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4 Best Tax Saving ELSS Mutual Funds FY 22 - 23

Updated on May 15, 2022 , 5872 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 ₹104.7
↑ 2.35
₹3,586-8.5-138.318.213.935.119.3
ICICI Prudential Long Term Equity Fund (Tax Saving) Growth ₹548.13
↑ 12.64
₹10,049-6.4-11.111.413.810.633.719.2
Mirae Asset Tax Saver Fund Growth ₹28.755
↑ 0.64
₹11,790-5.9-10.89.71914.735.318
BOI AXA Tax Advantage Fund Growth ₹88.96
↑ 1.88
₹593-7.3-14.58.521.914.441.518
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 17 May 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 19.3% 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 (17 May 22) ₹104.7 ↑ 2.35   (2.30 %)
Net Assets (Cr) ₹3,586 on 31 Mar 22
Category Equity - ELSS
AMC Canara Robeco Asset Management Co. Ltd.
Rating
Risk Moderately High
Expense Ratio 2.26
Sharpe Ratio 1.39
Information Ratio 0.45
Alpha Ratio -0.08
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
30 Apr 17₹10,000
30 Apr 18₹11,464
30 Apr 19₹12,292
30 Apr 20₹11,466
30 Apr 21₹17,756
30 Apr 22₹20,804

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 ₹426,080.
Net Profit of ₹126,080
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 17 May 22

DurationReturns
1 Month -7.8%
3 Month -8.5%
6 Month -13%
1 Year 8.3%
3 Year 18.2%
5 Year 13.9%
Since launch 19.3%
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 210.84 Yr.
Shridatta Bhandwaldar1 Oct 192.58 Yr.

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

Equity Sector Allocation
SectorValue
Financial Services28.63%
Consumer Cyclical12.61%
Technology12.17%
Industrials9.14%
Basic Materials8.63%
Consumer Defensive7.03%
Energy6.95%
Health Care6.66%
Communication Services2.37%
Utility1.56%
Real Estate1.47%
Asset Allocation
Asset ClassValue
Cash2.77%
Equity97.23%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
Reliance Industries Ltd (Energy)
Equity, Since 30 Nov 19 | RELIANCE
7%₹252 Cr903,500
↑ 185,000
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Aug 18 | ICICIBANK
7%₹248 Cr3,336,000
↑ 50,000
Infosys Ltd (Technology)
Equity, Since 31 Jul 18 | INFY
7%₹246 Cr1,571,310
↓ -50,000
HDFC Bank Ltd (Financial Services)
Equity, Since 30 Nov 08 | HDFCBANK
6%₹231 Cr1,667,184
Tata Consultancy Services Ltd (Technology)
Equity, Since 30 Jun 20 | TCS
3%₹115 Cr323,712
↓ -10,000
Bajaj Finance Ltd (Financial Services)
Equity, Since 31 May 19 | BAJFINANCE
3%₹114 Cr170,450
State Bank of India (Financial Services)
Equity, Since 30 Nov 20 | SBIN
3%₹105 Cr2,125,000
↑ 425,000
Axis Bank Ltd (Financial Services)
Equity, Since 31 Dec 20 | AXISBANK
3%₹99 Cr1,353,000
↑ 435,000
UltraTech Cement Ltd (Basic Materials)
Equity, Since 30 Apr 21 | ULTRACEMCO
2%₹89 Cr133,500
↑ 5,000
Bharti Airtel Ltd (Communication Services)
Equity, Since 30 Nov 21 | BHARTIARTL
2%₹86 Cr1,165,000

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 19.2% 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 (17 May 22) ₹548.13 ↑ 12.64   (2.36 %)
Net Assets (Cr) ₹10,049 on 31 Mar 22
Category Equity - ELSS
AMC ICICI Prudential Asset Management Company Limited
Rating
Risk Moderately High
Expense Ratio 1.98
Sharpe Ratio 1.53
Information Ratio -0.14
Alpha Ratio 1.01
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
30 Apr 17₹10,000
30 Apr 18₹11,133
30 Apr 19₹11,700
30 Apr 20₹9,669
30 Apr 21₹14,755
30 Apr 22₹17,712

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 ₹395,578.
Net Profit of ₹95,578
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 17 May 22

DurationReturns
1 Month -8%
3 Month -6.4%
6 Month -11.1%
1 Year 11.4%
3 Year 13.8%
5 Year 10.6%
Since launch 19.2%
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 174.88 Yr.
Harish Bihani5 Nov 183.49 Yr.

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

Equity Sector Allocation
SectorValue
Financial Services32.5%
Technology19.08%
Industrials8.37%
Consumer Cyclical7.71%
Communication Services7.06%
Consumer Defensive4.84%
Basic Materials4.65%
Health Care4.44%
Energy3.98%
Real Estate1.4%
Utility0.94%
Asset Allocation
Asset ClassValue
Cash5.03%
Equity94.97%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Dec 18 | ICICIBANK
7%₹701 Cr9,593,900
Infosys Ltd (Technology)
Equity, Since 30 Jun 16 | INFY
7%₹668 Cr3,503,778
↓ -164,359
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Jul 17 | HDFCBANK
6%₹558 Cr3,795,142
Bharti Airtel Ltd (Communication Services)
Equity, Since 30 Nov 17 | BHARTIARTL
5%₹509 Cr6,739,359
↓ -455,942
HCL Technologies Ltd (Technology)
Equity, Since 31 May 19 | HCLTECH
5%₹467 Cr4,015,432
Axis Bank Ltd (Financial Services)
Equity, Since 30 Nov 18 | 532215
4%₹444 Cr5,835,718
↑ 212,057
Housing Development Finance Corp Ltd (Financial Services)
Equity, Since 31 Aug 20 | HDFC
3%₹336 Cr1,405,320
↑ 100,525
Tech Mahindra Ltd (Technology)
Equity, Since 31 Aug 20 | 532755
3%₹320 Cr2,137,202
Reliance Industries Ltd (Energy)
Equity, Since 31 May 20 | RELIANCE
3%₹305 Cr1,158,345
↓ -200,000
SBI Cards and Payment Services Ltd Ordinary Shares (Financial Services)
Equity, Since 31 Mar 21 | 543066
3%₹304 Cr3,565,873
↑ 119,192

3. Mirae Asset Tax Saver Fund

The investment objective of the scheme is to generate long term capital appreciation from a diversified portfolio of predominantly equity and equity related instruments. The Scheme does not guarantee or assure any returns.

Mirae Asset Tax Saver Fund is a Equity - ELSS fund was launched on 28 Dec 15. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 18% since its launch.  Return for 2021 was 35.3% , 2020 was 21.5% and 2019 was 14.1% .

Below is the key information for Mirae Asset Tax Saver Fund

Mirae Asset Tax Saver Fund
Growth
Launch Date 28 Dec 15
NAV (17 May 22) ₹28.755 ↑ 0.64   (2.28 %)
Net Assets (Cr) ₹11,790 on 31 Mar 22
Category Equity - ELSS
AMC Mirae Asset Global Inv (India) Pvt. Ltd
Rating Not Rated
Risk Moderately High
Expense Ratio 1.4
Sharpe Ratio 1.38
Information Ratio 1.21
Alpha Ratio -1.07
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
30 Apr 17₹10,000
30 Apr 18₹11,900
30 Apr 19₹12,653
30 Apr 20₹11,285
30 Apr 21₹18,256
30 Apr 22₹21,619

Mirae Asset Tax Saver 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 Mirae Asset Tax Saver Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 17 May 22

DurationReturns
1 Month -7.5%
3 Month -5.9%
6 Month -10.8%
1 Year 9.7%
3 Year 19%
5 Year 14.7%
Since launch 18%
10 Year
15 Year
Historical performance (Yearly) on absolute basis
YearReturns
2021 35.3%
2020 21.5%
2019 14.1%
2018 -2.3%
2017 47.9%
2016 14.8%
2015
2014
2013
2012
Fund Manager information for Mirae Asset Tax Saver Fund
NameSinceTenure
Neelesh Surana28 Dec 156.35 Yr.

Data below for Mirae Asset Tax Saver Fund as on 31 Mar 22

Equity Sector Allocation
SectorValue
Financial Services34.47%
Technology13.7%
Basic Materials9.06%
Industrials8.15%
Consumer Cyclical8.09%
Energy7.6%
Health Care7.25%
Consumer Defensive5.77%
Utility2.81%
Communication Services1.84%
Asset Allocation
Asset ClassValue
Cash1.26%
Equity98.74%
Other0%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
Infosys Ltd (Technology)
Equity, Since 31 Dec 15 | INFY
8%₹889 Cr4,661,691
↓ -60,000
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Dec 15 | HDFCBANK
7%₹842 Cr5,729,722
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Dec 15 | ICICIBANK
7%₹784 Cr10,733,912
↑ 25,000
Reliance Industries Ltd (Energy)
Equity, Since 31 Dec 15 | RELIANCE
6%₹744 Cr2,824,180
↑ 40,000
Axis Bank Ltd (Financial Services)
Equity, Since 31 Jan 18 | 532215
4%₹501 Cr6,586,266
State Bank of India (Financial Services)
Equity, Since 31 Dec 15 | SBIN
4%₹414 Cr8,383,799
↓ -50,000
Tata Consultancy Services Ltd (Technology)
Equity, Since 31 Dec 15 | TCS
3%₹324 Cr865,537
↓ -59,289
Larsen & Toubro Ltd (Industrials)
Equity, Since 31 Aug 16 | LT
3%₹297 Cr1,677,630
↑ 180,000
Sun Pharmaceuticals Industries Ltd (Healthcare)
Equity, Since 31 Dec 15 | SUNPHARMA
2%₹282 Cr3,082,209
HCL Technologies Ltd (Technology)
Equity, Since 31 Oct 21 | HCLTECH
2%₹253 Cr2,177,500

4. 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 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 (17 May 22) ₹88.96 ↑ 1.88   (2.16 %)
Net Assets (Cr) ₹593 on 31 Mar 22
Category Equity - ELSS
AMC BOI AXA Investment Mngrs Private Ltd
Rating
Risk Moderately High
Expense Ratio 2.56
Sharpe Ratio 1.49
Information Ratio 0.99
Alpha Ratio 5.02
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
30 Apr 17₹10,000
30 Apr 18₹13,257
30 Apr 19₹11,300
30 Apr 20₹11,490
30 Apr 21₹18,481
30 Apr 22₹21,652

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 17 May 22

DurationReturns
1 Month -9.3%
3 Month -7.3%
6 Month -14.5%
1 Year 8.5%
3 Year 21.9%
5 Year 14.4%
Since launch 18%
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
Aakash Manghani15 Jul 192.8 Yr.
Alok Singh27 Apr 220.01 Yr.

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

Equity Sector Allocation
SectorValue
Financial Services31.31%
Technology13.96%
Consumer Cyclical13.9%
Basic Materials12.71%
Health Care7.42%
Industrials6.93%
Consumer Defensive3.58%
Energy3.31%
Communication Services2.66%
Real Estate1.01%
Asset Allocation
Asset ClassValue
Cash3.12%
Equity96.79%
Debt0.09%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Oct 18 | ICICIBANK
6%₹39 Cr519,840
↑ 46,659
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Dec 10 | HDFCBANK
5%₹28 Cr202,169
↓ -8,457
Reliance Industries Ltd (Energy)
Equity, Since 30 Nov 18 | RELIANCE
4%₹25 Cr87,880
↑ 13,500
Infosys Ltd (Technology)
Equity, Since 30 Jun 20 | INFY
4%₹24 Cr155,489
↓ -4,381
Bajaj Finance Ltd (Financial Services)
Equity, Since 31 May 18 | BAJFINANCE
3%₹19 Cr28,188
↓ -4,398
State Bank of India (Financial Services)
Equity, Since 31 Oct 21 | SBIN
3%₹16 Cr330,426
↑ 56,427
Cholamandalam Investment and Finance Co Ltd (Financial Services)
Equity, Since 31 Jan 18 | CHOLAFIN
3%₹16 Cr212,404
Kotak Mahindra Bank Ltd (Financial Services)
Equity, Since 30 Sep 18 | KOTAKBANK
2%₹13 Cr75,364
↓ -4,000
Varun Beverages Ltd (Consumer Defensive)
Equity, Since 28 Feb 22 | VBL
2%₹11 Cr104,928
↑ 26,533
Axis Bank Ltd (Financial Services)
Equity, Since 31 Jan 22 | AXISBANK
2%₹11 Cr154,028
↑ 9,000

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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