SBI Mutual files papers for retirement benefit fund
This would be the third scheme after UTI Retirement Benefit Pension Fund and Franklin Templeton Pension Fund launching pension schemes.
In fact, the two schemes were launched in 1994 and 1997, respectively. According to Value Research, the former gave out a return of 23.52 per cent for one-year period and the latter 21.97 per cent.
The SBI scheme plans to apply to the Central Board of Direct Taxes for approval as a notified pension fund to obtain tax benefits under Section 80 (C) of the Income Tax Act. All investors under this scheme will be covered by a group life insurance policy.
Allocation of funds
This scheme will invest in multiple asset classes — equities, gold, foreign securities, real estate investment trusts (REITs), debt and money market securities and has been colour coded yellow — meaning medium risk to the principal amount invested.
This follows SEBI's long-term policy for mutual funds in India ...
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