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Kotak ELSS


Kotak Mutual Fund has launched an equity-linked savings scheme. Named as Kotak ELSS, the fund will come with a lock-in of three years and will be eligible for tax exemptions under Section 80 C. During the new fund offer period, the scheme would be available for subscription from September 29 to October 25, 2005.

The fund would invest 80 to 100 per cent of its assets in equities, while it can also invest up to 20 per cent in debt and money market instruments. The minimum investment amount has been kept at Rs 500 and in multiples of Rs 500 thereof. The fund also offers SIP facility during the NFO period through the auto-debit mode.

Kotak ELSS will offer a life insurance cover to investors investing a sum of Rs 10,000 or more, subject to certain conditions.

For investments of less than Rs 3 crore, the fund would charge an entry load of 2.25 per cent, while for investments of an amount greater than or equal to Rs 3 crore, the fund would not charge any entry load.