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4 Best Tax Saving ELSS Mutual Funds FY 22 - 23

Updated on October 3, 2022 , 6954 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 22 - 23

  • 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 (%)2021 (%)Since launch (%)
Canara Robeco Equity Tax Saver Growth ₹115.67
↑ 2.49
₹4,19711.8-0.5-0.322.115.735.119.6
ICICI Prudential Long Term Equity Fund (Tax Saving) Growth ₹591.04
↑ 9.37
₹10,1469.6-3.1-1.618.512.533.719.3
BOI AXA Tax Advantage Fund Growth ₹98.98
↑ 2.10
₹64514.1-0.3-3.124.714.341.518.4
IDFC Tax Advantage (ELSS) Fund Growth ₹98.71
↑ 1.80
₹3,85112-1.5324.21349.218.1
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 4 Oct 22
*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 19.6% since its launch.  Ranked 36 in ELSS category.  Return for 2021 was 35.1% , 2020 was 27.4% and 2019 was 10.7% .

Below is the key information for Canara Robeco Equity Tax Saver

Canara Robeco Equity Tax Saver
Growth
Launch Date 2 Feb 09
NAV (04 Oct 22) ₹115.67 ↑ 2.49   (2.20 %)
Net Assets (Cr) ₹4,197 on 31 Aug 22
Category Equity - ELSS
AMC Canara Robeco Asset Management Co. Ltd.
Rating
Risk Moderately High
Expense Ratio 2.11
Sharpe Ratio 0.02
Information Ratio 0.39
Alpha Ratio -3.3
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
30 Sep 17₹10,000
30 Sep 18₹10,944
30 Sep 19₹11,822
30 Sep 20₹13,071
30 Sep 21₹20,814
30 Sep 22₹20,686

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 4 Oct 22

DurationReturns
1 Month -1.1%
3 Month 11.8%
6 Month -0.5%
1 Year -0.3%
3 Year 22.1%
5 Year 15.7%
Since launch 19.6%
10 Year
15 Year
Historical performance (Yearly) on absolute basis
YearReturns
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%
2012 30%
Fund Manager information for Canara Robeco Equity Tax Saver
NameSinceTenure
Vishal Mishra26 Jun 211.18 Yr.
Shridatta Bhandwaldar1 Oct 192.92 Yr.

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

Equity Sector Allocation
SectorValue
Financial Services30.83%
Consumer Cyclical17.28%
Technology9.3%
Industrials8.9%
Basic Materials8.42%
Health Care6.19%
Consumer Defensive5.5%
Energy4.39%
Communication Services2.19%
Real Estate1.73%
Utility1.44%
Asset Allocation
Asset ClassValue
Cash3.82%
Equity96.18%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Aug 18 | ICICIBANK
8%₹349 Cr3,936,000
↑ 40,000
HDFC Bank Ltd (Financial Services)
Equity, Since 30 Nov 08 | HDFCBANK
7%₹278 Cr1,872,184
Infosys Ltd (Technology)
Equity, Since 31 Jul 18 | INFY
6%₹253 Cr1,691,310
↑ 20,000
Reliance Industries Ltd (Energy)
Equity, Since 30 Nov 19 | RELIANCE
4%₹184 Cr698,500
State Bank of India (Financial Services)
Equity, Since 30 Nov 20 | SBIN
4%₹150 Cr2,830,000
↑ 190,000
Axis Bank Ltd (Financial Services)
Equity, Since 31 Dec 20 | 532215
3%₹143 Cr1,903,000
↑ 120,000
Tata Consultancy Services Ltd (Technology)
Equity, Since 30 Jun 20 | TCS
2%₹104 Cr323,712
Maruti Suzuki India Ltd (Consumer Cyclical)
Equity, Since 31 Oct 21 | MARUTI
2%₹101 Cr111,500
↑ 2,500
ABB India Ltd (Industrials)
Equity, Since 31 Jan 21 | 500002
2%₹101 Cr310,000
↓ -27,500
Schaeffler India Ltd (Consumer Cyclical)
Equity, Since 28 Feb 22 | SCHAEFFLER
2%₹100 Cr330,381

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 19.3% since its launch.  Ranked 30 in ELSS category.  Return for 2021 was 33.7% , 2020 was 13.6% and 2019 was 8.8% .

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 (04 Oct 22) ₹591.04 ↑ 9.37   (1.61 %)
Net Assets (Cr) ₹10,146 on 31 Aug 22
Category Equity - ELSS
AMC ICICI Prudential Asset Management Company Limited
Rating
Risk Moderately High
Expense Ratio 1.88
Sharpe Ratio 0.01
Information Ratio -0.4
Alpha Ratio -3.06
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
30 Sep 17₹10,000
30 Sep 18₹11,083
30 Sep 19₹11,239
30 Sep 20₹10,926
30 Sep 21₹18,427
30 Sep 22₹18,148

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 4 Oct 22

DurationReturns
1 Month -0.6%
3 Month 9.6%
6 Month -3.1%
1 Year -1.6%
3 Year 18.5%
5 Year 12.5%
Since launch 19.3%
10 Year
15 Year
Historical performance (Yearly) on absolute basis
YearReturns
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%
2012 37.6%
Fund Manager information for ICICI Prudential Long Term Equity Fund (Tax Saving)
NameSinceTenure
Priyanka Khandelwal15 Jun 175.21 Yr.
Harish Bihani5 Nov 183.82 Yr.

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

Equity Sector Allocation
SectorValue
Financial Services34.9%
Technology15.6%
Consumer Cyclical7.79%
Industrials7.74%
Communication Services6.62%
Consumer Defensive5.47%
Energy4.72%
Health Care3.41%
Basic Materials3.07%
Real Estate1.82%
Utility0.8%
Asset Allocation
Asset ClassValue
Cash8.06%
Equity91.94%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Dec 18 | ICICIBANK
9%₹937 Cr10,560,479
↓ -389,633
Infosys Ltd (Technology)
Equity, Since 30 Jun 16 | INFY
6%₹578 Cr3,868,993
↓ -120,440
Axis Bank Ltd (Financial Services)
Equity, Since 30 Nov 18 | 532215
5%₹521 Cr6,931,488
↓ -100,000
Bharti Airtel Ltd (Communication Services)
Equity, Since 30 Nov 17 | BHARTIARTL
5%₹481 Cr6,626,040
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Jul 17 | HDFCBANK
4%₹440 Cr2,961,891
↓ -50,000
SBI Cards and Payment Services Ltd Ordinary Shares (Financial Services)
Equity, Since 31 Mar 21 | 543066
4%₹431 Cr4,671,369
HCL Technologies Ltd (Technology)
Equity, Since 31 May 19 | HCLTECH
4%₹418 Cr4,455,215
↓ -191,080
Reliance Industries Ltd (Energy)
Equity, Since 31 May 20 | RELIANCE
4%₹393 Cr1,488,761
Avenue Supermarts Ltd (Consumer Defensive)
Equity, Since 29 Feb 20 | 540376
3%₹339 Cr748,565
State Bank of India (Financial Services)
Equity, Since 31 Oct 18 | SBIN
3%₹284 Cr5,341,557

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 18.4% since its launch.  Ranked 13 in ELSS category.  Return for 2021 was 41.5% , 2020 was 31.2% and 2019 was 14.6% .

Below is the key information for BOI AXA Tax Advantage Fund

BOI AXA Tax Advantage Fund
Growth
Launch Date 25 Feb 09
NAV (04 Oct 22) ₹98.98 ↑ 2.10   (2.17 %)
Net Assets (Cr) ₹645 on 31 Aug 22
Category Equity - ELSS
AMC BOI AXA Investment Mngrs Private Ltd
Rating
Risk Moderately High
Expense Ratio 2.56
Sharpe Ratio -0.21
Information Ratio 0.68
Alpha Ratio -7.28
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
30 Sep 17₹10,000
30 Sep 18₹9,611
30 Sep 19₹10,457
30 Sep 20₹12,154
30 Sep 21₹20,152
30 Sep 22₹19,635

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 4 Oct 22

DurationReturns
1 Month 0.1%
3 Month 14.1%
6 Month -0.3%
1 Year -3.1%
3 Year 24.7%
5 Year 14.3%
Since launch 18.4%
10 Year
15 Year
Historical performance (Yearly) on absolute basis
YearReturns
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%
2012 24.8%
Fund Manager information for BOI AXA Tax Advantage Fund
NameSinceTenure
Alok Singh27 Apr 220.35 Yr.

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

Equity Sector Allocation
SectorValue
Financial Services32.19%
Consumer Cyclical19.21%
Basic Materials10.48%
Consumer Defensive8.2%
Industrials7.53%
Health Care5.97%
Energy3.72%
Technology3.69%
Utility3.2%
Real Estate2.23%
Communication Services0.72%
Asset Allocation
Asset ClassValue
Cash2.86%
Equity97.14%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Oct 18 | ICICIBANK
7%₹47 Cr529,340
State Bank of India (Financial Services)
Equity, Since 31 Oct 21 | SBIN
6%₹36 Cr671,000
↑ 51,000
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Dec 10 | HDFCBANK
5%₹32 Cr214,000
Reliance Industries Ltd (Energy)
Equity, Since 30 Nov 18 | RELIANCE
4%₹24 Cr91,009
↓ -6,000
NTPC Ltd (Utilities)
Equity, Since 30 Apr 22 | 532555
3%₹21 Cr1,260,000
↑ 282,141
Mahindra & Mahindra Ltd (Consumer Cyclical)
Equity, Since 31 May 22 | M&M
3%₹19 Cr142,000
↑ 17,000
Varun Beverages Ltd (Consumer Defensive)
Equity, Since 28 Feb 22 | VBL
3%₹17 Cr168,692
Kotak Mahindra Bank Ltd (Financial Services)
Equity, Since 30 Sep 18 | KOTAKBANK
3%₹17 Cr87,607
Schaeffler India Ltd (Consumer Cyclical)
Equity, Since 31 Jan 22 | SCHAEFFLER
3%₹17 Cr55,000
↑ 4,000
Axis Bank Ltd (Financial Services)
Equity, Since 31 Jan 22 | 532215
2%₹15 Cr204,000
↑ 41,972

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 18.1% since its launch.  Ranked 3 in ELSS category.  Return for 2021 was 49.2% , 2020 was 18.7% and 2019 was 1.9% .

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

IDFC Tax Advantage (ELSS) Fund
Growth
Launch Date 26 Dec 08
NAV (04 Oct 22) ₹98.71 ↑ 1.80   (1.86 %)
Net Assets (Cr) ₹3,851 on 31 Aug 22
Category Equity - ELSS
AMC IDFC Asset Management Company Limited
Rating
Risk Moderately High
Expense Ratio 1.95
Sharpe Ratio 0.4
Information Ratio 0.55
Alpha Ratio 2.67
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
30 Sep 17₹10,000
30 Sep 18₹10,161
30 Sep 19₹10,044
30 Sep 20₹10,138
30 Sep 21₹17,831
30 Sep 22₹18,431

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 4 Oct 22

DurationReturns
1 Month -0.1%
3 Month 12%
6 Month -1.5%
1 Year 3%
3 Year 24.2%
5 Year 13%
Since launch 18.1%
10 Year
15 Year
Historical performance (Yearly) on absolute basis
YearReturns
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%
2012 36.2%
Fund Manager information for IDFC Tax Advantage (ELSS) Fund
NameSinceTenure
Daylynn Pinto20 Oct 165.87 Yr.

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

Equity Sector Allocation
SectorValue
Financial Services27.54%
Consumer Cyclical17.61%
Industrials12.1%
Basic Materials10.14%
Technology9.49%
Health Care7.23%
Energy3.77%
Consumer Defensive3.26%
Communication Services2.64%
Asset Allocation
Asset ClassValue
Cash6.23%
Equity93.77%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
ICICI Bank Ltd (Financial Services)
Equity, Since 31 May 16 | ICICIBANK
9%₹337 Cr3,800,000
Infosys Ltd (Technology)
Equity, Since 31 Jul 15 | INFY
5%₹209 Cr1,400,000
State Bank of India (Financial Services)
Equity, Since 30 Jun 20 | SBIN
5%₹186 Cr3,500,000
HDFC Bank Ltd (Financial Services)
Equity, Since 30 Sep 14 | HDFCBANK
4%₹156 Cr1,050,000
Reliance Industries Ltd (Energy)
Equity, Since 31 Jul 18 | RELIANCE
4%₹145 Cr550,000
Tata Motors Ltd (Consumer Cyclical)
Equity, Since 31 May 20 | TATAMOTORS
3%₹122 Cr2,600,000
↓ -100,000
Mahindra & Mahindra Ltd (Consumer Cyclical)
Equity, Since 31 Jul 20 | M&M
3%₹118 Cr900,000
Bharti Airtel Ltd (Communication Services)
Equity, Since 31 Jan 20 | BHARTIARTL
3%₹102 Cr1,400,000
Axis Bank Ltd (Financial Services)
Equity, Since 30 Apr 21 | 532215
3%₹101 Cr1,350,000
VRL Logistics Ltd (Industrials)
Equity, Since 30 Nov 15 | VRLLOG
2%₹92 Cr1,475,000

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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