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4 Best Tax Saving ELSS Mutual Funds FY 23 - 24

Updated on June 5, 2023 , 8872 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 ₹122.98
↑ 1.01
₹5,20672.116.725.615.4-0.219.1
ICICI Prudential Long Term Equity Fund (Tax Saving) Growth ₹635.23
↑ 4.01
₹10,1627.61.815.424.112.42.319.1
BOI AXA Tax Advantage Fund Growth ₹106.44
↑ 1.01
₹7397.32.719.927.714-1.318
IDFC Tax Advantage (ELSS) Fund Growth ₹108.94
↑ 0.50
₹4,33395.319.634.113.74.218
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 7 Jun 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 19.1% 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 Jun 23) ₹122.98 ↑ 1.01   (0.83 %)
Net Assets (Cr) ₹5,206 on 30 Apr 23
Category Equity - ELSS
AMC Canara Robeco Asset Management Co. Ltd.
Rating
Risk Moderately High
Expense Ratio 2.11
Sharpe Ratio 0.02
Information Ratio -0.28
Alpha Ratio 0.69
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
31 May 18₹10,000
31 May 19₹11,233
31 May 20₹9,909
31 May 21₹16,768
31 May 22₹17,783
31 May 23₹20,096

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 ₹447,579.
Net Profit of ₹147,579
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 Jun 23

DurationReturns
1 Month 4.9%
3 Month 7%
6 Month 2.1%
1 Year 16.7%
3 Year 25.6%
5 Year 15.4%
Since launch 19.1%
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 211.84 Yr.
Shridatta Bhandwaldar1 Oct 193.58 Yr.

Data below for Canara Robeco Equity Tax Saver as on 30 Apr 23

Equity Sector Allocation
SectorValue
Financial Services33.57%
Consumer Cyclical11.02%
Industrials10.35%
Basic Materials8.88%
Technology8.04%
Consumer Defensive6.8%
Energy5.51%
Health Care4.38%
Communication Services2.3%
Utility1.55%
Real Estate1.39%
Asset Allocation
Asset ClassValue
Cash6.2%
Equity93.8%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
HDFC Bank Ltd (Financial Services)
Equity, Since 30 Nov 08 | HDFCBANK
7%₹380 Cr2,252,184
↑ 20,000
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Aug 18 | ICICIBANK
7%₹369 Cr4,026,000
Reliance Industries Ltd (Energy)
Equity, Since 30 Nov 19 | RELIANCE
6%₹287 Cr1,186,000
↑ 25,000
Infosys Ltd (Technology)
Equity, Since 31 Jul 18 | INFY
5%₹249 Cr1,986,310
State Bank of India (Financial Services)
Equity, Since 30 Nov 20 | SBIN
4%₹208 Cr3,595,000
Housing Development Finance Corp Ltd (Financial Services)
Equity, Since 30 Nov 20 | HDFC
3%₹180 Cr650,000
↑ 150,000
Axis Bank Ltd (Financial Services)
Equity, Since 31 Dec 20 | AXISBANK
3%₹166 Cr1,928,000
Tata Consultancy Services Ltd Shs Dematerialised (Technology)
Equity, Since 30 Jun 20 | TCS
3%₹144 Cr446,212
Bharti Airtel Ltd (Communication Services)
Equity, Since 30 Nov 21 | BHARTIARTL
2%₹120 Cr1,500,000
↑ 60,000
Hindustan Unilever Ltd (Consumer Defensive)
Equity, Since 31 Oct 16 | HINDUNILVR
2%₹109 Cr441,690
↑ 30,000

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 19.1% 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 Jun 23) ₹635.23 ↑ 4.01   (0.64 %)
Net Assets (Cr) ₹10,162 on 30 Apr 23
Category Equity - ELSS
AMC ICICI Prudential Asset Management Company Limited
Rating
Risk Moderately High
Expense Ratio 1.88
Sharpe Ratio -0.11
Information Ratio -0.32
Alpha Ratio -0.98
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
31 May 18₹10,000
31 May 19₹10,941
31 May 20₹8,846
31 May 21₹14,457
31 May 22₹15,848
31 May 23₹17,633

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 ₹415,684.
Net Profit of ₹115,684
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 Jun 23

DurationReturns
1 Month 5.9%
3 Month 7.6%
6 Month 1.8%
1 Year 15.4%
3 Year 24.1%
5 Year 12.4%
Since launch 19.1%
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 184.49 Yr.
Sharmila D’mello31 Jul 220.75 Yr.

Data below for ICICI Prudential Long Term Equity Fund (Tax Saving) as on 30 Apr 23

Equity Sector Allocation
SectorValue
Financial Services35.61%
Consumer Cyclical15.6%
Technology9.55%
Industrials7.43%
Health Care7.11%
Communication Services6.73%
Consumer Defensive6.69%
Energy4.47%
Basic Materials1.65%
Real Estate1.3%
Asset Allocation
Asset ClassValue
Cash3.86%
Equity96.14%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Dec 18 | ICICIBANK
9%₹926 Cr10,091,157
↓ -200,000
Axis Bank Ltd (Financial Services)
Equity, Since 30 Nov 18 | AXISBANK
5%₹543 Cr6,316,605
Bharti Airtel Ltd (Communication Services)
Equity, Since 30 Nov 17 | BHARTIARTL
5%₹510 Cr6,374,762
Avenue Supermarts Ltd (Consumer Defensive)
Equity, Since 29 Feb 20 | DMART
5%₹508 Cr1,445,443
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Jul 17 | HDFCBANK
5%₹500 Cr2,961,891
Maruti Suzuki India Ltd (Consumer Cyclical)
Equity, Since 28 Feb 18 | MARUTI
5%₹478 Cr556,607
Infosys Ltd (Technology)
Equity, Since 30 Jun 16 | INFY
4%₹448 Cr3,572,202
↑ 100,000
SBI Cards and Payment Services Ltd Ordinary Shares (Financial Services)
Equity, Since 31 Mar 21 | SBICARD
4%₹428 Cr5,546,983
Reliance Industries Ltd (Energy)
Equity, Since 31 May 20 | RELIANCE
4%₹360 Cr1,488,761
Larsen & Toubro Ltd (Industrials)
Equity, Since 31 Oct 18 | LT
3%₹301 Cr1,272,700

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 18% 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 Jun 23) ₹106.44 ↑ 1.01   (0.96 %)
Net Assets (Cr) ₹739 on 30 Apr 23
Category Equity - ELSS
AMC BOI AXA Investment Mngrs Private Ltd
Rating
Risk Moderately High
Expense Ratio 2.54
Sharpe Ratio 0.12
Information Ratio 0.12
Alpha Ratio 2.28
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
31 May 18₹10,000
31 May 19₹9,208
31 May 20₹8,648
31 May 21₹15,134
31 May 22₹15,930
31 May 23₹18,489

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 ₹436,710.
Net Profit of ₹136,710
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 Jun 23

DurationReturns
1 Month 2.8%
3 Month 7.3%
6 Month 2.7%
1 Year 19.9%
3 Year 27.7%
5 Year 14%
Since launch 18%
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 221.01 Yr.

Data below for BOI AXA Tax Advantage Fund as on 30 Apr 23

Equity Sector Allocation
SectorValue
Financial Services36.97%
Industrials10.94%
Consumer Defensive9.81%
Basic Materials9.14%
Health Care6.44%
Utility5.55%
Energy5.02%
Consumer Cyclical3.56%
Technology2.9%
Real Estate1.98%
Communication Services0.69%
Asset Allocation
Asset ClassValue
Cash6.92%
Equity93.01%
Debt0.07%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Oct 18 | ICICIBANK
7%₹49 Cr529,340
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Dec 10 | HDFCBANK
6%₹45 Cr265,000
State Bank of India (Financial Services)
Equity, Since 31 Oct 21 | SBIN
6%₹45 Cr770,000
Canara Bank (Financial Services)
Equity, Since 31 Aug 22 | CANBK
4%₹28 Cr895,000
Reliance Industries Ltd (Energy)
Equity, Since 30 Nov 18 | RELIANCE
3%₹22 Cr91,009
NTPC Ltd Shs Dematerialised (Utilities)
Equity, Since 30 Apr 22 | NTPC
3%₹22 Cr1,260,000
ITC Ltd Shs Dematerialised (Consumer Defensive)
Equity, Since 31 May 22 | ITC
3%₹20 Cr473,223
Larsen & Toubro Ltd (Industrials)
Equity, Since 31 Dec 22 | LT
2%₹18 Cr76,000
↑ 5,000
Balrampur Chini Mills Ltd (Consumer Defensive)
Equity, Since 30 Apr 22 | BALRAMCHIN
2%₹18 Cr432,000
Axis Bank Ltd (Financial Services)
Equity, Since 31 Jan 22 | AXISBANK
2%₹18 Cr204,000

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 18% 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 Jun 23) ₹108.94 ↑ 0.50   (0.46 %)
Net Assets (Cr) ₹4,333 on 30 Apr 23
Category Equity - ELSS
AMC IDFC Asset Management Company Limited
Rating
Risk Moderately High
Expense Ratio 1.95
Sharpe Ratio -0.07
Information Ratio 1.16
Alpha Ratio -0.58
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
31 May 18₹10,000
31 May 19₹9,909
31 May 20₹7,293
31 May 21₹14,346
31 May 22₹15,924
31 May 23₹18,396

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 ₹426,080.
Net Profit of ₹126,080
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 Jun 23

DurationReturns
1 Month 6.2%
3 Month 9%
6 Month 5.3%
1 Year 19.6%
3 Year 34.1%
5 Year 13.7%
Since launch 18%
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 166.53 Yr.

Data below for IDFC Tax Advantage (ELSS) Fund as on 30 Apr 23

Equity Sector Allocation
SectorValue
Financial Services27.23%
Industrials13.77%
Consumer Cyclical13.37%
Basic Materials10.49%
Technology8.41%
Health Care6.4%
Consumer Defensive6.35%
Energy3.91%
Communication Services2.44%
Utility1.47%
Asset Allocation
Asset ClassValue
Cash6.16%
Equity93.84%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
ICICI Bank Ltd (Financial Services)
Equity, Since 31 May 16 | ICICIBANK
8%₹349 Cr3,800,000
HDFC Bank Ltd (Financial Services)
Equity, Since 30 Sep 14 | HDFCBANK
4%₹177 Cr1,050,000
Reliance Industries Ltd (Energy)
Equity, Since 31 Jul 18 | RELIANCE
4%₹169 Cr700,000
↑ 25,000
Infosys Ltd (Technology)
Equity, Since 31 Jul 15 | INFY
4%₹169 Cr1,350,000
Axis Bank Ltd (Financial Services)
Equity, Since 30 Apr 21 | AXISBANK
4%₹168 Cr1,950,000
↑ 100,000
State Bank of India (Financial Services)
Equity, Since 30 Jun 20 | SBIN
3%₹145 Cr2,500,000
↓ -500,000
Tata Motors Ltd (Consumer Cyclical)
Equity, Since 31 May 20 | TATAMOTORS
3%₹126 Cr2,600,000
Housing Development Finance Corp Ltd (Financial Services)
Equity, Since 30 Apr 22 | HDFC
3%₹118 Cr425,000
↑ 75,000
Bharti Airtel Ltd (Communication Services)
Equity, Since 31 Jan 20 | BHARTIARTL
2%₹106 Cr1,325,000
NCC Ltd (Industrials)
Equity, Since 28 Feb 19 | NCC
2%₹104 Cr8,700,000
↓ -300,000

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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