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SBI MF to launch RGESS Tax Saving Fund

SBI MF to launch RGESS Tax Saving Fund
SBI Mutual Fund has filed offer with Securities and Exchange Board of India (Sebi) for Rajiv Gandhi equity saving scheme (RGESS) tax saving fund.

SBI MF is the first fund house to file document for RGESS. This scheme is an open ended equity scheme, which has tax benefit under 80CCG for new investors.

Click here to know more about Rajiv Gandhi Equity Savings Scheme

The objective of the scheme would be to provide investors with opportunities for long-term growth in capital along with the liquidity of an open-ended scheme through an active management of investments in a diversified basket of equity stocks.

Minimum Investment amount is Rs 5000/- and in multiples of Re. 1/- thereafter. Minimum Redemption amount is Rs.1000/- or 100 Units or account balance whichever is lower.

Only such stocks that comprise the CNX 100 Index will be considered for investment under this scheme.

SBI RGESS tax saving fund scheme would have two plans - regular plan and direct plan. Direct plan will be default plan.

Growth will be considered as the default option & re-investment will be default facility. Both plans will have two options Growth and Dividend. Dividend option will have two facilities of Payout and Re-investment.

Tax benefit: The Scheme shall be eligible and in compliance with provision of Rajiv Gandhi Equity Savings Scheme, 2012.

In view of this the eligible investors / unit holder investing under the scheme, shall be eligible under Section 80CCG of the Income tax Act on ‘Deduction in respect of investment made under the scheme' to give tax benefits to new investors who invest up to Rs. 50,000 and whose gross total annual income is less than or equal to Rs. 10 lakhs.

Units of the scheme will be listed on the Stock Exchange(s) within 5 business days from the date of allotment. Further, the AMC may at its discretion list the units on any other stock exchanges.

Read more about: sbi mutual funds rgess tax savings
Story first published: Friday, January 4, 2013, 11:00 [IST]
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