HDFC MF unveils Rajiv Gandhi Equity Savings Scheme

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HDFC MF unveils Rajiv Gandhi Equity Savings Scheme
HDFC Mutual Fund has unveiled a new fund named as HDFC Rajiv Gandhi Equity Savings Scheme, is close ended equity scheme. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 18 February and close on 15 March 2013.

Minimum Application Amount:

The Minimum amount for application (Purchase / Switch-in) during the NFO period of the respective Series is Rs. 500 and in multiple of Rs. 10 thereafter.

Investment Objective:

To generate long term capital appreciation from a portfolio of Eligible Securities as specified in Rajiv Gandhi Equity Savings Scheme. There is noassurance that the investment objective of the Scheme will be realized.

Tax Benefit under Section 80CCG:

As per Section 80CCG of the Income-tax Act, 1961, investments made by 'New Retail Investor' in this Scheme will qualify for a 50% deduction of the actual amount invested from the taxable income of the financial year. The maximum investment permissible for claiming deduction in a financial year
is Rs. 50,000.

Duration of the Series under the Scheme:

The Scheme offers 4 Series having a term/duration of 3 years from the date of allotment of Units.

Plan/ Option:

The respective Series under the Scheme offers Regular Plan and Direct Plan.

Regular Plan is for investors who wish to route their investment through any distributor. Direct Plan is for investors who wish to invest directly with the Fund without routing the investment through any distributor. Both Regular Plan and Direct Plan offer Growth Option and Dividend Payout Option.

Read more about: hdfc, mutual funds, rgess
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