About SBI Magnum Taxgain Direct Plan-Growth
SBI Magnum Taxgain Direct Plan-Growth is a Tax Saver
mutual fund scheme from SBI Mutual Fund
. This scheme was launched on 01 Jan 2013 and is currently managed by its fund manager Dinesh Balachandran
. It has an AUM of ₹7,019.69 Crores and the latest NAV decalared is ₹143.966 as on 17 Oct 2019 at 11:35 pm.
SBI Magnum Taxgain Direct Plan-Growth scheme return performance in last 1 year is 3.33%, in last 3 years is 14.27% and 112.12% since scheme launch. The min. SIP amount to invest in this scheme is ₹500.
The scheme seeks capital appreciation through investments in equities, cumulative convertible preference shares and fully convertible debentures and bonds. The scheme was converted into an open-ended plan in November 1999.
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.