Reliance Mutual Fund is launching its Gold Savings Fund, a first-of -its-kind investment scheme focused on gold, to tap a market that it expects to become bigger than even equity mutual funds.
The main attraction is that, unlike other ETF gold funds, the new fund offer does not require any demat account or locker.
This fund that is Reliance Gold Savings fund is very different existing gold investments in Exchange Traded Fund (ETF) that require subscribers to have a demat account, will also offer investors the option to invest as little as Rs 100 per month, the company said here.
The fund allows small regular investments of as low as Rs.100 per month and in multiples of Re.1 thereafter.
Reliance Gold Savings Fund will enable investments in gold without any locker or demat account -- a first in the country.
The scheme's performance will be bench marked against the price of physical gold.
The investors will not be charged any entry load on the fund, though there would be a 2 per cent exit load if redeemed before completion of the first year.
Fund Details:
The launch of the New Fund Offer
The offer for the funds opens Feb 14 and closes on Feb 28.
Tax Treatment
Investment in the fund will provide the investor long-term taxation benefits from first year, unlike physical gold wherein long-term taxation concession can be availed only after three years.
Entry Load:
Nil
Exit Load
The exit load is 2 percent, if the investor redeems or switches out on or before completion of first year from the date of allotment of units.
Benchmark:
The scheme’s performance will be bench marked against the prices of physical gold.
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