IDBI Asset Management has received approval from SEBI for the launch of the IDBI Rajiv Gandhi Equity Savings Scheme – Series I (RGESS).
“Under RGESS, a ‘New Retail Investor’ who has not transacted in equity share through his/her depository account/derivatives as on November 23, 2012, and having a gross annual income not exceeding Rs 10 lakh, would be eligible for tax savings under Section 80 CCG,” said a release from the fund house.
This is over and above the limit of Rs 1,00,000 currently available under Section 80 C of the Income-Tax Act.
The scheme will invest 95-100 per cent of the corpus in equity and equity-related instruments and the rest will be invested in money market instruments.