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One of the country’s largest financial services companies, Reliance Capital is a part of the Reliance Anil Dhirubhai Ambani Group and sponsors Reliance Capital Asset Management Limited. Reliance Capital Asset Management is a leading private sector fund house. Presently, its interest lies in pension funds, hedge accounts, managed accounts and mutual funds with around 24 billion US dollars.
With growing interest of investors in gold, Reliance MF has entered in this field too and launched gold savings account, the very first of its type. It’s being expected by the company to gain more profit in this than that of the equity funds just in a time period of three years.
The investors here are not bound to have demat accounts which is a necessary requirement to invest in gold ETFs. It’s also beneficial for those who cannot afford to invest in physical gold and have lockers. Here, investors even with Rs 100 per month can invest. This will help people desiring to invest in gold to take initiative in fulfilling their wish.
It’s convenient and affordable for all sections of people and the best part is that there are no worries related to storage and security to the investor. Plus, there are no additional charges while opening the funds, the only restriction being a 2% charge to be paid if the investor closes it before a year’s time.
Long-term taxation benefits for physical gold is available only after three years of investment, on the contrary, it’s available just after one year of investment in the gold savings account. The profit will be based on the market value of physical gold.
Opening and closing date of the issue is 14th February and 28th February respectively.
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