their money in a specially created ANZ call account at a five-year fixed interest rate of 8.3 per cent.If investors select the latest offer, they will be required to not pursue any further claims or legal action in relation to the funds, ING said. However, ANZ customers who were advised, by ANZ, to invest in the funds will have a window in which they can still pursue claims through ANZ's complaint process and then on to the banking ombudsman.Under the latest offer, investors will have three options, ING said. The first is that they will be able to withdraw cash now by selling their fund units to ING, for 60 cents per unit in the DYF, and 62 cents per unit in the RIF. ING said it expected payments to be made no later than August 22. This is the same as the cash out option in the February offer.However, the new five-year option would allow for investors to sell their units in the funds to ING (at 60 and 62 cents, respectively) but then have them transferred to a special ANZ call account offering a five-year fixed interest rate of 8.3 per cent per annum.The before tax return under this offer would be approximately 91 cents per unit in the DYF and approximately 94 cents per unit in the RIF, after the five years, ING said.Investors would not be able to deposit further money in the call accounts, apart from what they take out from the two suspended funds. As it is a call account, investors would be able to withdraw money at any time.ANZ owns 49 per cent of ING New Zealand. It, combined with shareholder ING Group, would be committing more than NZ$400 million toward the new offer available to investors, ING said.ING New Zealand CEO Helen Troup said she could not answer questions on why the interest rate for the offer was 8.3 per cent.A third option would be for investors to remain in the funds, Troup said. She said that at May 26, the respective values of units in the funds were 23 cents per unit in the DYF and 19 cents per unit in the RIF.ANZ managing director of private banking and wealth, John Body, told Interest.co.nz that ANZ customers, if they accepted the offer, would have access to make further claims through ANZ's complaint process, and on to the banking ombudsman until July 31. ANZ had advised about 2700 of the funds' 8000 unit holders to invest in the funds.When asked how they came up with the 8.3 per cent rate for the special call account, Body said ANZ felt they needed to come up with a rate that was fair to investors. He said that a rate that would have