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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Investment Objective
The prime objective of scheme is to deliver the benefit of investment in a portfolio of equity shares, while offering tax rebate on such investments made in the scheme under section 80 C of the Income-tax Act, 1961. It also seeks to distribute income periodically depending on distributable surplus.
Asset Allocation
Instrument % of Portfolio of Plan A & B Risk Profile
Equity,PCD’s and FCD’s and bonds 80-100% Medium to High
Money market instruments 0 – 20% Low
Scheme Highlights
1. There is a statutory lock-in period of three years for investments in a Tax Saving Scheme (irrespective of the fact whether the investors claim the rebate u/s 80C or any other section or not).

2. Dividends may be declared depending on distributable profits of the scheme. Facility to reinvest dividend proceeds into the scheme at NAV.

3. Switchover facility to any other open-ended schemes of SBI Mutual Fund at NAV related prices available after the statutory lock-in period.

Launch Date

Minimum Application

March 31, 1993 Rs. 500 and Multiples of Rs 500

Entry Load

Exit Load

Investments below Rs. 5 crores – 2.25% Investments of Rs.5 crores and above – NIL


Rs.500/month – 12 months Rs.1000/month – 6months Rs.1500/quarter – 12 months
A minimum of Rs. 500 can be withdrawn every month or quarter by issuing advance instructions to the Registrars at any time. This facility is available only after the lock-in period of three years.

Latest Nav

Magnum Tax Gain Scheme – 1993 – Dividend 41.4 11/04/2008
Magnum Tax Gain Scheme – 1993 – Growth 50.95 11/04/2008

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Principal MF