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4 Best Tax Saving ELSS Mutual Funds FY 23 - 24

Updated on February 5, 2023 , 7910 views

ELSS (Equity Linked Saving Scheme) is one of the best tax-saving options that help you save a lot of money on income tax along with earning Capital appreciation on investments.

Tax Saving ELSS funds allow tax exemptions up to INR 1,50,000 under Section 80C of the Income Tax Act. Therefore, by Investing in these tax saving Mutual Funds, even the investors in the highest tax bracket of 30% can avail tax exemptions of around INR 46,000 for a particular financial year along with earning good returns.

Tax-Savings

ELSS are Market-linked investments, you are suggested to carry out investments in these funds wisely so as to avert long-term losses and risks.

Benefits of Investing in ELSS Funds FY 23 - 24

  • ELSS mutual funds provide tax exemptions up to INR 1,50,000.
  • The returns are much higher than the returns offered by other Tax Saving Investment options.
  • ELSS have the shortest lock-in period of 3 years, which is comparatively much less than other tax saving investments.
  • ELSS funds offer an option to invest via SIP, so the investors can easily manage their ELSS investment by investing small amounts monthly.

All the above-mentioned factors make ELSS one of the best tax saving options.

If you are planning to invest, then SIP (Systematic Investment plan) is one of the Best ways to invest money in ELSS. The regular investment habit keeps your Portfolio disciplined and balanced. Also, the hassle of arranging money for a lump sum at the last moment of the tax calendar is eliminated. In SIP, you can fix the investment amount, which can be as low as Rs. 500, and a date where your money will be auto-deducted from your Bank account to ELSS funds.

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Top 4 Best performing Tax Saving ELSS Mutual Funds

FundNAVNet Assets (Cr)3 MO (%)6 MO (%)1 YR (%)3 YR (%)5 YR (%)2022 (%)Since launch (%)
Canara Robeco Equity Tax Saver Growth ₹114.87
↓ -0.18
₹4,559-40.3-0.416.814.4-0.219
ICICI Prudential Long Term Equity Fund (Tax Saving) Growth ₹593.16
↓ -3.05
₹10,241-3.80.90.314.511.12.319
BOI AXA Tax Advantage Fund Growth ₹98.88
↓ -0.05
₹693-4.42.91.118.612.5-1.317.9
IDFC Tax Advantage (ELSS) Fund Growth ₹100.13
↑ 0.01
₹4,026-2.53.61.120.611.74.217.7
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 7 Feb 23
*Above is the list of Best elss Mutual Funds having Net Assets above 100 Crore sorted on annualized returns since launch / inception.

1. Canara Robeco Equity Tax Saver

(ELSS Scheme) Seeking to provide long term capital appreciation by predominantly investing in equities and to facilitate the subscribers to seek tax benefits as provided under Section 80 C of the Income Tax Act, 1961. However, there can be no assurance that the investment objective of the scheme will be realized.

Canara Robeco Equity Tax Saver is a Equity - ELSS fund was launched on 2 Feb 09. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 19% since its launch.  Ranked 36 in ELSS category.  Return for 2022 was -0.2% , 2021 was 35.1% and 2020 was 27.4% .

Below is the key information for Canara Robeco Equity Tax Saver

Canara Robeco Equity Tax Saver
Growth
Launch Date 2 Feb 09
NAV (07 Feb 23) ₹114.87 ↓ -0.18   (-0.16 %)
Net Assets (Cr) ₹4,559 on 31 Dec 22
Category Equity - ELSS
AMC Canara Robeco Asset Management Co. Ltd.
Rating
Risk Moderately High
Expense Ratio 2.11
Sharpe Ratio -0.26
Information Ratio 0.31
Alpha Ratio -4.89
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
31 Jan 18₹10,000
31 Jan 19₹10,100
31 Jan 20₹11,432
31 Jan 21₹14,213
31 Jan 22₹19,054
31 Jan 23₹18,623

Canara Robeco Equity Tax Saver SIP Returns

   
My Monthly Investment:
Investment Tenure:
Years
Expected Annual Returns:
%
Total investment amount is ₹300,000
expected amount after 5 Years is ₹436,710.
Net Profit of ₹136,710
Invest Now

Returns for Canara Robeco Equity Tax Saver

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 7 Feb 23

DurationReturns
1 Month -0.7%
3 Month -4%
6 Month 0.3%
1 Year -0.4%
3 Year 16.8%
5 Year 14.4%
Since launch 19%
10 Year
15 Year
Historical performance (Yearly) on absolute basis
YearReturns
2022 -0.2%
2021 35.1%
2020 27.4%
2019 10.7%
2018 2.7%
2017 32%
2016 0%
2015 0.6%
2014 45.2%
2013 5.3%
Fund Manager information for Canara Robeco Equity Tax Saver
NameSinceTenure
Vishal Mishra26 Jun 211.52 Yr.
Shridatta Bhandwaldar1 Oct 193.25 Yr.

Data below for Canara Robeco Equity Tax Saver as on 31 Dec 22

Equity Sector Allocation
SectorValue
Financial Services34.13%
Consumer Cyclical13.34%
Basic Materials9.69%
Technology9.47%
Industrials9.47%
Health Care5.99%
Consumer Defensive5.03%
Energy4.21%
Communication Services2.15%
Real Estate1.5%
Utility1.5%
Asset Allocation
Asset ClassValue
Cash3.52%
Equity96.48%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Aug 18 | ICICIBANK
8%₹356 Cr3,991,000
HDFC Bank Ltd (Financial Services)
Equity, Since 30 Nov 08 | HDFCBANK
8%₹355 Cr2,182,184
↑ 145,000
Infosys Ltd (Technology)
Equity, Since 31 Jul 18 | INFY
6%₹295 Cr1,956,310
State Bank of India (Financial Services)
Equity, Since 30 Nov 20 | SBIN
5%₹221 Cr3,595,000
↑ 265,000
Reliance Industries Ltd (Energy)
Equity, Since 30 Nov 19 | RELIANCE
4%₹192 Cr753,500
↑ 10,000
Axis Bank Ltd (Financial Services)
Equity, Since 31 Dec 20 | AXISBANK
4%₹192 Cr2,053,000
UltraTech Cement Ltd (Basic Materials)
Equity, Since 30 Apr 21 | ULTRACEMCO
2%₹108 Cr155,000
↑ 6,000
Tata Consultancy Services Ltd (Technology)
Equity, Since 30 Jun 20 | TCS
2%₹105 Cr323,712
Hindustan Unilever Ltd (Consumer Defensive)
Equity, Since 31 Oct 16 | HINDUNILVR
2%₹99 Cr386,690
Bharti Airtel Ltd (Communication Services)
Equity, Since 30 Nov 21 | BHARTIARTL
2%₹98 Cr1,215,000

2. ICICI Prudential Long Term Equity Fund (Tax Saving)

To generate long-term capital appreciation through investments made primarily in equity and equity related securities of companies.

ICICI Prudential Long Term Equity Fund (Tax Saving) is a Equity - ELSS fund was launched on 19 Aug 99. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 19% since its launch.  Ranked 30 in ELSS category.  Return for 2022 was 2.3% , 2021 was 33.7% and 2020 was 13.6% .

Below is the key information for ICICI Prudential Long Term Equity Fund (Tax Saving)

ICICI Prudential Long Term Equity Fund (Tax Saving)
Growth
Launch Date 19 Aug 99
NAV (07 Feb 23) ₹593.16 ↓ -3.05   (-0.51 %)
Net Assets (Cr) ₹10,241 on 31 Dec 22
Category Equity - ELSS
AMC ICICI Prudential Asset Management Company Limited
Rating
Risk Moderately High
Expense Ratio 1.88
Sharpe Ratio -0.11
Information Ratio -0.37
Alpha Ratio -2.02
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
31 Jan 18₹10,000
31 Jan 19₹9,673
31 Jan 20₹10,778
31 Jan 21₹12,102
31 Jan 22₹16,378
31 Jan 23₹16,335

ICICI Prudential Long Term Equity Fund (Tax Saving) SIP Returns

   
My Monthly Investment:
Investment Tenure:
Years
Expected Annual Returns:
%
Total investment amount is ₹300,000
expected amount after 5 Years is ₹405,518.
Net Profit of ₹105,518
Invest Now

Returns for ICICI Prudential Long Term Equity Fund (Tax Saving)

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 7 Feb 23

DurationReturns
1 Month -1.7%
3 Month -3.8%
6 Month 0.9%
1 Year 0.3%
3 Year 14.5%
5 Year 11.1%
Since launch 19%
10 Year
15 Year
Historical performance (Yearly) on absolute basis
YearReturns
2022 2.3%
2021 33.7%
2020 13.6%
2019 8.8%
2018 0.5%
2017 26%
2016 3.9%
2015 4.3%
2014 50.8%
2013 10.2%
Fund Manager information for ICICI Prudential Long Term Equity Fund (Tax Saving)
NameSinceTenure
Harish Bihani5 Nov 184.16 Yr.
Sharmila D’mello31 Jul 220.42 Yr.

Data below for ICICI Prudential Long Term Equity Fund (Tax Saving) as on 31 Dec 22

Equity Sector Allocation
SectorValue
Financial Services36.27%
Technology14.06%
Consumer Cyclical12.34%
Industrials7.32%
Communication Services6.67%
Health Care6.41%
Consumer Defensive6.26%
Energy4.55%
Basic Materials1.5%
Real Estate1.27%
Asset Allocation
Asset ClassValue
Cash3.34%
Equity96.66%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Dec 18 | ICICIBANK
9%₹919 Cr10,319,495
Infosys Ltd (Technology)
Equity, Since 30 Jun 16 | INFY
6%₹614 Cr4,068,993
Axis Bank Ltd (Financial Services)
Equity, Since 30 Nov 18 | AXISBANK
6%₹580 Cr6,216,605
↓ -400,000
Bharti Airtel Ltd (Communication Services)
Equity, Since 30 Nov 17 | BHARTIARTL
5%₹514 Cr6,374,762
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Jul 17 | HDFCBANK
5%₹482 Cr2,961,891
Avenue Supermarts Ltd (Consumer Defensive)
Equity, Since 29 Feb 20 | DMART
4%₹423 Cr1,038,565
SBI Cards and Payment Services Ltd Ordinary Shares (Financial Services)
Equity, Since 31 Mar 21 | SBICARD
4%₹406 Cr5,100,548
Reliance Industries Ltd (Energy)
Equity, Since 31 May 20 | RELIANCE
4%₹379 Cr1,488,761
HCL Technologies Ltd (Technology)
Equity, Since 31 May 19 | HCLTECH
4%₹375 Cr3,604,981
↓ -100,000
Maruti Suzuki India Ltd (Consumer Cyclical)
Equity, Since 28 Feb 18 | MARUTI
3%₹325 Cr387,132
↑ 72,049

3. BOI AXA Tax Advantage Fund

The Scheme seeks to generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities across all market capitalisations. The Scheme is in the nature of diversified multi-cap fund. The Scheme is not providing any assured or guaranteed returns.(There can be no assurance that the investment objectives of the Scheme will be realized.)

BOI AXA Tax Advantage Fund is a Equity - ELSS fund was launched on 25 Feb 09. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 17.9% since its launch.  Ranked 13 in ELSS category.  Return for 2022 was -1.3% , 2021 was 41.5% and 2020 was 31.2% .

Below is the key information for BOI AXA Tax Advantage Fund

BOI AXA Tax Advantage Fund
Growth
Launch Date 25 Feb 09
NAV (07 Feb 23) ₹98.88 ↓ -0.05   (-0.05 %)
Net Assets (Cr) ₹693 on 31 Dec 22
Category Equity - ELSS
AMC BOI AXA Investment Mngrs Private Ltd
Rating
Risk Moderately High
Expense Ratio 2.54
Sharpe Ratio -0.3
Information Ratio 0.6
Alpha Ratio -5.83
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
31 Jan 18₹10,000
31 Jan 19₹8,154
31 Jan 20₹10,084
31 Jan 21₹12,419
31 Jan 22₹17,256
31 Jan 23₹17,207

BOI AXA Tax Advantage Fund SIP Returns

   
My Monthly Investment:
Investment Tenure:
Years
Expected Annual Returns:
%
Total investment amount is ₹300,000
expected amount after 5 Years is ₹415,684.
Net Profit of ₹115,684
Invest Now

Returns for BOI AXA Tax Advantage Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 7 Feb 23

DurationReturns
1 Month -1.8%
3 Month -4.4%
6 Month 2.9%
1 Year 1.1%
3 Year 18.6%
5 Year 12.5%
Since launch 17.9%
10 Year
15 Year
Historical performance (Yearly) on absolute basis
YearReturns
2022 -1.3%
2021 41.5%
2020 31.2%
2019 14.6%
2018 -16.3%
2017 57.7%
2016 -1.2%
2015 2.1%
2014 44%
2013 9.1%
Fund Manager information for BOI AXA Tax Advantage Fund
NameSinceTenure
Alok Singh27 Apr 220.68 Yr.

Data below for BOI AXA Tax Advantage Fund as on 31 Dec 22

Equity Sector Allocation
SectorValue
Financial Services38.39%
Consumer Cyclical13.78%
Industrials11%
Basic Materials9.71%
Consumer Defensive7.59%
Health Care6.01%
Energy4.22%
Technology3.48%
Utility3.03%
Real Estate1.88%
Communication Services0.74%
Asset Allocation
Asset ClassValue
Cash0.17%
Equity99.83%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
State Bank of India (Financial Services)
Equity, Since 31 Oct 21 | SBIN
7%₹47 Cr770,000
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Oct 18 | ICICIBANK
7%₹47 Cr529,340
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Dec 10 | HDFCBANK
6%₹43 Cr265,000
↑ 21,000
Canara Bank (Financial Services)
Equity, Since 31 Aug 22 | CANBK
4%₹30 Cr895,000
Reliance Industries Ltd (Energy)
Equity, Since 30 Nov 18 | RELIANCE
3%₹23 Cr91,009
NTPC Ltd (Utilities)
Equity, Since 30 Apr 22 | NTPC
3%₹21 Cr1,260,000
Axis Bank Ltd (Financial Services)
Equity, Since 31 Jan 22 | AXISBANK
3%₹19 Cr204,000
UltraTech Cement Ltd (Basic Materials)
Equity, Since 30 Apr 22 | 532538
2%₹16 Cr23,000
↑ 4,000
Balrampur Chini Mills Ltd (Consumer Defensive)
Equity, Since 30 Apr 22 | BALRAMCHIN
2%₹16 Cr396,000
ITC Ltd (Consumer Defensive)
Equity, Since 31 May 22 | ITC
2%₹16 Cr473,223

4. IDFC Tax Advantage (ELSS) Fund

The investment objective of the Scheme is to seek to generate long term capital growth from a diversified portfolio of predominantly equity and equity related securities. There can be no assurance that the investment objective of the scheme will be realised.

IDFC Tax Advantage (ELSS) Fund is a Equity - ELSS fund was launched on 26 Dec 08. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 17.7% since its launch.  Ranked 3 in ELSS category.  Return for 2022 was 4.2% , 2021 was 49.2% and 2020 was 18.7% .

Below is the key information for IDFC Tax Advantage (ELSS) Fund

IDFC Tax Advantage (ELSS) Fund
Growth
Launch Date 26 Dec 08
NAV (07 Feb 23) ₹100.13 ↑ 0.01   (0.01 %)
Net Assets (Cr) ₹4,026 on 31 Dec 22
Category Equity - ELSS
AMC IDFC Asset Management Company Limited
Rating
Risk Moderately High
Expense Ratio 1.95
Sharpe Ratio 0.03
Information Ratio 0.72
Alpha Ratio -0.51
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
31 Jan 18₹10,000
31 Jan 19₹8,614
31 Jan 20₹9,289
31 Jan 21₹10,943
31 Jan 22₹16,319
31 Jan 23₹16,535

IDFC Tax Advantage (ELSS) Fund SIP Returns

   
My Monthly Investment:
Investment Tenure:
Years
Expected Annual Returns:
%
Total investment amount is ₹300,000
expected amount after 5 Years is ₹405,518.
Net Profit of ₹105,518
Invest Now

Returns for IDFC Tax Advantage (ELSS) Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 7 Feb 23

DurationReturns
1 Month -0.7%
3 Month -2.5%
6 Month 3.6%
1 Year 1.1%
3 Year 20.6%
5 Year 11.7%
Since launch 17.7%
10 Year
15 Year
Historical performance (Yearly) on absolute basis
YearReturns
2022 4.2%
2021 49.2%
2020 18.7%
2019 1.9%
2018 -9.4%
2017 53.4%
2016 0.4%
2015 6.9%
2014 42.2%
2013 15%
Fund Manager information for IDFC Tax Advantage (ELSS) Fund
NameSinceTenure
Daylynn Pinto20 Oct 166.2 Yr.

Data below for IDFC Tax Advantage (ELSS) Fund as on 31 Dec 22

Equity Sector Allocation
SectorValue
Financial Services28.12%
Consumer Cyclical15.31%
Industrials12.65%
Basic Materials9.92%
Technology9.43%
Health Care6.36%
Energy3.8%
Consumer Defensive3.34%
Communication Services2.8%
Utility1.36%
Asset Allocation
Asset ClassValue
Cash6.9%
Equity93.1%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
ICICI Bank Ltd (Financial Services)
Equity, Since 31 May 16 | ICICIBANK
8%₹339 Cr3,800,000
State Bank of India (Financial Services)
Equity, Since 30 Jun 20 | SBIN
5%₹215 Cr3,500,000
Infosys Ltd (Technology)
Equity, Since 31 Jul 15 | INFY
5%₹204 Cr1,350,000
HDFC Bank Ltd (Financial Services)
Equity, Since 30 Sep 14 | HDFCBANK
4%₹171 Cr1,050,000
Reliance Industries Ltd (Energy)
Equity, Since 31 Jul 18 | RELIANCE
4%₹153 Cr600,000
↑ 50,000
Axis Bank Ltd (Financial Services)
Equity, Since 30 Apr 21 | AXISBANK
3%₹131 Cr1,400,000
Bharti Airtel Ltd (Communication Services)
Equity, Since 31 Jan 20 | BHARTIARTL
3%₹113 Cr1,400,000
Tata Motors Ltd (Consumer Cyclical)
Equity, Since 31 May 20 | TATAMOTORS
3%₹101 Cr2,600,000
Mahindra & Mahindra Ltd (Consumer Cyclical)
Equity, Since 31 Jul 20 | M&M
2%₹100 Cr800,000
Jindal Steel & Power Ltd (Basic Materials)
Equity, Since 31 Mar 18 | JINDALSTEL
2%₹99 Cr1,700,000
↓ -50,000

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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