Sundaram plans tax saving fund

MUMBAI, JULY 7: Sundaram Mutual Fund plans to launch an open-ended tax saving scheme in the near future, subject to the SEBI’s clearance. This scheme will help the investors to save regularly in an equity scheme and offer tax benefits offered under section 88 of the IT Act. “By spreading out the tax savings over the entire year, the investors are exposed to less market risk and have the convenience of systematic savings,” according to TP Raman, managing director, Sundaram Newton Asset Management Company Ltd.

Raman has said that Sundaram Growth Fund, an open ended equity fund from the Sundaram stable has given a return of 49.9 per cent since inception of April 1997 against the BSE 200 Index, which gave a return of 7.34 per cent.