Reliance Mutual Fund’s new issue opens on 14th February and closes on 28th February
Reliance Mutual Fund has launched a new Gold Savings Fund, an investment scheme focused on gold, to tap a market that it expects to become bigger than even equity mutual funds.
The new fund, which is different from gold ETFs (exchange traded funds) that require subscribers to have a demat account, will also offer investors the option to invest as little as Rs100 per month. Reliance Gold Savings Fund will enable investments in gold without any locker or demat account. The new issue opens on 14th February and closes on 28th February.
The scheme's performance will be benchmarked against the price of physical gold.
The new fund will enable investors to avail long-term taxation benefits from the first year itself, unlike physical gold, wherein long-term taxation can only be availed after three years. The investors will not be charged any entry load on the fund, though there would be a 2% exit load if redeemed before completion of the first year.
Read the analysis of the fund here:
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