SBI Magnum Taxgain Scheme 1993 dividend for 2009 has been announced by SBI MF

SBI Magnum Taxgain Scheme 1993 dividend for 2009 has been announced by SBI MF. With over 17 lakh investors and a stable track-record of over 15-years SBI Magnum TaxGain ELSS Scheme 1993 has proved to be one of the most consistent performer amongst the tax saving schemes category in the Indian Mutual Fund Industry. See previous dividends declared

Dividend for 2009

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Magnum TaxGain ELSS Scheme : 28%

Magnum Tax Gain ELSS has generated excellent returns over past 15 years and continues to provide retail investors a profitable avenue with constant stream of fat dividends. The SBI TaxGain Equity Linked Savings Scheme is also one of the largest equity scheme in India with corpus of over 3,262 Crores (Download Magnum TaxGain April 2009 Fact Sheet).  SBI Mutual Fund is India’s largest bank sponsored mutual fund and has an enviable track record in judicious investments and consistent wealth creation.

After an long delay(and nil dividend in the previous financial year) it had become almost imperative for the fund manager/investment managers at SBI MF to declared a dividend no matter how small the dividend amount be.  The scheme’s rivals like HDFC TaxSaver and HDFC Long Term Advantage Fund had already declared decent and timely dividend income in the past. Irony of dividends in falling markets is that, it lowers already low NAV.

Dividend Income Bigger than Annual Bonus/Increment:

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In fact, for many Salaried Investors of this scheme, due to economic downturn the Dividend Income received from SBI Magnum Taxgain has ironically outstripped their annual bonus/incentive and annual increment incomes in their current profession.

The record date for dividend is 29-May-2009. Post declaration of the dividend the NAV of the scheme will fall to the extent of the dividend payout. Check NAV of the scheme.

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49 thoughts on “SBI Magnum Taxgain Scheme 1993 dividend for 2009 has been announced by SBI MF

    • @Manoj,

      Last time they declared the dividend for SBI Mutual Fund’s Magnum Tax Gain it took the SBI Fund house 1-1.5 months to send the dividend cheques.Expect similar timelines this time around as well.The record date for SBI Mutual Fund Magnum TaxGain ELSS Tax Saving Scheme was 29-May-2009.


    • @ Vijay,

      Dividend payout is linked to your bank. In case if the Fund House (AMC) has tie up with your particular bank then the payouts are faster and through Direct Credit. For banks which the Fund does not have a tie up, the payouts are send through Account Payee Checks.



      • Hi OMF,

        Thanks for quick response.
        How can one know AMC is tie up with particular bank?

        I have SBI Magnum Tax Gain, Bank is ICICI bank. Is SBI AMC tied up with ICICI bank?

        – Vijay


        • SBI Mutual Fund has tie up with Banks listed below for its Direct Credit Facility for Dividend payouts.
          This Direct Credit Facility is valid for all Equity and debt schemes including State Bank of India Magnum TaxGain ELSS Tax Saving Scheme as well.

          State Bank of India
          HDFC Bank
          AXIS Bank
          ABN Amro Bank
          Oriental Bank of Commerce
          ICICI Bank
          State Bank of Hyderabad
          Deutsche Bank
          Centurion Bank of Punjab
          CITI Bank
          State Bank of Mysore
          Corporation Bank
          Bank of Baroda
          Kotak Mahindra Bank
          State Bank of Travancore
          Syndicate Bank
          IDBI Bank
          State Bank of Patiala
          Punjab National Bank
          State Bank of Indore
          State Bank of Saurashtra
          State Bank of Bikaner & Jaipur
          Standard Chartered Bank
          HSBC Bank
          Indus Ind Bank
          ING Vysya Bank
          Yes Bank


  1. Will dividend be directly transfered to my bank account ( as they did last time ) or will they be sending cheques to mailing address.


    • @Pankaj,

      In most probablity the dividend should be directly credited to your bank account like last time. However, in case if the Fund house is not satisfied with the performance of the bank then it may not choose to credit dividend through their system and issue cheque from its own preferred bank.



    • State Bank of India Mutual Fund Magnum Sector Fund Umbrella Contra-Dividend previous dividend declared

      Record Date Rate of Dividend

      May 16, 2008 40.0000 %

      May 11, 2007 40.0000 %

      Apr 3, 2006 40.0000 %

      May 18, 2005 21.0000 %

      Nov 9, 2004 21.0000 %


    • @Sudha,

      Cannot predict when a Fund house will declare dividend. The market conditions have improved a bit for Mutual Fund companies to afford small dividends.

      SBI Tax Saving Magnum Tax Gain ELSS infact skipped a dividend in previous financial year and only declared the same recently.



  2. subject; regarding SBI mutual fund, MMPS-93.
    my regd. folio no. XXXXXXX. warrant no. YYYYYYYY, Sir i request u that I hve 100 magnums but after 15.10.1999, i hve not received any devidend. Sir i lost my original certificate received at that time , but i hve other papers. Sir now i want close this scheme and plz refund money, kindly write me what is procedure for receiving the payment.
    Thanking u,
    Yours truly,
    (Anil Kumar Bhatnagar)

    [Some Personal Information is removed for enhanced privacy protection]


    • @A K Bhatnagar,

      MMPS 93 might have undergone possible name change. Since you have lost your original certificates would request you to forward whichever “other documents” you posses to SBI Mutual Fund Office and follow up regularly on the same.



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