HSBC AMC has come out with an Equity Linked Savings Scheme (ELSS) or what is commonly referred to as a tax-saving fund.
The HSBC Tax Saver Equity Fund is an open-ended diversified equity fund that will invest across sectors and industries. The portfolio will not have a market capitalisation bias and will invest in small-, mid- and large-caps. The allocation of the corpus to equity will be in the 80-100 per cent range while debt, money market and cash is in the 0-20 per cent range.
Investments in these funds qualify for a deduction under Section 80C of the Income Tax Act and have a lock-in period of three years.
The minimum amount required to be invested in the fund is Rs 500.
Snapshot
Unit cost during NFO: Rs 10
Type of fund: ELSS
Options: Dividend payout, Growth
Minimum investment: Rs 500
Benchmark: BSE 200
Fund manager: Mihir Vora
Offer opens: November 20, 2006
Offer closes: December 15, 2006
Entry load: 2.25% for investments below Rs 5 crore
Exit load: Nil
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