SBI Magnum Long Term Equity Scheme Direct Growth

About SBI Magnum Tax Gain Scheme

SBI Magnum Tax Gain Scheme, an open-ended equity-linked savings scheme (ELSS), is a tax-saving tool approved by the tax laws. The fund provides benefits to the investors who invest in a portfolio of equity shares. Meanwhile, investors can save up to Rs.46,800 of tax liability under section 80C of the Income Tax Act, 1961.

Pros and Cons of SBI Magnum Tax Gain Scheme

The fund helps investors save on income tax liabilities and does not involve an exit load. In addition, the one-year and three-year returns of the fund is higher than the category average returns. However, the five-year returns of the fund has not been up to the mark of category average returns.

Fund Information and Statistics

i) Inception/Launch Date The fund was launched on 31 March 1993.

ii) Risk Level SBI Magnum Tax Gain Scheme includes moderately high risk since the fund invests in equity shares while offering tax benefits under the Income Tax Act, 1961. A minimum of 80% of the assets are invested in equity, cumulative convertible preference shares, fully convertible debentures, and bonds. Also, a share of up to 20% of the assets may be invested in money market instruments.

iii) Redemption SBI Magnum Tax Gain Scheme comes with a statutory lock-in period of 3 years similar to the other ELSS funds. Otherwise, there is no exit load applicable on units redemption.

iv) Fund Manager Mr Dinesh Balachandran has been working as the Fund Manager for SBI Magnum Tax Gain Scheme since September 2016.

v) Entry/Exit Load SEBI has specified that the entry load is not applicable anymore when you purchase fund units. Also, the tax-saving fund does not apply an exit load when you redeem the units.

About SBI Funds Management Private Limited

SBI Funds Management Private Limited, a leading asset management company was incorporated on 7 February 1992. State Bank of India is the sponsor for the fund house. Likewise, SBI Mutual Fund Trustee Company Private Limited is the trustee company. The company offers management services and investment advisory to individual investors and businesses.