IDBI Mutual Fund has come out with IDBI Tax Saving Fund, an open-ended equity-linked savings scheme (ELSS). The product is designed for investors seeking capital appreciation as well as saving income tax through their investments.
Addressing presspersons here on Wednesday, V. Balasubramanian, Vice-President & Fund Manager, said though stock markets were going through a tough period, the indices were at the bottom of the down cycle. “After some hang-over effect, the markets would stage a rally giving an opportunity to investors to time their investments,” he said.
The tax saving fund would invest at least 80 per cent of its corpus in equity and equity-related instruments.
The new fund offer (NFO) is open for subscription from August 20, and will close on September 3. The units will be available at par (Rs. 10 face value) during the NFO period and at NAV-related prices thereafter. The scheme will re-open for continuous sale from September 17.
