fincash logo SOLUTIONS
EXPLORE FUNDS
CALCULATORS
fincash number+91-22-48913909
Top 3 Best performing ELSS (Tax Saving) Mutual Funds for 2024 | Fincash.com

Fincash » Mutual Funds » Top 3 ELSS Funds

Top 3 Best Tax Saving ELSS Mutual Funds for 2024

Updated on February 19, 2024 , 6230 views

Best elss Funds or Equity Linked Savings Schemes (Tax Saving) are equity diversified Mutual Funds that majorly invest in equity-linked instruments (like shares and stocks) to provide Market-linked returns. Typically, 80% of the fund corpus is invested in equity and the remaining in debt instruments. Best ELSS funds are also known as the tax saving Mutual Funds as they offer tax benefits under Section 80C of the income tax Act. Moreover, the ELSS Mutual Funds are open-ended, which means that the investors can subscribe in these funds as and when they want. However, before Investing in these tax saving Mutual Funds, it is suggested to consider a list of best ELSS funds.

Ready to Invest?
Talk to our investment specialist
Disclaimer:
By submitting this form I authorize Fincash.com to call/SMS/email me about its products and I accept the terms of Privacy Policy and Terms & Conditions.

Top 3 ELSS Funds To Invest In 2024

FundNAVNet Assets (Cr)3 MO (%)6 MO (%)1 YR (%)3 YR (%)5 YR (%)2023 (%)
IDFC Tax Advantage (ELSS) Fund Growth ₹136.135
↓ -0.79
₹5,97612.916.835.622.221.828.3
Motilal Oswal Long Term Equity Fund Growth ₹40.4461
↑ 0.06
₹2,92117.629.448.721.920.837
Nippon India Tax Saver Fund (ELSS) Growth ₹108.333
↓ -0.59
₹14,16614.620.437.220.516.628.6
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 21 Feb 24

1. SBI Magnum Tax Gain Fund

To deliver the benefit of investment in a portfolio of equity shares, while offering deduction on such investment made in the scheme under section 80C of the Income-tax Act, 1961. It also seeks to distribute income periodically depending on distributable surplus. Investments in this scheme would be subject to a statutory lock-in of 3 years from the date of allotment to avail Section 80C benefits.

SBI Magnum Tax Gain Fund is a Equity - ELSS fund was launched on 7 May 07. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 13.3% since its launch.  Ranked 31 in ELSS category.  Return for 2023 was 40% , 2022 was 6.9% and 2021 was 31% .

Below is the key information for SBI Magnum Tax Gain Fund

SBI Magnum Tax Gain Fund
Growth
Launch Date 7 May 07
NAV (21 Feb 24) ₹366.137 ↓ -1.44   (-0.39 %)
Net Assets (Cr) ₹20,085 on 31 Jan 24
Category Equity - ELSS
AMC SBI Funds Management Private Limited
Rating
Risk Moderately High
Expense Ratio 1.79
Sharpe Ratio 2.75
Information Ratio 1.16
Alpha Ratio 12.31
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
31 Jan 19₹10,000
31 Jan 20₹10,716
31 Jan 21₹12,486
31 Jan 22₹16,402
31 Jan 23₹17,151
31 Jan 24₹25,759

SBI Magnum Tax Gain Fund SIP Returns

   
My Monthly Investment:
Investment Tenure:
Years
Expected Annual Returns:
%
Total investment amount is ₹300,000
expected amount after 5 Years is ₹530,691.
Net Profit of ₹230,691
Invest Now

Returns for SBI Magnum Tax Gain Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 21 Feb 24

DurationReturns
1 Month 6.5%
3 Month 21.5%
6 Month 30.3%
1 Year 54.9%
3 Year 25.5%
5 Year 22.3%
10 Year
15 Year
Since launch 13.3%
Historical performance (Yearly) on absolute basis
YearReturns
2023 40%
2022 6.9%
2021 31%
2020 18.9%
2019 4%
2018 -8.3%
2017 33%
2016 2.1%
2015 3.2%
2014 49.1%
Fund Manager information for SBI Magnum Tax Gain Fund
NameSinceTenure
Dinesh Balachandran10 Sep 167.4 Yr.

Data below for SBI Magnum Tax Gain Fund as on 31 Jan 24

Equity Sector Allocation
SectorValue
Financial Services24.33%
Industrials15.21%
Consumer Cyclical10.3%
Health Care8.94%
Basic Materials8.39%
Energy7.75%
Technology7.38%
Utility5.91%
Consumer Defensive3.39%
Communication Services3.07%
Real Estate0.86%
Asset Allocation
Asset ClassValue
Cash4.46%
Equity95.54%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Jan 17 | ICICIBANK
4%₹739 Cr7,416,237
HDFC Bank Ltd (Financial Services)
Equity, Since 30 Jun 07 | HDFCBANK
4%₹725 Cr4,243,253
Larsen & Toubro Ltd (Industrials)
Equity, Since 28 Feb 07 | LT
3%₹646 Cr1,832,046
GE T&D India Ltd (Industrials)
Equity, Since 30 Sep 16 | 522275
3%₹614 Cr12,194,328
Mahindra & Mahindra Ltd (Consumer Cyclical)
Equity, Since 31 Dec 16 | M&M
3%₹591 Cr3,415,083
Torrent Power Ltd (Utilities)
Equity, Since 31 Jul 19 | TORNTPOWER
3%₹584 Cr6,252,617
Bharti Airtel Ltd (Communication Services)
Equity, Since 31 Mar 17 | BHARTIARTL
3%₹574 Cr5,563,576
State Bank of India (Financial Services)
Equity, Since 31 May 06 | SBIN
3%₹561 Cr8,735,639
↑ 1,050,000
Cummins India Ltd (Industrials)
Equity, Since 28 Feb 19 | CUMMINSIND
3%₹543 Cr2,763,190
GAIL (India) Ltd (Utilities)
Equity, Since 30 Nov 21 | GAIL
3%₹522 Cr32,193,555

2. HDFC Tax Saver Fund

The fund plans to provide long term growth of capital.

HDFC Tax Saver Fund is a Equity - ELSS fund was launched on 31 Mar 96. It is a fund with Moderately High risk and has given a CAGR/Annualized return of since its launch.  Ranked 27 in ELSS category.  Return for 2023 was 33.2% , 2022 was 10.5% and 2021 was 35.3% .

Below is the key information for HDFC Tax Saver Fund

HDFC Tax Saver Fund
Growth
Launch Date 31 Mar 96
NAV (21 Feb 24) ₹1,155.59 ↓ -6.73   (-0.58 %)
Net Assets (Cr) ₹13,441 on 31 Jan 24
Category Equity - ELSS
AMC HDFC Asset Management Company Limited
Rating
Risk Moderately High
Expense Ratio 1.84
Sharpe Ratio 2.41
Information Ratio 1.5
Alpha Ratio 5.75
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
31 Jan 19₹10,000
31 Jan 20₹10,292
31 Jan 21₹11,025
31 Jan 22₹14,934
31 Jan 23₹16,322
31 Jan 24₹22,638

HDFC 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 ₹493,520.
Net Profit of ₹193,520
Invest Now

Returns for HDFC 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 21 Feb 24

DurationReturns
1 Month 4.6%
3 Month 17.4%
6 Month 24.9%
1 Year 42.7%
3 Year 25%
5 Year 19.2%
10 Year
15 Year
Since launch
Historical performance (Yearly) on absolute basis
YearReturns
2023 33.2%
2022 10.5%
2021 35.3%
2020 5.8%
2019 3.7%
2018 -10.9%
2017 38.7%
2016 7.6%
2015 -6.2%
2014 56.4%
Fund Manager information for HDFC Tax Saver Fund
NameSinceTenure
Roshi Jain13 Jan 222.05 Yr.
Dhruv Muchhal22 Jun 230.61 Yr.

Data below for HDFC Tax Saver Fund as on 31 Jan 24

Equity Sector Allocation
SectorValue
Financial Services35.77%
Health Care12.34%
Industrials10.57%
Technology10.44%
Utility7.76%
Communication Services5.32%
Consumer Cyclical5.06%
Real Estate3.33%
Energy2.42%
Asset Allocation
Asset ClassValue
Cash6.99%
Equity93.01%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Mar 15 | HDFCBANK
10%₹1,248 Cr7,300,000
↑ 100,000
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Oct 09 | ICICIBANK
9%₹1,196 Cr12,000,000
↑ 100,000
NTPC Ltd (Utilities)
Equity, Since 30 Nov 16 | NTPC
6%₹778 Cr25,000,000
↓ -1,000,000
Hindustan Aeronautics Ltd Ordinary Shares (Industrials)
Equity, Since 31 Jan 22 | HAL
6%₹757 Cr2,700,000
↓ -300,000
HCL Technologies Ltd (Technology)
Equity, Since 30 Sep 20 | 532281
5%₹674 Cr4,600,000
Bharti Airtel Ltd (Communication Services)
Equity, Since 30 Nov 19 | BHARTIARTL
5%₹671 Cr6,500,000
Cipla Ltd (Healthcare)
Equity, Since 31 Oct 09 | CIPLA
5%₹648 Cr5,200,000
↑ 500,000
State Bank of India (Financial Services)
Equity, Since 31 Dec 06 | SBIN
5%₹642 Cr10,000,000
SBI Life Insurance Company Limited (Financial Services)
Equity, Since 31 Jan 22 | SBILIFE
5%₹603 Cr4,207,763
↑ 607,763
Axis Bank Ltd (Financial Services)
Equity, Since 31 Oct 18 | AXISBANK
4%₹496 Cr4,500,000
↑ 500,000

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 19.7% since its launch.  Ranked 13 in ELSS category.  Return for 2023 was 34.8% , 2022 was -1.3% and 2021 was 41.5% .

Below is the key information for BOI AXA Tax Advantage Fund

BOI AXA Tax Advantage Fund
Growth
Launch Date 25 Feb 09
NAV (21 Feb 24) ₹147.92 ↓ -0.39   (-0.26 %)
Net Assets (Cr) ₹1,090 on 31 Jan 24
Category Equity - ELSS
AMC BOI AXA Investment Mngrs Private Ltd
Rating
Risk Moderately High
Expense Ratio 2.49
Sharpe Ratio 2.25
Information Ratio 0.67
Alpha Ratio 6.21
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
31 Jan 19₹10,000
31 Jan 20₹12,367
31 Jan 21₹15,231
31 Jan 22₹21,163
31 Jan 23₹21,103
31 Jan 24₹30,490

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 ₹584,107.
Net Profit of ₹284,107
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 21 Feb 24

DurationReturns
1 Month 6.1%
3 Month 19.4%
6 Month 30.1%
1 Year 49.9%
3 Year 23.6%
5 Year 26.2%
10 Year
15 Year
Since launch 19.7%
Historical performance (Yearly) on absolute basis
YearReturns
2023 34.8%
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%
Fund Manager information for BOI AXA Tax Advantage Fund
NameSinceTenure
Alok Singh27 Apr 221.77 Yr.

Data below for BOI AXA Tax Advantage Fund as on 31 Jan 24

Equity Sector Allocation
SectorValue
Financial Services39.37%
Industrials10.63%
Consumer Cyclical9.9%
Basic Materials7.88%
Health Care6.87%
Technology6.1%
Utility5.26%
Energy4.66%
Consumer Defensive3.33%
Real Estate2.71%
Asset Allocation
Asset ClassValue
Cash3.29%
Equity96.71%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Dec 10 | HDFCBANK
6%₹58 Cr340,000
↑ 136,000
State Bank of India (Financial Services)
Equity, Since 31 Oct 21 | SBIN
5%₹50 Cr780,000
Power Finance Corp Ltd (Financial Services)
Equity, Since 31 Mar 23 | PFC
5%₹48 Cr1,252,000
↓ -135,500
Canara Bank (Financial Services)
Equity, Since 31 Aug 22 | CANBK
4%₹39 Cr895,000
Bank of Baroda (Financial Services)
Equity, Since 31 Oct 22 | BANKBARODA
4%₹38 Cr1,650,000
NTPC Ltd (Utilities)
Equity, Since 30 Apr 22 | NTPC
4%₹38 Cr1,208,000
↓ -52,000
Reliance Industries Ltd (Energy)
Equity, Since 30 Nov 18 | RELIANCE
3%₹34 Cr130,000
↑ 38,991
Union Bank of India (Financial Services)
Equity, Since 31 Dec 22 | 532477
3%₹32 Cr2,725,875
REC Ltd (Financial Services)
Equity, Since 30 Sep 23 | RECLTD
3%₹29 Cr700,000
↓ -120,000
Larsen & Toubro Ltd (Industrials)
Equity, Since 31 Dec 22 | LT
3%₹28 Cr78,000

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.
How helpful was this page ?
Rated 5, based on 2 reviews.
POST A COMMENT