Saturday, February 9, 2013

IDBI Mutual Fund launches IDBI RGESS

• 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.

• NFO Period: February 09, 2013 to March 09, 2013

Mumbai, February 09, 2013: IDBI Mutual Fund today 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.

Commenting on the occasion, Mr. Debasish Mallick, MD & Chief Executive Officer, IDBI Asset Management Ltd said “IDBI RGESS provides an opportunity to invest in an actively managed equity mutual fund scheme and benefit from possible capital gains along with tax savings u/s 80CCG upfront.”

About IDBI Asset Management Ltd.

IDBI Asset Management Ltd. is a subsidiary of IDBI Bank Ltd. The sponsor for the IDBI MF is IDBI Bank Ltd and the Trustee Company is IDBI MF Trustee Company Ltd. IDBI Mutual Fund’s mission is to promote financial inclusion, by assisting the common man in making informed investment choices, through mutual funds and thus bring to him, the prosperity of the capital markets.”

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