UTI MF unveils Rajiv Gandhi Equity Saving Scheme

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    UTI MF unveils Rajiv Gandhi Equity Saving Scheme
    UTI Mutual Fund has unveiled a new fund named as UTI Rajiv Gandhi Equity Saving Scheme,  is close ended passive index fund tracking the S&P CNX Nifty Index. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit.

    The new issue will be open for subscription from 9 February and close on 8 March 2013.

    Objective:

    The objective of the scheme is invest in stocks of companies comprising S&P CNX NIFTY and achieve returns equivalent to Nifty by ‘passive' investment. The scheme will be managed by replicating the index in the same weightage as in S&P CNX Nifty Index.

    The fund would be qualified as a investment option targeting under Govt. notified Rajiv Gandhi Equity Saving Scheme 2012.

    The scheme has two plans Retail and Direct plan. Options available under the scheme are Growth and Dividend option.

    Tax:

    Tax benefits for new retail investors for investment upto Rs 50,000 under sec 80 CCG of the IT Act, 1961.

    Advantages of UTI Mutual Fund:

    * One of the premier fund house with an experience of managing equity assets to the tune of Rs 21, 540 Crs (Quarterly Average Asset Under Management, for Oct-Dec 2012 quarter)
    * Sound investment process and system
    * Dedicated Fund Management team with Research Analysts, Dealers and Risk Managers
    * Track record of handling index funds since the year 2000
    * Country wide distribution networks and touch points.

    GoodReturns.in

    Read more about: mutual funds uti rgess
    Story first published: Friday, February 15, 2013, 11:52 [IST]
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