  The B,V CCD photometry of 916 stars in the field of the high galactic
latitude intermediate age open cluster NGC 1245 is presented. The cluster
parameters were estimated with the help of V vs (B-V) colour-magnitude diagram
(CMD). After correcting for intra-cluster reddening, the mean reddening towards
the cluster was found to be 0.29$\pm$0.05 mag, with a distance modulus of
12.4$\pm$0.3 mag. The cluster is found to be located at a distance of 3 Kpc.
The isochrone fits using Girardi et al. (2000) isochrones to the cluster CMD
estimated an age of 890$\pm$100 Myr. The synthetic CMDs obtained using Girardi
et al. (2000) models incorporating photometric errors and 10% binary stars
estimated an age of 1 Gyr for the cluster. The luminosity function (LF) of the
main-sequence shows dips, which might arise due to some known gaps in the
main-sequence, including the Bohm-Vitense gap. The LF and the integrated LF
computed from the observed CMD is compared with those computed from the
sythetic CMDs for five values of mass function slope. The estimation of the
slope of the present day mass function indicates a flatter value compared to
the Salpeter value, though an accurate estimation is not possible due to the
large dips found in the LF. The apparent paucity of stars seen near the cluster
center is estimated to have a statistical significance of 2 sigma.
