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.
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.”