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Reliance Mutual Fund announced the launch of a fund of funds, Reliance Gold Savings Fund, on Wednesday, which will invest in the Reliance gold exchange-traded fund.
The new fund offer will open on February 14 and close on February 28.
The investment will be done in paper form and does not require a demat account. “Due to low demat penetration in India, retail investors have not been able to participate in this safe mode of investment,” said Mr Sundeep Sikka, CEO, Reliance Mutual Fund.
“This product will therefore aim at getting the gold investors into the mutual fund industry,” he added. The investment in the fund can be as low as Rs 100 and in multiples of Re 1, thereafter.
Unlike physical gold where taxation benefits kick in after three years, this fund will enable investors to avail long-term taxation benefits from the first year itself.
The scheme will be benchmarked against the physical price of gold. The returns on this fund will be similar to that of the Reliance Gold ETF.
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