Equity Linked Savings Scheme vs Rajiv Gandhi Equity Savings Scheme

Difference between Equity Linked Savings Scheme and Rajiv Gandhi Equity Savings Scheme

Basis of DifferenceEquity Linked Savings Scheme (ELSS) Rajiv Gandhi Equity Savings Scheme (RGESS)
TypeMutual Funds
Vs
Mutual Funds, directly in listed
securities declared as "BSE-100" or "
CNX-100" or the PSU shares categorised
as Maharatna, Navratna or Miniratna by
the Central Government or in Exchange
Traded Funds (ETFs)
ObjectiveTo avail tax rebate under sec 80C of
Income Tax on deposits with capital
appreciation on investment
Vs
To avail tax rebate under sec 80CCG of
Income Tax on deposits with the stated
objective of "encouraging the savings of
the small investors in the domestic
capital markets"
MeaningInvesment of fund is made in diversified
equity funds for long term which
generates capital appreciation
Vs
It is exclusively for the first time
retail investors in securities market
that provides additional tax benefits
over and above the tax savings schemes
under section 80C of Income Tax Act
EligibilitySalaried employee, self-employed,
businessman, professional or any other
person can invest in it
Vs
Gives tax benefits to first time retail
investors in securities market who
invest up to Rs. 50,000 and whose annual
income is below Rs. 12 lakh and can only
be availed for 3 consecutive years
Suitable forYoung investor who can take risk and aim
for a higher return (usually 15% p.a. or
more)
Vs
First time retail investors in
securities market who can take risk and
wants tax rebate over and above the tax
savings schemes under section 80C of
Income Tax Act
Investible amountAny amount. Minimum subscription amount
is declared by the fund house
Vs
Any amount. Minimum subscription amount
is declared by the fund house
Maximum Investment AmountNo limit, however, the section 80C limit
(Rs. 1.5 Lakh p.a.) will be applicable
for claiming rebate
Vs
No limit. however, the section 80CCG
limit (Rs. 25,000 p.a.) will be
applicable for claiming rebate
Interest RatesMarket driven returns, one can expect
15% returns over a longer term period
Vs
Market driven returns, one can expect 12
to 15% returns over a longer term period
Interest Rates
Compounding
N.A.
Vs
Annually
Interest earned is
taxable
No
Vs
No
LiquidityNo
Vs
No
Tenure/ Lock-in Period3 Years
Vs
3 Years, however trading is allowed
after 1 year with certian conditions
Income Tax Rebate Yes, upto Rs 1,50,000/- p.a. u/s 80C
Vs
Yes, a person can claim 50% of
investment amount which can be maximum
upto Rs 25,000 p.a. u/s 80CCG
MaturityTax Free
Vs
Tax Free
Premature WithdrawalsNot allowed
Vs
Not allowed
LoansNo
Vs
No
Tax Deduction at SourceNo
Vs
No
RiskVolatile and risky iInvestment in short
term
Vs
Volatile and risky

Upcoming Bank Holidays

2017 June 09 is a bank holiday in Sikkim due to Saga Dawa.
2017 June 15 is a bank holiday in Mizoram due to Y.M.A Day/Raja Sankranti.
2017 June 22 is a bank holiday in Jammu And Kashmir due to Shab-I-Qadr.
2017 June 23 is a bank holiday in Jammu And Kashmir due to Jumat-ul-Veda.

Search IFSC/MICR/ATM

 

 

 

Financial Calculators

Search Bank By Branch

Bank Interest Rates

ALL INDIA BANKS LIST
A B BANK LIMITED ABN-AMRO Bank N.V ABU DHABI COMMERCIAL BANK AIRTEL PAYMENTS BANK LIMITED
ALLAHABAD BANK American Express Banking Corp ANDHRA BANK Antwerp Diamond Bank NV
AXIS BANK B N P PARIBAS BANDHAN BANK LIMITED BANK OF AMERICA
BANK OF BAHARAIN AND KUWAIT BSC BANK OF BARODA BANK OF CEYLON BANK OF INDIA
BANK OF MAHARASHTRA BANK OF TOKYO MITSUBISHI LIMITED BARCLAYS BANK BHARATIYA MAHILA BANK LIMITED
Calyon Bank CANARA BANK CATHOLIC SYRIAN BANK LIMITED CENTRAL BANK OF INDIA
CHINATRUST COMMERCIAL BANK LIMITED CITI BANK CITY UNION BANK LIMITED CORPORATION BANK
DBS Bank Ltd DCB BANK LIMITED DENA BANK DEUSTCHE BANK
DHANALAKSHMI BANK EQUITAS SMALL FINANCE BANK LIMITED EXPORT IMPORT BANK OF INDIA FEDERAL BANK
HDFC BANK HSBC BANK HSBC BANK OMAN SAOG ICICI BANK LIMITED
IDBI BANK IDFC BANK LIMITED INDIAN BANK INDIAN OVERSEAS BANK
INDUSIND BANK JAMMU AND KASHMIR BANK LIMITED JP MORGAN BANK JSC VTB BANK
KARNATAKA BANK LIMITED KARUR VYSYA BANK KOTAK MAHINDRA BANK LIMITED Krung Thai Bank Public Co. Ltd
LAXMI VILAS BANK MASHREQBANK PSC MIZUHO CORPORATE BANK LIMITED OMAN INTERNATIONAL BANK SAOG
ORIENTAL BANK OF COMMERCE PUNJAB AND SIND BANK PUNJAB NATIONAL BANK RBL Bank Limited
SBM BANK MAURITIUS LIMITED SHINHAN BANK SOCIETE GENERALE SONALI BANK LTD
SOUTH INDIAN BANK STANDARD CHARTERED BANK STATE BANK OF BIKANER AND JAIPUR STATE BANK OF HYDERABAD
STATE BANK OF INDIA STATE BANK OF MYSORE STATE BANK OF PATIALA STATE BANK OF TRAVANCORE
SURYODAY SMALL FINANCE BANK SYNDICATE BANK TAMILNAD MERCANTILE BANK LIMITED THE BANK OF NOVA SCOTIA
THE NAINITAL BANK LIMITED UBS AG UCO Bank Ujjivan Small Finance Bank Limited
UNION BANK OF INDIA UNITED BANK OF INDIA UNITED OVERSEAS BANK LIMITED UTKARSH SMALL FINANCE BANK
VIJAYA BANK Woori Bank YES BANK ZILA SAHAKARI BANK LTD