IDBI Mutual Fund to launch scheme under RGESS
Mon, 04 Feb 2013 00:46:30 -0700
Under RGESS a ‘new retail investor’ would be eligible for tax savings under Section 80 CCG.
TAGS: MUTUAL FUND, IDBI MUTUAL FUND, RGESS
IDBI Asset Management has received SEBI’s permission for the launch of IDBI Rajiv Gandhi Equity Savings Scheme – Series I (RGESS).

Under RGESS a ‘New Retail Investor’ who has not transacted in equity share through his/ her depository account/derivatives as on November 23, 2012, and having a gross annual income not exceeding Rs 10 lakh, would be eligible for tax savings under Section 80 CCG.

This is over and above the limit of Rs 1,00,000 currently available under Section 80 C of Income tax Act.

IDBI Asset Management 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. 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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