This will enable people to invest in Navi Mutual Fund’s schemes even with smaller sums of money. The reduction in application amount applies to systematic investment plans (SIP), lumpsum investments, systematic withdrawal plans (SWP), systematic transfer plans (STP) and redemptions. The reduction in the minimum application amount has been introduced across all schemes of Navi Mutual fund, except for their equity-linked savings scheme due to regulations.
An ELSS is a mutual fund scheme that comes with a lock-in period of 3 years and is eligible for tax deductions of up to Rs. 1,50,000 per financial year under the provisions of Section 80C of the Income Tax Act.
For schemes such as Navi Liquid Fund, Navi Regular Savings Fund (hybrid scheme investing predominantly in debt papers) and Navi Flexi Cap Fund, for example, the minimum application amount has been reduced from Rs. 1,000 to Rs. 10 (and in multiples of Re. 1 thereafter). For these schemes, the minimum additional application amount has been brought down from Rs.100 to Rs. 10 (and in multiples of Re. 1 thereafter). This also applies to Navi Mutual Fund’s Equity Hybrid Fund, a hybrid scheme investing primarily in equity, and the Large & Midcap Fund.
For schemes such as Navi Mutual Fund’s Nifty 50 Index Fund, Nifty Next 50 Index Fund, Nifty Bank Index Fund, US Total Stock Market Fund of Fund, Nifty Midcap 150 Index Fund, NASDAQ 100 Fund of Fund and Nifty India Manufacturing Index Fund, the minimum application amount has been reduced from Rs. 500 to Rs. 10 (and in multiples of Re. 1 thereafter). For these schemes, the minimum additional application amount has been brought down from Rs.100 to Rs. 10 (and in multiples of Re. 1 thereafter).
