Earlier I had written about details of Rajiv Gandhi Equity Savings Scheme (RGESS) under Section 80CCG and steps to invest in the same.
Here is a list of Mutual Fund Schemes which are eligible for RGESS. Though there is no limit of how much you can invest in these schemes but the maximum benefit for tax saving purpose is capped at Rs. 50,000. So I would advise not to invest more than Rs. 50,000 in total in these schemes.
Another point to note is as RGESS is meant for first time stock investors; it might be risky for them to invest in stocks directly. Hence it makes sense to pick any of the mutual funds/ ETFs (Exchange Traded Funds) listed below.
ETFs eligible for RGESS:
- Birla Sun Life NIFTY ETF
- Goldman Sachs Junior BeES
- Goldman Sachs Bank BeES
- Goldman Sachs S&P Shariah BeES
- Goldman Sachs Nifty BeES
- IIFL Nifty ETF
- Kotak Nifty ETF
- Kotak Sensex ETF
- Motilal Oswal MOSt Shares M50 ETF
- Quantum Index Fund
- Religare Nifty Exchange Traded Fund
- SBI Sensex ETF
- R* Shares CNX 100 Fund ETF [from Reliance AMC]
- ICICI Prudential Nifty ETF
Close Ended Mutual Funds eligible for RGESS:
Also there are following close ended Mutual Funds which are open for subscription:
| Mutual Fund Scheme | Available for Subscription up to |
| DSP BlackRock RGESS Fund | 8-Mar-13 |
| IDBI Rajiv Gandhi Equity Savings scheme | 9-Mar-13 |
| LIC Nomura MF – RGESS Fund | 25-Feb-13 |
| UTI Rajiv Gandhi Equity Savings Scheme | 8-Mar-13 |
| HDFC Rajiv Gandhi Equity Savings Scheme Series 1 | 14-Mar-13 |
The minimum subscription for all the above schemes is Rs 5,000.
Also Read: List of stocks eligible for RGESS
Here is the advertisement by UTI for their RGESS Fund NFO:
I am investigating in L&T Emerging businesses fund. I am eligible for tax reduction under 80CCG.
Dear Sir,
I had invested through SIP in the mutual funds during the FY 2017-18 first time investor.
1. SBI Blue Chip
2. ABSL equity fund
3. Reliance small cap
4. Motilal Oswal 35 most focused
5. Reliance Tax Saver
6. Reliance small and mid-cap
7. SBI magnum multicap
8. Tata India consumer fund
9. Mirae Tax Saver
10. Mirae Bluechip
Please guide me whether I can claim tax benefits under 80CCG or not
I am investing 2000/annum in sbi magnum global fund and icici prodential value discovery fund-growth.
Am i eligible for the deduction in 80CCG ?
Hi Amit,
I’m already investing 2000 per month in Mutual funds (SBI Magnum Global fund) through SIP. I don’t have a demat account till date. Am I eligible to start investing in RGESS mutual funds?
Yes you are eligible for RGESS provided you meet income criteria.
How much tax can be saved for the year 2013-2014
It depends on your income and the investment you are ready to make to save taxes. For more details you can download the free ebook on – How to Save Taxes for FY 2013-14.