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SBI Magnum Taxgain scheme is a mutual fund from SBI that helps you get tax benefit under section 80 C (the one with the one lakh limit), and primarily invests in equity. Before I go any further, let me state that there is a 3 year lock in period in this fund.
Over the years, I have heard a few people ask whether the lock – in applies if they don’t claim the tax benefit, and the answer is: Yes.
The lock in will remain intact regardless of whether you claim the tax benefit or not.
The Magnum Taxgain scheme will primarily be invested in equity, and at the end of February 2010 – it had 91.73% of its assets invested in equity. The fund leans towards large caps with Reliance Industries, ICICI Bank, L&T, United Spirits and GAIL being its top 5 holdings as on Feb 28 2010. It’s well worth noting here that the top 10 holdings of the fund make up 31.2% of its assets.
Over a 5 year period the SBI Magnum Taxgain fund has given annualized returns of 26.3% against Nifty returns of 20%. This page from Moneycontrol shows that this is among one of the better funds over a five year period. Its returns beat Nifty over a five year period which is a good thing, and the fact that it gives you tax benefits as well is just icing on the cake.
On a 1 – 5 scale – it has got a 4 rating from Value Research, and “Fund Return Grade” of “Average”. The minimum investment in this fund is Rs.500, and you can also set up SIPs in this plan.
In the past I have written about keeping the tax angle in mind while investing, and if you were thinking about some tax planning, then this is certainly one of the options you could check out.
I have not receive any communication from you after investing two lack in SBI Mutual Fund-L918 Magnum Tax gain Scheme-Dividend Folio no 9791966. I request you send me details with statement of Account, dividend and where is my certificate. I need hard copies with a copy on my e-mail address. My home address is 4/86 vishal khand gomti nagar Lucknow-226010 India
Mobile 9335925918
This is like a newspaper not SBI – please talk to your MF agent.
Could you please send me the account statement of my SBI magnum Tax Gain fund having folio No.11654090.
Thanks
Hai Sir,
I have Invested 20,000 Rs in SBI MAGNUM TAX GAIN SCHEME in Feb2008,I need to redeem ,So i need to know how many units are available.
My Folio no,10572725
Hey, can u advice me how to redeem the units. I had purchased some 200 units in March, 2008. Thanks
Dividend has been declared @ Rs. 4/- per unit on 6th March 2011 but the dividend amount is yet to be credited to my account. Can anyone tell me the tentative date of credit…
Hi!
Could you kindly advise me how to change the bank details? Is it possible to do it online?
Regards,
Qamar Rizwan
Hi ,
Could you kindly let me know by when the dividend should get credited to our bank account which was recorded on 18th March 2011?
Dear Sir,
Kindly provide us details for claim of SBI magnum tax gain. my folio no. is 7673051.
Thanks,
Devidas Ninu Bhangale
what impact on magnum tax gain when DTC same as it is implement
The current unitholders won’t have any impact at all. If someone decides to buy this post DTC – then they won’t get 80C benefit from their purchase.
latest dividend announcement
sir,
i have sbi magnum tax gain-growth mutual fund, folio no-10627594, what is the fund value of it as on date?, and what is the procedure for withdrawal?
Dividend has been declared @ Rs. 4/- per unit on 6th March 2011 but the dividend amount is yet to be credited to my account. Can anyone tell me the tentative date of credit…
It will be credited to your account by this month end.. it takes time to credit.. it cannot be credited as soon it is declared..
Thanks for that info Piyush.
i have invested around 5 Lacs in SBI magnum tax gain scheme, could you please let me know when the dividend is going to declare and what is expected this year.
thanks in advance.
Sandeep
I don’t know the answer to either of these questions Sandeep.
my SBI mutual fund -magnum tax gain fund-dividend (L018 magnum tax gain scheme) folio no.7125524 and invested amount of 12000.00 on 31/3/2006 wplease send me my account atatement as on 7/03/2011 through my mail.
I have invested Rs.40000/- in sbi magnum tax gain divident pay out sheme in march 2007. My folio no -8612750.As per norms I am supposed to get Account of Statement 30th March & 30 th September but I am not getting them. I have earlier requested to send the statment through my e mail but not getting them. Please look into it & arrange to send statement through my e-mail.
thanks
D.Barat
my F.No. 7072837 magnum tax gain.i want last year statement through online how
Kindly confirm the present status of folio number 10627302, L018g Magnum tax gain scheme – growth
my folio no of LO18MAGNUM TAX GAIN SCHEME NO IS 8780924,PLS SEND STATEMENT TO MY NEW ADDRESS OR EMAIL ID
ALSO CHANGE MY ADDRESS
SANJAY SHENDE
7B/301 ASHOK NAGAR,NEAR DADLANI PARK,BALKUM,
THANE(WEST)
PIN-400608
READ THIS FIRST PLEASE:
This is not the website of SBI Magnum. This is a like a news website, and leaving a comment here asking me to send your statement is completely useless, as I have no way of accessing it.
Please talk to your agent, bank or broker who sold the fund to you.
Please give me the cost of SIP magnum unit because I want to sell it.so give me the market value via email twice in a week.
Dear Sir,
My Folio No. is 10332397
SBI Magnum Tax Gain Scheme – Growth (L018G).
I want to know – what is the current value?