About IDBI Equity Advantage Fund Direct-Growth
IDBI Equity Advantage Fund Direct-Growth is a Tax Saver
mutual fund scheme from IDBI Mutual Fund
. This scheme was launched on 10 Sep 2013 and is currently managed by its fund manager Uma Venkatraman
. It has an AUM of ₹580.99 Crores and the latest NAV decalared is ₹29.650 as on 12 Dec 2019 at 9:05 pm.
IDBI Equity Advantage Fund Direct-Growth scheme return performance in last 1 year is 6.23%, in last 3 years is 43.10% and 195.91% since scheme launch. The min. SIP amount to invest in this scheme is ₹500.
The scheme seeks to invest in equity and equity related instruments with the objective to provide investors with opportunities for capital appreciation and income along with the benefit of income tax deduction (under Section 80c of the Income Tax Act, 1961) on their investments, subject to a statutory lock-in for three years.
About Fund Category
Having a statutory lock-in period of 3 years, ELSS Funds enable long term wealth accumulation along with the benefit of tax saving. Investing in ELSS Funds makes you eligible to claim a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act 1961.