onlinemutualfund
SBI Magnum Taxgain Scheme 1993 dividend for 2009 has been announced by SBI MF
Posted by onlinemutualfund on 25 May 2009
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
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:
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.
Related Posts Only (manually created not automatically generated)
manoj said
Sir, any idea when the payout will be?
Thanks,
Manoj
onlinemutualfund said
@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 said
how divedend is paid, through cheque/ecs/demand draft?
onlinemutualfund said
@ 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.
OMF
Vijay said
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
onlinemutualfund said
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
Md. Shamshad Alam said
Sir,
My unit in Magnum Tax gain divident is Rs.233. Can you tell me present value of the unit
Shamshad
onlinemutualfund said
@ MSA,
Multiply your number of Units Owned with the current NAV of your particular scheme.
Units X NAV = Value of Investment.
You can check your fund’s daily NAV here http://navupdate33.blogspot.com
NAV as on 5 June 2009 was Rs 36.05
Your Units : 233.
Your Value : Rs 8399.65
OMF
Pankaj said
Will dividend be directly transfered to my bank account ( as they did last time ) or will they be sending cheques to mailing address.
onlinemutualfund said
@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.
OMF
sudha said
What is dividend this year for SBI MSFU CONTRA-DIVIDEND
onlinemutualfund said
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 said
will dividend be given to the customers this year (2009)for Mutual Fund Magnum Sector Fund Umbrella Contra-Dividend
onlinemutualfund said
@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.
OMF.
A K Bhatnagar said
subject; regarding SBI mutual fund, MMPS-93.
Sir,
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]
onlinemutualfund said
@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.
OMF.
VANYA said
SUBJECT::regarding LOSS OF DIVIDEND PAYOUT CHEQUE
Sir,
I have invested in SBI MAGNUM TAX GAIN scheme..DIVIDEND option .I have lost the cheque of last years Dividend payout.Can u please help me in this regard?
thanx
Vanya
onlinemutualfund said
@Vanya
In cases of Non Receipt of Dividend or Misplacing/Loss of Dividend Payout Cheques you can write a simple letter to your local “SBI Assest Management Company Private Ltd” in your city and explain to them the same.
Provide them with all the relevant details like your folio number, name address and bank account details.
The AMC will verify the details and provide you with a new dividend cheque ideally within 15-20 days.