Mahindra AMC to launch Mahindra Mutual Fund Kar Bachat Yojana – an opportunity to build a tax-free corpus over the long-term
Lucknow, India, August 9, 2016: Mahindra Asset Management Company Pvt. Ltd. (MAMCPL), an investment manager to Mahindra Mutual Fund and the wholly owned subsidiary of Mahindra Finance and part of the USD 17.8 billion Mahindra Group, will launch Mahindra Mutual Fund Kar Bachat Yojana – An Open Ended ELSS Scheme with a 3 year lock-in period, on August 22, 2016. The New Fund Offer closes on October 7, 2016, and will reopen for continuous sale and repurchase from October 19, 2016.
Mahindra Mutual Fund Kar Bachat Yojana, as the name suggests, will provide investors with a tax-saving option under section 80C of Income Tax Act, 1961. However, since each investment remains locked in for a period of three years, all redemption proceeds are tax free and hence gives an investor an opportunity to build a tax-free corpus over the long term, on investments beyond the 80C limits as well.
The Mahindra Mutual Fund Kar Bachat Yojana is targeted at the tax payers who have limit available in the deductions allowed under Section 80C of the Income Tax Act. Mr Jatinder Pal Singh, Head of Sales and Marketing of MAMCPL said, “this Yojana is for those people who not only want to save tax but also wish to create an investment corpus through their long term investments. They either want to build careers, family financial security, family home, family assets or family lifestyle. With this Yojana we are launching a theme ‘Kuch Kar Bachayain. Kuch Kar Dikhayain’. It is a call to action for the younger tax payers to seize this opportunity to make something of their future by allowing long term nature of equities to work for them”.
“The mutual fund industry pre-dominantly concentrates on the top few cities in India. We chose to take the path less travelled, to tap into the savings and investment potential beyond Urban India in the semi-urban and rural markets. Our approach revolves around educating the potential customer in our priority markets and explaining the investment opportunities to them in their own language, starting with the product names. Mahindra Mutual Fund Kar Bachat Yojana, is the first endeavor in that direction. We believe that helping the customer understand the role of a specific mutual fund product in his or her life will be the key to inculcating an investment culture in our key markets,” said Ashutosh Bishnoi, CEO and Managing Director, MAMCPL.
The Open Ended ELSS Scheme, seeks to generate long-term capital appreciation through a diversified portfolio of equity and equity related securities.*
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