Bengaluru, February 16th, 2023: Navi Mutual Fund has announced the launch of the Navi ELSS Tax Saver Nifty 50 Index Fund, a passive ELSS tax-saver fund*. The NFO will commence on February 14th, 2023 and conclude on February 28th, 2023. With an expense ratio of 0.12% under direct plan, it will be the lowest-cost tax-saving ELSS fund in India. The fund also has one of the lowest lock-in periods of only 3 years amongst various tax saving instruments under Section 80C. 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 14th and 28th, 2023 on the Navi app or via any mutual fund investing platform.