SBI Mutual Fund AMC has revised the minimum number of qualifying SIP/SWP installments of the SBI Magnum Taxgain Scheme to six. This revision was announced in a notice cum addendum released by SBI MF AMC dated 9th August and the change came into effect on 10th August 2018. The min imum individual SIP installments for the scheme will continue to be Rs. 500 or multiples of Rs. 500 (for higher amounts) with allocated units featuring a 3 year lock-in period.
In case of SIP, this revision will be apply to all weekly, monthly, quarterly, semi-annual and annual systematic investments made into the SBI Magnum Taxgain Scheme. Similarly, all daily, weekly, monthly and quarterly STP with SBI Taxgain as the investment target are also impacted by this revision. All other features of the SBI Magnum Taxgain Scheme will remain unchanged as per the SBI addendum.
|SIP/STP Frequency||Earlier Min.Number of Installments||Revised Min. Number of Installments|
|Quarterly/Semi Annual/Annual SIP||4||6|
The same notice cum addendum from SBI MF also includes the mention of a change in benchmark of the SBI Equity Savings Scheme. The old benchmark of the scheme was the following weighted average – 35% NIFTY 50 Arbitrage Index + 35% Nifty 50 Index + 30% CRISIL Liquid Fund Index. The new benchmark index of this equity-oriented mutual fund will be the Nifty Equity Savings Index which features 1 year and 5 year returns of 8.25% and 9.98% respectively. The Nifty Equity Savings Index tracks a portfolio comprising equity, equity arbitrage and debt instruments which is in line with investments of the SBI Equity Savings Scheme. The weight assignments and components of the current and new benchmarks are as follows:
|Existing Benchmark Components||New Benchmark Components (NIFTY Equity Savings Index)|
|35% NIFTY 50 Arbitrage Index||35% NIFTY 50 TRI|
|35% NIFTY 50 Index||30% Equity Arbitrage|
|30% CRISIL Liquid Fund Index||30% NIFTY Short Duration Debt Index|
|5% NIFTY 1 Day Rate Index|
Date: 16 AUG 2018