Birla Sunlife Tax Relief '96

[life2007]

Hello Friends !

1) Today I received my first Account Statement for Birla Tax Relief 96 by
E-mail.

However, though I had opted for Growth Option, I have received the
name of the scheme as below:

BO2 Birla Sun Life Tax Relief '96 Fund - ( An Open Ended ELSS
Scheme) - Payout.

Is that an error from their side ? Or all ELSS schemes would be payout
only. I mean what is the difference between Payout and Growth.

As far as I know the have classified my scheme in Dividend - Payout
option rather than Growth Option ?

Please advise whether I should inform them or is it more sensible with Payout option .

2) Earlier I was opting for 4K for 3 months for the above scheme. But since
the markets have crashed do you think, I will invest the balance 8K
tommorrow ?

Please advise.

Thanks.

Jeet

[mail2kamaal]

Now invest there 100%%%%%%
Dont stop... Investing in these levels through mutual fund is gr8 at the period

[life2007]

Hello Friends !

Couple of days back, I invested 4K in Birla Sunlife Tax Relief '96 (ELSS) mentioning the scheme in GROWTH option .

However, I received my first account statement with "PAYOUT" option. As they have written to mention any discrepancies if any in 30 days time, I have shot an Email to them. I am waiting for their response.

Today I had been to CAMS TP where I orginally submitted my application asking them to rectify this error.

I am surprised at their response, that in the above scheme only PAYOUT ooption is available and therefore even if you write GROWTH, it will automatically go into the PAYOUT scheme ?

How far is this true ? Anyone has experience on this ? I went to their website, it does mention Growth Option. What should I do now ?

Please advise

Regards

Jeet

[mrindia]

Originally Posted by life2007

Hello Friends !

1) Today I received my first Account Statement for Birla Tax Relief 96 by
E-mail.

However, though I had opted for Growth Option, I have received the
name of the scheme as below:

BO2 Birla Sun Life Tax Relief '96 Fund - ( An Open Ended ELSS
Scheme) - Payout.

Is that an error from their side ? Or all ELSS schemes would be payout
only. I mean what is the difference between Payout and Growth.

As far as I know the have classified my scheme in Dividend - Payout
option rather than Growth Option ?

Please advise whether I should inform them or is it more sensible with Payout option .

2) Earlier I was opting for 4K for 3 months for the above scheme. But since
the markets have crashed do you think, I will invest the balance 8K
tommorrow ?

Please advise.

Thanks.

Jeet

You again read the doc carefully. You can mail back them. I blv, they wil clear the doubts. O'wise, dividend payout option in ELSS is also good as such return is tax free.
As mkt is down, u can take a chance to invest more!

[jace48]

Yes that scheme only has payout. You should have done your homework.

The forms that they give is very generic

[life2007]

Hi Friends !

I wrote to Birla Sunlife and this is the response I got from them. I am confused. While they say it is growth option, they still insist that they will pay dividends. Can somebody explain please.

I had selected 2 ELSS funds SBI Magnum Tax Gain 93 and this one (Birla Tax Relief 96).

I have already invested 4K in Birla. Though I am still inclined to go for growth option, should I invest evenly in both this funds. Or should I go for a new ELSS fund like Personal Tax Saver or Sundaram BNP Tax Saver and leave 4K only in Birla ???

Vicky and others... enlighten me yaar.. please as early as possible. I am tempted to put in 10K in this bearish market at one go.
================================================== =====
Dear Mr ……….

We understand your concern and earnestly regret the delay in responding to your email.

With respect to your email, we would like to inform you that Birla Sun Life Tax Relief '96 has a single option i.e. Growrh.

However, the scheme may declare dividend subject to distributable surplus and trustee discretion, which will be compulsorily paid out to all the investors.

Hence, the account statement reflects as dividend payout.

For any further information or assistance, please feel free to contact us between 9 a.m. & 9 p.m. from Monday to Saturday on our toll-free numbers 1-800-22-7000 and 1-800-270-7000, or, on 022-6691 7777 (non toll-free). You may also visit our website www.birlasunlife.com.

We value your trust in us and assure you the best of our service always.

Regards,
Customer Service Desk
Birla Sun Life Mutual Fund

================================================== ======

Thanks & Regards

Jeet

[life2007]

Vicky .. Sorry.. Repeated the above message. Hence removed the matter.

[Vicky78]

Some funds have this crazy way of paying dividends in growth option, once such fund is MAgnum global... looks like Birla Sunlife tax relief 96 is just like that.

[life2007]

Right Vicky, it seems I landed in such type of crazy fund. But what should I do now ? I mean what would be sensible according to you ?

Thanks

Jeet


Some funds have this crazy way of paying dividends in growth option, once such fund is MAgnum global... looks like Birla Sunlife tax relief 96 is just like that.

Originally Posted by life2007

Hi Friends !

I had selected 2 ELSS funds SBI Magnum Tax Gain 93 and this one (Birla Tax Relief 96).

I have already invested 4K in Birla. Though I am still inclined to go for growth option, should I invest evenly in both this funds. Or should I go for a new ELSS fund like Personal Tax Saver or Sundaram BNP Tax Saver and leave 4K only in Birla ???

Vicky and others... enlighten me yaar.. please as early as possible. I am tempted to put in 10K in this bearish market at one go.

Thanks & Regards

Jeet

[life2007]

Vicky.... Do Please reply.

Originally Posted by life2007

Right Vicky, it seems I landed in such type of crazy fund. But what should I do now ? I mean what would be sensible according to you ?

Thanks

Jeet


Some funds have this crazy way of paying dividends in growth option, once such fund is MAgnum global... looks like Birla Sunlife tax relief 96 is just like that.