Best ELSS Funds - Consider the best performing elss mutual funds to invest in 2024 with Scripbox.com. Find the list of best elss funds in India on the basis of Returns, Latest Nav, Ratings, Performance etc.
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Below are the best elss funds in india:
Mirae Asset ELSS Tax Saver Fund Direct (G) is a Equity fund that has delivered a 1 Year return of 22.9%, a 3 Years return of 17.3% and a 5 Years return of 21.2%. The fund has an expense ratio of 0.6% and an AUM of ₹25315 crores as of 2024-12-22. It was Launched on 2015-12-28. The minimum SIP investment is ₹500 and the minimum lump sum investment is ₹500. The fund allocates 98.98% to equities, 0.00% to debt and 1.02% to other assets.
DSP ELSS Tax Saver Fund Direct (G) is a Equity fund that has delivered a 1 Year return of 28.7%, a 3 Years return of 21.7% and a 5 Years return of 22.2%. The fund has an expense ratio of 0.7% and an AUM of ₹16835 crores as of 2024-12-22. It was Launched on 2013-01-01. The minimum SIP investment is ₹500 and the minimum lump sum investment is ₹500. The fund allocates 96.72% to equities and 3.28% to other assets.
SBI Long Term Equity Fund Direct (G) is a Equity fund that has delivered a 1 Year return of 33.9%, a 3 Years return of 26.7% and a 5 Years return of 25.0%. The fund has an expense ratio of 0.9% and an AUM of ₹27847 crores as of 2024-12-22.The minimum SIP investment is ₹500 and the minimum lump sum investment is ₹500. The fund allocates 91.11% to equities and 8.89% to other assets.
Nippon India ELSS Tax Saver Fund Direct (G) is a Equity fund that has delivered a 1 Year return of 23.0%, a 3 Years return of 20.1% and a 5 Years return of 18.4%. The fund has an expense ratio of 1.0% and an AUM of ₹15666 crores as of 2024-12-22.The minimum SIP investment is ₹500 and the minimum lump sum investment is ₹500. The fund allocates 98.47% to equities, 0.01% to debt and 1.52% to other assets.
HDFC ELSS Tax Saver Fund Direct (G) is a Equity fund that has delivered a 1 Year return of 25.3%, a 3 Years return of 24.0% and a 5 Years return of 21.3%. The fund has an expense ratio of 1.1% and an AUM of ₹15945 crores as of 2024-12-22. It was Launched on 2013-01-01. The minimum SIP investment is ₹500 and the minimum lump sum investment is ₹500. The fund allocates 92.52% to equities, 0.30% to debt and 7.18% to other assets.
Bandhan ELSS Tax Saver Fund Direct (G) is a Equity fund that has delivered a 1 Year return of 17.8%, a 3 Years return of 18.3% and a 5 Years return of 23.2%. The fund has an expense ratio of 0.6% and an AUM of ₹6894 crores as of 2024-12-22.The minimum SIP investment is ₹500 and the minimum lump sum investment is ₹500. The fund allocates 96.79% to equities, 0.02% to debt and 3.19% to other assets.
Franklin India ELSS Tax Saver Fund Direct (G) is a Equity fund that has delivered a 1 Year return of 26.8%, a 3 Years return of 21.6% and a 5 Years return of 21.4%. The fund has an expense ratio of 1.0% and an AUM of ₹6890 crores as of 2024-12-22. It was Launched on 2013-01-01. The minimum SIP investment is ₹500 and the minimum lump sum investment is ₹500. The fund allocates 97.06% to equities and 2.94% to other assets.
Bank of India ELSS Tax Saver Fund Direct (G) is a Equity fund that has delivered a 1 Year return of 29.1%, a 3 Years return of 22.0% and a 5 Years return of 26.5%. The fund has an expense ratio of 1.0% and an AUM of ₹1453 crores as of 2024-12-22.The minimum SIP investment is ₹500 and the minimum lump sum investment is ₹500. The fund allocates 93.80% to equities, 0.04% to debt and 6.16% to other assets.
Quant ELSS Tax Saver Fund Direct (G) is a Equity fund that has delivered a 1 Year return of 15.7%, a 3 Years return of 20.3% and a 5 Years return of 32.2%. The fund has an expense ratio of 0.7% and an AUM of ₹10799 crores as of 2024-12-22.The minimum SIP investment is ₹500 and the minimum lump sum investment is ₹500. The fund allocates 91.67% to equities and 8.33% to other assets.
Kotak ELSS Tax Saver Fund Direct (G) is a Equity fund that has delivered a 1 Year return of 26.9%, a 3 Years return of 20.6% and a 5 Years return of 21.3%. The fund has an expense ratio of 0.6% and an AUM of ₹6232 crores as of 2024-12-22.The minimum SIP investment is ₹500 and the minimum lump sum investment is ₹500. The fund allocates 98.60% to equities and 1.40% to other assets.
Although the benefits of investing in an ELSS mutual fund are attractive to any investor there are a few parameters that you must consider before investing. The most important parameter for any investor is to match his/ her investment goal with the selected mutual funds. The selected mutual funds must fulfill your goal for a successful investment. To make a well-informed decision you must consider factors like the fund’s historical performance, returns, latest NAV, exit load, and fund manager’s portfolio performance.
| Fund Name | 3 Year Returns | 5 Year Returns |
| SBI Long Term Equity Fund Direct Growth | 21.9% | 24.7% |
| HDFC ELSS Tax Saver Fund Direct Growth | 20.6% | 21.6% |
| Quant ELSS Tax Saver Fund Direct Growth | 18% | 32.3% |
| DSP ELSS Tax Saver Fund Direct Growth | 17.3% | 22.4% |
| Bank of India ELSS Tax Saver Fund Direct Growth | 17.2% | 25.8% |
| Franklin India ELSS Tax Saver Fund Direct Growth | 17.1% | 21.4% |
| Kotak ELSS Tax Saver Fund Direct Growth | 16.3% | 21.4% |
| Nippon India ELSS Tax Saver Fund Direct Growth | 15.8% | 18.8% |
| Bandhan ELSS Tax Saver Fund Direct Growth | 14.6% | 23.5% |
| Mirae Asset ELSS Tax Saver Fund Direct Growth | 12.9% | 21.1% |
| Fund Name | 3 Year Returns | 5 Year Returns |
| Mirae Asset ELSS Tax Saver Fund Regular Growth | 13.7% | 21.2% |
| DSP ELSS Tax Saver Fund Regular Growth | 18.2% | 22.3% |
| SBI Long Term Equity Fund Regular Growth | 23.8% | 25.4% |
| Nippon India ELSS Tax Saver Fund Regular Growth | 17.0% | 19.5% |
| Nippon India Tax Saver ELSS Fund Regular Growth | 20.80% | 4.70% |
| HDFC ELSS Tax Saver Fund Regular Growth | 22.0% | 22.0% |
| Bandhan ELSS Tax Saver Fund Regular Growth | 15.6% | 23.2% |
| Franklin India ELSS Tax Saver Fund Regular Growth | 17.9% | 21.2% |
| Bank of India ELSS Tax Saver Fund Regular Fund | 17.7% | 25.5% |
| Quant ELSS Tax Saver Fund Regular Fund | 20.1% | 32.3% |
Equity Linked Savings Scheme (ELSS) is a kind of mutual fund scheme that invests in equity and equity-related instruments. ELSS comes with a lock-in of 3 years and provides a tax benefit up to 1.5 lakhs in a year under section 80C of the Income Tax Act.
Investments in ELSS can be made through lump-sum payments or SIP. If payments are made through SIP, the lock-in period of 3 years is taken for each SIP.
Net asset value NAV is the market price of the fund. It is important because it represents the worth of each share of the fund. One can say just like shares have a share price, mutual funds have a NAV to represent it’s worth.
Investing in ELSS mutual funds offers tax benefits under Section 80C of the Income Tax Act, 1961. As per Section 80C, investments up to INR 1,50,000 in a financial year in ELSS mutual funds qualify for tax exemption. Thus, investing in ELSS mutual funds helps you save on taxes. You will be able to save up to INR 46,800 in a year on taxes by investing in ELSS mutual funds. Also, it is important to note that additional investments (over and above INR 1,50,000 per year) do not qualify for a tax deduction.
Evaluating top mutual funds to invest can be a tricky task. One can check the below parameters in order to evaluate the funds:
When it comes to financial planning, managing tax-saving investment schemes, and picking the best-suited investment scheme is crucial. It depends on the investor, his investment objectives, knowledge of the investment plans and other factors
To help you decide on ELSS vs other tax saving schemes, we have listed a comparison below:
| Investment Plans | Returns | Lock-in Period | Tax Implications |
| ELSS Funds | 15% to 18% | 3 years | Investment- Tax Deduction Income- Partially Taxable |
| Tax Saving Fixed Deposits | 6% to 7% differs from bank to bank | 5 years | Investment- Tax Deduction Income- Taxable, if interest > Rs 10,000 Added to taxable income |
| Public Provident Fund (PPF) | 7% to 8% | 15 years | Investment- Tax Deduction Income- Non-Taxable |
| National Pension System (NPS) | 8% to 10% | Till Retirement | Investment- Tax Deduction Income- Partially Taxable |
| National Savings Certificate | 7% to 8% | 5 years | Investment- Tax Deduction Income- Taxable |
Lock-in period is the time period for which investments are required to be made to avail of the tax benefits. In the case of ELSS, it is 3 years.
When we make a SIP, a fixed amount is deducted monthly towards the investment. In an ELSS, each SIP made is locked in for a period of 3 years if the investor wants to avail of the tax benefits.
It is very convenient and easy nowadays to invest through SIP, you only need to link your saving account to the fund manager. Then provide an instruction to deduct investment amount every month from your saving account.
You can use Scripbox’s SIP calculator to estimate the wealth gained and maturity of the investments made through SIP to help you in investment planning
The maximum tax advantage that can be availed by investing in ELSS funds is 1.5 lakhs under section 80C of the income tax act. Any amount invested above 1.5 lakh would not qualify as an eligible investment for the purpose of claiming a tax deduction.
Like all other market-linked funds, ELSS funds are also subject to market risk as it invests in equity and equity-related instruments.
This would not be a good option as this will lock your investment for 3 years without giving any tax advantage. Your taxable income would remain the same due to no further deductions. One can instead invest in other mutual funds that provide better returns like equity funds, hybrid fund.
Individuals who are looking for inflation-beating returns in the long run and which provides tax benefit should invest in ELSS.
