SBI Mutual Funds introduced SBI Magnum Tax Gain Scheme, an ELSS tax-saver mutual fund scheme on 31st March 1993. This scheme is especially for investors for medium to long-term investments. There is a high-risk appetite with SBI Magnum Tax Gain Scheme as it is an equity-based investment scheme and hence, best suited for high-risk investors.
However, higher risk also means profitable returns. The main purpose of this SBI Magnum Tax Gain Scheme is to provide an opportunity for investors to invest in Equity Mutual Funds that offer tax-saving benefits. Investors can avail of tax benefits up to Rs 1.5 lakh under Section 80C of the Income Tax Act, 1961. It also tries to distribute income from time to time on the basis of distributed surplus.
In this SBI Magnum Tax Gain scheme, investors invest in a wide range of Equities, Bonds, Fully Convertible Debentures, and Cumulative Convertible Preference Shares to ensure balance in the portfolio, ensure liquidity and generate high returns even during volatility in the capital market.
Also Check – SBI Fix Deposit
Direct Plan: In this plan, SBI Magnum Tax Gain Scheme enables investors to get maximum benefits from the fund house without paying brokerage charges or portfolio management charges. A direct plan of SBI Magnum Tax Gain Scheme provides investors the facility to invest online or offline. However, this benefit is not passed on to third-party brokers or asset management companies (AMCs). Direct plans are divided into two categories – growth and dividend.
Regular Plan: The regular plan also known as a retail scheme, this scheme is available to all investors, whether they prefer to invest directly i.e.online and offline, or through third-party brokers and AMCs. As a result, additional charges in the form of brokerage charges and portfolio management charges are included in the regular plans, thus, increasing the expense ratio. Moreover, the NAV of these schemes is also comparatively less as compared to direct schemes. The regular plan of SBI Magnum Tax Gain is also divided into two categories – Growth and Dividend.
Also Check – SBI E-Mudra Loan Apply Online
SBI Magnum Tax Gain Scheme offers investors the flexibility to choose from two investment options either invest as a lump sum or opt for SIP (Systematic Investment Plan). The lock-in period for such investments is 3 years.
If you prefer to invest in lump sum, then you need to invest at least Rs. 500, and if you wish to invest more, it should be in multiples of Rs. 1. For SBI Magnum Tax Gain ELSS Fund, you can opt for a single SIP and have a minimum investment of Rs. 500 for a period of at least 6 weeks. Or else, you can opt for a monthly SIP plan and start investing with a minimal amount. 500 and continue for 12 months or more.
Also Check – Download SBI RTGS Form Pdf
- Apply Online: Visit the official website of SBI Mutual Fund and invest in SBI Magnum Tax Gain Scheme of your choice.
- Offline Application: Visit any SBI branch and submit the KYC form to assist you through the investment process.
- Mobile message : On mobile you have to Type ‘SBIMF and send it to 7065611100 and then the customer care will help you through the investment process.
- Mobile application: Download the ‘m-Easy,’ from the Google Play Store and opt for online investments
- Call SBI Mutual Funds: The Toll Free Numbers of SBI Mutual Funds are 1800 209 3333 and 1800 425 5425.