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- top tax saving mutual funds
With dual advantage of tax-saving & potential for better returns than traditional tax-saving investment products, this category of mutual fund schemes is must have for every investor. These funds also have the lowest lock-in period of just 3 years amongst all the options available in Section 80C.
- Investment up to Rs.1,50,000 every year is eligible for tax deduction under Section 80C of The Income Tax Act
- Starting a monthly SIP for long-term gets you a lifetime guaranteed tax-savings (subject to Rs.1.5 lakh annual limit & no changes in Tax Laws)
- Potential for better long-term returns than traditional options like PPF & Fixed Desposits
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List of Top Tax Saving Mutual Funds in India sorted by ET Money Ranking
Parag Parikh ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹3,361 Crs
Min. Invest
₹1000
Current Value₹
Return (p.a)
N.A. N.A. + 22.1% + 22.61% + 22.61% + 41.85% + 15.07% + 35.66% + 26.82% + 33.44% + 28.99% + 23.31% + 11.84% + 0.89%
Min. Invest
₹1000
Unranked
ETM Rank Unranked
Expense Ratio 0.61%
Age 4+ yrs
Invest
PGIM India ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹683 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 20.63% + 68.75% N.A. + 17.83% + 21.52% + 16.8% + 30.98% + 17.24% + 35.97% + 19.8% + 25.52% + 20.06% + 18.82% -1.08% -0.09%
Min. Invest
₹500
#1 of 34 in ELSS ETM Rank #1 of 34 in ELSS
ETM Rank #1 of 34 in ELSS
Expense Ratio 0.77%
Age 8+ yrs
Invest
HDFC ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹14,475 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 27.51% + 98.78% + 17.41% + 150.54% + 42.35% + 27.48% + 30.12% + 56.78% + 39.57% + 38.96% + 37.22% + 45.52% + 45.98% + 31.62% + 41.48% + 2.8%
Min. Invest
₹500
#2 of 34 in ELSS ETM Rank #2 of 34 in ELSS
ETM Rank #2 of 34 in ELSS
Expense Ratio 1.13%
Age 11+ yrs
Invest
Mahindra Manulife ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹858 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 23.81% + 82.08% N.A. + 30.45% + 24.68% + 22.06% + 40.8% + 32.02% + 38.0% + 27.86% + 34.64% + 31.23% + 24.43% + 17.0% + 1.25%
Min. Invest
₹500
#3 of 34 in ELSS ETM Rank #3 of 34 in ELSS
ETM Rank #3 of 34 in ELSS
Expense Ratio 0.6%
Age 7+ yrs
Invest
Bank of India ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹1,298 Crs
Min. Invest
₹1000
Current Value₹
Return (p.a)
+ 30.89% + 115.24% + 22.07% + 222.02% + 56.24% + 30.57% + 32.16% + 61.01% + 49.74% + 40.2% + 44.5% + 54.21% + 58.76% + 37.69% + 29.16% + 2.05%
Min. Invest
₹1000
#4 of 34 in ELSS ETM Rank #4 of 34 in ELSS
ETM Rank #4 of 34 in ELSS
Expense Ratio 0.99%
Age 11+ yrs
Invest
SBI Long Term Equity Fund
EQUITY ELSS
AUM
₹23,412 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 30.81% + 114.82% + 19.55% + 181.05% + 52.19% + 29.71% + 35.07% + 67.18% + 38.83% + 38.87% + 46.19% + 56.25% + 56.47% + 36.63% + 21.74% + 1.57%
Min. Invest
₹500
#5 of 34 in ELSS ETM Rank #5 of 34 in ELSS
ETM Rank #5 of 34 in ELSS
Expense Ratio 0.94%
Age 11+ yrs
Invest
Kotak ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹5,608 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 26.1% + 92.24% + 19.26% + 176.76% + 53.69% + 30.01% + 27.02% + 50.49% + 54.76% + 40.78% + 34.82% + 42.69% + 45.12% + 31.21% + 42.48% + 2.85%
Min. Invest
₹500
#6 of 34 in ELSS ETM Rank #6 of 34 in ELSS
ETM Rank #6 of 34 in ELSS
Expense Ratio 0.58%
Age 11+ yrs
Invest
Canara Robeco ELSS Tax Saver
EQUITY ELSS
AUM
₹7,761 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 23.01% + 78.62% + 18.24% + 161.87% + 33.83% + 25.49% + 21.1% + 38.96% + 35.92% + 38.5% + 27.58% + 34.31% + 34.11% + 25.84% + 36.28% + 2.49%
Min. Invest
₹500
#7 of 34 in ELSS ETM Rank #7 of 34 in ELSS
ETM Rank #7 of 34 in ELSS
Expense Ratio 0.53%
Age 11+ yrs
Invest
Quant ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹9,361 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 39.01% + 159.66% + 27.57% + 333.34% + 54.32% + 30.15% + 34.04% + 64.98% + 47.17% + 39.89% + 43.98% + 53.58% + 60.54% + 38.52% + 25.4% + 1.81%
Min. Invest
₹500
#8 of 34 in ELSS ETM Rank #8 of 34 in ELSS
ETM Rank #8 of 34 in ELSS
Expense Ratio 0.77%
Age 11+ yrs
Invest
Bandhan ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹6,432 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 26.85% + 95.7% + 19.33% + 177.79% + 25.31% + 23.41% + 23.44% + 43.45% + 17.13% + 35.96% + 29.04% + 35.99% + 30.44% + 24.03% + 8.8% + 0.67%
Min. Invest
₹500
#9 of 34 in ELSS ETM Rank #9 of 34 in ELSS
ETM Rank #9 of 34 in ELSS
Expense Ratio 0.64%
Age 11+ yrs
Invest
DSP ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹14,860 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 26.02% + 91.89% + 19.29% + 177.24% + 45.01% + 28.08% + 26.37% + 49.2% + 51.6% + 40.41% + 35.17% + 43.11% + 44.85% + 31.08% + 49.84% + 3.27%
Min. Invest
₹500
#10 of 34 in ELSS ETM Rank #10 of 34 in ELSS
ETM Rank #10 of 34 in ELSS
Expense Ratio 0.76%
Age 11+ yrs
Invest
Union ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹876 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 23.0% + 78.57% + 16.38% + 136.97% + 24.35% + 23.18% + 21.42% + 39.58% + 19.72% + 36.33% + 27.04% + 33.69% + 29.95% + 23.79% + 3.04% + 0.24%
Min. Invest
₹500
#11 of 34 in ELSS ETM Rank #11 of 34 in ELSS
ETM Rank #11 of 34 in ELSS
Expense Ratio 1.37%
Age 11+ yrs
Invest
Mirae Asset ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹22,472 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 23.46% + 80.57% N.A. + 29.51% + 24.45% + 21.39% + 39.51% + 28.56% + 37.54% + 27.96% + 34.75% + 32.52% + 25.06% + 15.37% + 1.14%
Min. Invest
₹500
#12 of 34 in ELSS ETM Rank #12 of 34 in ELSS
ETM Rank #12 of 34 in ELSS
Expense Ratio 0.57%
Age 8+ yrs
Invest
JM ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹141 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 27.19% + 97.29% + 19.85% + 185.6% + 54.97% + 30.29% + 29.39% + 55.28% + 59.1% + 41.27% + 39.84% + 48.62% + 50.04% + 33.57% + 29.23% + 2.06%
Min. Invest
₹500
#14 of 34 in ELSS ETM Rank #14 of 34 in ELSS
ETM Rank #14 of 34 in ELSS
Expense Ratio 1.13%
Age 11+ yrs
Invest
Franklin India ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹6,383 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 25.81% + 90.92% + 17.46% + 151.21% + 33.3% + 25.36% + 26.48% + 49.41% + 26.97% + 37.33% + 34.19% + 41.96% + 40.27% + 28.86% + 16.09% + 1.19%
Min. Invest
₹500
#15 of 34 in ELSS ETM Rank #15 of 34 in ELSS
ETM Rank #15 of 34 in ELSS
Expense Ratio 1.01%
Age 11+ yrs
Invest
Sundaram ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹1,287 Crs
Min. Invest
₹1000
Current Value₹
Return (p.a)
+ 22.07% + 74.68% + 15.72% + 128.75% + 28.37% + 24.17% + 20.68% + 38.17% + 22.73% + 36.75% + 26.04% + 32.55% + 30.2% + 23.91% + 4.55% + 0.35%
Min. Invest
₹1000
#18 of 34 in ELSS ETM Rank #18 of 34 in ELSS
ETM Rank #18 of 34 in ELSS
Expense Ratio 1.65%
Age 11+ yrs
Invest
Invesco India ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹2,633 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 21.78% + 73.43% + 17.14% + 146.87% + 30.71% + 24.74% + 22.19% + 41.05% + 28.94% + 37.59% + 31.24% + 38.52% + 36.32% + 26.93% + 14.4% + 1.07%
Min. Invest
₹500
#20 of 34 in ELSS ETM Rank #20 of 34 in ELSS
ETM Rank #20 of 34 in ELSS
Expense Ratio 0.76%
Age 11+ yrs
Invest
Aditya Birla Sun Life ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹15,384 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 16.04% + 51.01% + 12.96% + 97.42% + 34.59% + 25.67% + 18.13% + 33.42% + 36.28% + 38.55% + 25.46% + 31.9% + 33.18% + 25.39% + 30.36% + 2.13%
Min. Invest
₹500
#23 of 34 in ELSS ETM Rank #23 of 34 in ELSS
ETM Rank #23 of 34 in ELSS
Expense Ratio 0.91%
Age 11+ yrs
Invest
Tata ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹4,197 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 21.97% + 74.16% N.A. + 27.77% + 24.02% + 21.44% + 39.56% + 29.05% + 37.6% + 26.56% + 33.11% + 30.49% + 24.05% + 14.48% + 1.08%
Min. Invest
₹500
#24 of 34 in ELSS ETM Rank #24 of 34 in ELSS
ETM Rank #24 of 34 in ELSS
Expense Ratio 0.72%
Age 9+ yrs
Invest
Baroda BNP Paribas ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹881 Crs
Min. Invest
₹1000
Current Value₹
Return (p.a)
+ 22.09% + 74.73% + 16.29% + 135.93% + 36.39% + 26.1% + 24.21% + 44.95% + 35.24% + 38.41% + 33.52% + 41.18% + 41.73% + 29.57% + 5.72% + 0.44%
Min. Invest
₹1000
#25 of 34 in ELSS ETM Rank #25 of 34 in ELSS
ETM Rank #25 of 34 in ELSS
Expense Ratio 1.06%
Age 11+ yrs
Invest
Nippon India ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹14,932 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 24.83% + 86.53% + 14.85% + 118.32% + 39.32% + 26.78% + 25.85% + 48.16% + 38.64% + 38.85% + 33.4% + 41.04% + 41.6% + 29.51% + 20.89% + 1.52%
Min. Invest
₹500
#26 of 34 in ELSS ETM Rank #26 of 34 in ELSS
ETM Rank #26 of 34 in ELSS
Expense Ratio 1.03%
Age 11+ yrs
Invest
Motilal Oswal ELSS Tax Saver Fund
EQUITY ELSS
AUM
₹3,402 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 28.71% + 104.47% N.A. + 53.36% + 29.94% + 33.1% + 62.98% + 46.81% + 39.85% + 45.21% + 55.06% + 56.26% + 36.51% + 14.24% + 1.06%
Min. Invest
₹500
#27 of 34 in ELSS ETM Rank #27 of 34 in ELSS
ETM Rank #27 of 34 in ELSS
Expense Ratio 0.65%
Age 9+ yrs
Invest
HSBC ELSS Tax saver Fund
EQUITY ELSS
AUM
₹3,889 Crs
Min. Invest
₹500
Current Value₹
Return (p.a)
+ 23.7% + 81.58% + 16.48% + 138.28% + 54.49% + 30.19% + 26.32% + 49.1% + 60.86% + 41.47% + 36.3% + 44.43% + 47.47% + 32.33% + 42.82% + 2.87%
Min. Invest
₹500
#32 of 34 in ELSS ETM Rank #32 of 34 in ELSS
ETM Rank #32 of 34 in ELSS
Expense Ratio 1.1%
Age 11+ yrs
Invest
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All About Tax Saving Mutual Funds
What are Tax Saving Mutual Funds?
How Do Tax Saving Mutual Funds Work?
Who Should Invest in Tax Saving Funds?
What are Tax Saving Mutual Funds?
Tax Saving Mutual Funds, also known as Equity Linked Savings Schemes (ELSS), are a type of Equity Mutual Fund that offers tax saving benefits under Section 80C of the Income Tax Act. So, investments made into a tax-saver mutual fund can provide tax deduction benefits of up to Rs. 1.5 lakh cumulate limit of Section 80C in a financial year.
Tax saver mutual fund investments have a lock-in period of 3 years during which they cannot be redeemed. This is the shortest lock-in period among all tax-saving investments. After the end of the lock-in period, ELSS funds can be redeemed as a lump sum or via SWP (systematic withdrawal plan) as per the requirement of the investor.
How Do Tax Saving Mutual Funds Work?
Tax saving mutual funds are similar to diversified multi-cap equity funds in almost all respects apart from the 3-year lock-in period. So, ELSS funds invest in a portfolio primarily consisting of the Equity stocks of various companies irrespective of their operational sector or market cap. The minimum amount of equity holding that tax-saver mutual funds need to maintain is 65% of assets, while the remainder may be invested in fixed-income instruments like bonds or various money market instruments.
Currently available ELSS schemes are actively managed, so the fund manager and a team of analysts select, buy and sell stocks in an attempt to outperform the chosen benchmark. If the scheme's investments are profitable, the NAV (net asset value) of the scheme increases and investors can sell their units at the higher NAV to book profits from their investment.
The taxation of ELSS funds follows the same rules as the taxation of equity mutual funds, however, short-term gains are not possible in this case due to the mandatory 3-year lock-in. Long capital term capital gains from tax saver mutual funds are tax-free up to Rs. 1 lakh in a financial year. But gains in excess of Rs. 1 lakh during the fiscal are taxable at 10% with no indexation benefit.
Who Should Invest in Tax Saving Funds?
As ELSS funds are market-linked equity-oriented schemes, there is a significant risk of short-term volatility. However, the ability of these investments to provide returns that are significantly higher than inflation in the long term is unmatched as per historical data. That said, you need to keep in mind that the total tax benefit you can receive in a financial year is capped at a cumulative limit of Rs. 1.5 lakh under section 80C. So even though there is no rule against exceeding this limit when making ELSS investments, you will not receive tax benefits if you invest more than Rs. 1.5 lakh in tax saver funds during a financial year.
So, you should consider investing in tax-saving mutual funds only if you are seeking to reduce your tax burden, have a high level of risk tolerance, and are planning to stay invested for the long term i.e. 5 years or more. It is also recommended that you invest in these schemes via a Systematic Investment Plan (SIP) so that you do not have to worry about timing the market when making ELSS investments.
