​Ask ET Mutual Funds: Should I continue with SBI Magnum Tax Gain?

I have invested in SBI Magnum Tax Gain Scheme (Dividend plan). How is the future of this fund? Should I consider switching over to some other scheme?

--Muthu Sundaram

Ankita Narsey, a mutual fund advisor, responds:

SBI Magnum Tax Gain Fund is an ELSS Fund with a lock-in period of three years from the date of investment. It is mandatory to hold an Equity Linked Savings Scheme for a period of three years in order to avail benefit under Section 80C of the Income Tax Act. SBI Magnum Tax Gain is an average performer. If you have completed three years of holding period and want higher returns, you could switch to any other multicap or largecap equity fund.

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