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Anil Ambani group firm Reliance Mutual Fund has launched a new Gold Savings Fund.
The new fund, which is different from gold ETFs (Exchange Traded Funds) that require subscribers to have a demat account, will also offer investors the option to invest as little as Rs 100 per month, the company said here.
The company said that its Reliance Gold Savings Fund will enable investments in gold without any locker or demat account — a first in the country.
Announcing the launch of the New Fund Offer — which will be open from February 14-28 — the Reliance Capital Asset Management CEO, Mr Sundeep Sikka, said: “We expect this gold investment industry to surpass equity MFs in the next three years.”
He said the gold investment opportunity in India was not optimally tapped and the new product will offer a simple, affordable and investor-friendly solution for investing in gold to the masses.
The scheme’s performance will be benchmarked against the prices of physical gold.
The company said the new fund will enable investors to avail themselves of long-term taxation benefits from the first year itself, unlike physical gold, wherein long-term taxation can only be availed after three years.
The investors will not be charged any entry load on the fund, though there would be a 2 per cent exit load if redeemed before completion of the first year.
A part of Anil Ambani group’s financial services arm Reliance Capital, Reliance Capital Asset Management is the country’s largest fund house and manages assets worth $24 billion across mutual funds, pension funds, managed accounts and hedge funds.
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