HDFC MF launches product compliant with tax saving scheme

MUMBAI: Country's largest fund house HDFC Mutual Fund launched a product compliant with the tax saving Rajiv Gandhi Equity Savings Scheme today.

HDFC Rajiv Gandhi Equity Savings Scheme Series 1 is a three-year close-ended equity scheme which will invest in eligible securities under the RGESS, an HDFC Mutual Fund statement said.

RGESS was announced in the last Budget as a scheme for encouraging retail investors to participate in the market and also includes a tax-saving component, as an incentive.

The product will invest in equities from BSE-100 or CNX-100, state-run Maharatnas, Navratnas, Miniratna companies, and also in follow-on public offers and initial public offers as per prescribed norms, the statement said.