Being a tax saving mutual fund scheme, it will have a mandatory lock-in period of three years. There will be no exit-load on withdrawal post the expiry of the lock-in period. Investors can start investing with as low as Rs 500.
Recently, SEBI had issued guidelines which enabled mutual fund houses in India with an existing active tax-saver ELSS scheme to launch a passive ELSS scheme post restricting inflows in the active scheme. With the launch of the Navi ELSS Tax Saver Nifty 50 Index Fund, Navi will be the first mutual fund in India to take advantage of these guidelines.
“With the Navi ELSS Tax Saver Nifty 50 Index Fund, Navi Mutual Fund is launching a product that is focused on solving a key customer pain point. Bringing the simplicity of passive investing to the domain of tax-saving investments at an affordable price point is yet another example of our customer-centricity.” said Sachin Bansal, Co-founder of Navi Group.
Investors can start investing in the NFO anytime between February 14 and 28 on the Navi app or via any mutual fund investing platform.
The Navi Group, co-founded by Sachin Bansal and Ankit Agarwal and headquartered in Bangalore, is on a mission to bridge the gap between finance and technology, providing customers with simple, affordable, and accessible financial services. From personal loans to housing loans, health insurance, and mutual funds, the Navi Group offers a comprehensive range of financial products to retail customers, the press release said..
