UTI Mutual Fund Rajiv Gandhi Equity Savings Scheme NFO
UTI Mutual Fund Rajiv Gandhi Equity Savings Scheme NFO – UTI Mutual Fund is offering UTI Mutual Fund Rajiv Gandhi Equity Savings Scheme NFO which is a 3 years closed ended equity fund with twin objectives
1) Providing tax benefits to ‘New Retail Investors’ as defined in the RGESS-2012 notification by Govt of India
2) Provide returns similar to S&P CNX Nifty by investing with a passive investment method in stocks which are part of S&P CNX Nifty -50
NFO Opens on 09 February 2013 and closes on 08 మార్చ్ 2013.
Below are the links to download applications and KIM with application of UTI Mutual Fund Rajiv Gandhi Equity Savings Scheme NFO
Rajiv Gandhi Equity Savings Scheme – 2012 is notified by government of India with an intention of attracting new investors to equity culture by providing suitable tax incentives. To be eligible for tax benefit under Section 80CCG of income tax 1961 one must fulfill certain conditions. 50% of the invested amount subject to a maximum of 50000 is eligible for tax deduction (If an investor is in 20% tax slab and invest 50000 then, the investor is eligible for a deduction of 25000 which will give a tax benefit of 5000 rupees).
The deduction under Rajiv Gandhi Equity Savings Scheme ,2012 shall be available to a new retail investor who complies with the conditions of the Scheme and whose gross total income for the financial year in which the investment is made under the Scheme is less than or equal to ten lakh rupees.
The new retail investor are the following resident individual:
a) Any individual who has not opened a demat account and has not made any transactions in derivative segment as on the date of notification of the Scheme
b) Any individual who has opened a demat account before the notification of the scheme but has not made any transaction in the equity segment or the derivative segment till the date of notification of the scheme,
c) And any individual who is not the first account holder of an existing joint demat account shall be deemed to have not opened a demat account for the purpose of this scheme
UTI Mutual Fund Rajiv Gandhi Equity Savings Scheme NFO : Important Points
Face value of unit during NFO – 10 Rupees
Minimum Investment Amount – 5000 rupees and in multiples of 1 rupee thereafter
Both Retail Plan and Direct Plan are available
Investors can choose either Growth option or Dividend option with payout
Entry load is NIL and Exit load is not applicable
Benchmark for UTI Mutual Fund Rajiv Gandhi Equity Savings Scheme NFO : S & P CNX Nifty
Fund Manager : Mr Kaushik Basu
You can read details about this in telugu here
Mutual Fund Investments are subject to market risks. Please read the Scheme Information Document (SID) and Key Information Memorandum (KIM) before taking an investment decision. Please contact your financial advisor to check the suitability of any financial product to your risk profile.