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Minimum Instalments Number Changes For SBI Mutual Funds Magnum Taxgain Scheme

The minimum number of instalments for SIPs (Systematic Investment Plans) and transfer plans under SBI Mutual Funds Magnum Taxgain scheme has been changed with immediate effect, the fund house announced the news in an addendum.

Consequently, the minimum number of instalments under all the eligible investment plans under SIPs and transfer plans will be six.

The SBI Mutual Fund’s addendum also revealed that the minimum investment for lump-sum and systematic investment under the Taxgain scheme will be 500 Rupees and in multiples of 500 Rupees thereafter, with three years lock-in period.

The primary objective of the scheme is to provide profit by investing in a portfolio of equity shares, while providing a deduction on such investments made in the plan under section 80C of the Income-tax Act, 1961.

The SBI Mutual Funds Magnum Taxgain scheme, which was launched on March 31, 1993, also aims to hand out income periodically based on distributable surplus. The scheme’s investments are subject to a statutory lock-in period of 3 years.

The open-ended Equity Linked Saving Scheme with a statutory lock-in-period of 3 years and tax benefit will be investing in equity and equity-related securities, as well as in debt securities and money market securities.

As per CBDT guidelines, the scheme will deploy at least 80 percent of the net assets in equity and equity-related securities.

Mr. Dinesh Balachandran has been managing the Magnum Taxgain scheme since September 2016. He has about 17 years of total work experience.

Balachandran joined as a Senior Credit Analyst in SBI AMC in 2012. At present, he is the Head of Research of the fund house.

Prior to joining the SBI MF, he worked at Fidelity in Boston USA in 2001. At Fidelity, he worked as an analyst and covered Structured Finance, and the local US fixed income market over 10 years.

The moderately high-risk scheme, which is benchmarked against S&P BSE 500 Index, has recorded AUM of 6426.5 Crore Rupees, as on 31 Jul 2018, based on information in the official website of the SBI Mutual Fund.

According to the fund house’s addendum, except the minimum instalments number the other features of the SBI Mutual Funds Magnum Taxgain scheme will remain unaltered, reported Money Control.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Bindhu Mol. G loves writing news articles. She excels in SEO articles, technical articles and academic articles. She covers commodities and mutual fund news for OWLT Market.

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