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How to fill out open-ended equity linked savings

How to fill out open-ended equity linked savings

1. Start by identifying the open-ended equity linked savings scheme that suits your investment goals and risk tolerance.
2. Gather all the necessary documents, such as your PAN card, address proof, and bank account details.
3. Visit the nearest branch or online portal of the mutual fund company offering the scheme.
4. Fill out the application form accurately, providing all the required information.
5. Specify the investment amount and mode of payment (lump sum or systematic investment plan).
6. Attach the necessary documents along with the application form.
7. Review the filled form and documents for any errors or missing information.
8. Sign the form and submit it to the mutual fund company, either physically or electronically.
9. Make the initial investment payment as per the scheme's minimum investment requirement.
10. Keep a copy of the filled form, documents, and payment receipt for your records.

Who needs open-ended equity linked savings?

1. Open-ended equity linked savings are suitable for individuals who are looking to save on taxes while also seeking exposure to equity markets.
2. It is beneficial for those who have a longer investment horizon and willingness to take some level of risk.
3. Individuals who have a taxable income and wish to avail of tax deductions under Section 80C of the Income Tax Act can opt for open-ended equity linked savings.
4. This investment option is ideal for those who have a diversified investment portfolio and want to include equity-based instruments.
5. Investors who are comfortable with market fluctuations and have a goal of wealth creation can consider open-ended equity linked savings.

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What is open-ended equity linked savings?

Open-ended equity linked savings is a type of investment scheme that combines the features of a mutual fund with the tax benefits of a savings scheme.

Who is required to file open-ended equity linked savings?

Individuals who have invested in open-ended equity linked savings schemes are required to file them.

How to fill out open-ended equity linked savings?

Open-ended equity linked savings can be filled out by providing information about the investment amount, gains or losses, and any dividends received.

What is the purpose of open-ended equity linked savings?

The purpose of open-ended equity linked savings is to encourage long-term investments in equity markets while also providing tax benefits to investors.

What information must be reported on open-ended equity linked savings?

Information such as the investment amount, gains or losses, dividends received, and any redemption details must be reported on open-ended equity linked savings.