Navi Mutual Fund (MF) on Tuesday announced the launch of one of the India’s lowest-cost-saving Equity Linked Saving Scheme (ELSS) Index Fund — 'Navi ELSS Tax Saver Nifty 50 Index Fund'. This is a passive ELSS tax-saver fund. Navi said in a statement that the new fund offer (NFO) will be open till February 28, 2023.
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"The NFO is lowest cost tax saving ELSS fund in India with an expense ratio of 0.12 percent under direct plan. The fund also has one of the lowest lock-in periods of only 3 years amongst various tax saving instruments under Section 80C. There will be no exit-load on withdrawal post the expiry of the lock-in period," Navi MF said.
The minimum amount required for investing in this ELSS fund is as low as Rs. 500.
The launch of NFO comes after Sebi recently issued guidelines which enabled mutual fund houses in India with an existing active tax-saver ELSS scheme to launch a passive ELSS scheme post restricting inflows in the active scheme.
"With the launch of the Navi ELSS Tax Saver Nifty 50 Index Fund, Navi will be the first Mutual Fund in India, to take advantage of these guidelines," Navi said.
Commenting on the launch of the NFO, Co-founder of Navi Group, Sachin Bansal said, "With the Navi ELSS Tax Saver Nifty 50 Index Fund, Navi Mutual Fund is launching a product that is focused on solving a key customer pain point. Bringing the simplicity of passive investing to the domain of tax-saving investments at an affordable price point is yet another example of our customer-centricity."
Investors can start investing in the NFO anytime on the Navi app or via any mutual fund investing platform.
(Edited by : Anshul)
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