IDBI Asset Management Company today said it has received market regulator Sebi's approval to launch the Rajiv Gandhi Equity Savings Scheme, series I (RGESS).
IDBI MF joins others like UTI MF to get the permission for this new scheme, under which a new retail investor having a gross annual income not exceeding Rs 10 lakh, will be eligible for tax savings under Section 80 of the Income Tax Act.
This is over and above the limit of Rs 1,00,000 currently available under Section 80 C of Act, the fund house said in a statement.
IDBI AMC is a subsidiary of IDBI Bank. The new scheme was launched in the budget 2012 to widen secondary markets.