HDFC Mutual Fund is consistent with its dividend policy and hence, as its ritual, it has dividend of Rs. 6.00 per unit on HDFc Tax Saver fund. The record date is Thursday, 01-March-2012. The dividend will be distributed to investors of HDFC Tax saver dividend – payout option, which recorded NAV of Rs. 56.73 on 24-Feb-2012.
Fresh investment till 1st March will be eligible for investment. So, you can save tax on full invested amount while getting Rs. 6.00 per unit back within 10-15 days. You can invest by downloading HDFC tax saver application form and choosing dividend option.
Suppose you are in 30% tax bracket. This means (lets assume) you buy HDFC tax saver unit at Rs. 56.73 and save tax of Rs. 18.72 per unit (33% of Rs. 56.73). You will get back Rs. 6.00 after 15 days. This means your net investment is only Rs. 50.73. SO, effective tax saving rate is 18.72/50.73 = 36.90%
- HDFC Tax Saver NAV: Rs. 56.73 as on 24-Jan-2012
- Dividend declared: Rs. 6.00 per unit
- Record Date: 01-March-2012
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Category: Mutual Fund