IDBI Mutual Fund launches IDBI RGESS

Updated: Monday, February 11, 2013, 10:32 [IST]

IDBI Mutual Fund announced the launch of IDBI RGESS (Rajiv Gandhi Equity Savings Scheme-Series I), a close ended growth scheme offering income tax benefits under Section 80 CCG of the IT Act, 1961.

The New Fund Offer (NFO) will open for subscription on February 9, 2013 and close on March 9, 2013. The units will be available at par (Rs.10/-) during the NFO only.

The investment objective of the scheme is to generate opportunities for growth while providing income tax benefits under section 80CCG of the Income Tax Act 1961 by active management of portfolio investing predominantly in RGESS eligible equity instruments.

All you want to know about Rajiv Gandhi Equity Savings Scheme

Highlights

* 3 year closed ended actively managed equity mutual fund scheme. Investments to be made exclusively in RGESS eligible securities.
* Scheme open to all investors.
* Income tax benefit under 80CCG of the IT Act available for investment of New Retail Investors as defined under RGESS.
* The IT benefit is in addition to benefit available u/s 80C.
* Units available at par Rs. 10 during the New Fund Offer.
* Minimum investment: Rs.5000 and in multiples of Re. 1 thereafter
* Plans offered: Regular Plan with Dividend & Growth option.
* Direct Plan with Dividend & Growth option
* Benchmark - BSE 100 Index.

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