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Top 5 Best Tax Saving ELSS Mutual Funds for FY 23 - 24

Updated on December 1, 2023 , 7688 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.

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Top 5 ELSS Funds To Invest In FY 23 - 24

Fund	NAV	Net Assets (Cr)	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	5 YR (%)	2022 (%)
BOI AXA Tax Advantage Fund Growth	₹128.35 ↑ 1.77	₹860	11.1	23	23.2	23.1	21.7	-1.3
HDFC Long Term Advantage Fund Growth	₹595.168 ↑ 0.28	₹1,318	1.2	15.4	35.5	20.6	17.4
PGIM India Tax Savings Fund Growth	₹28.34 ↑ 0.15	₹557	3.7	9.9	10.9	20.7	15.8	4.7
Mahindra Mutual Fund Kar Bachat Yojana Growth	₹22.8141 ↑ 0.15	₹659	3.5	13.7	14.6	21.8	15.3	2
BNP Paribas Long Term Equity Fund (ELSS) Growth	₹72.2768 ↑ 0.29	₹705	9.2	18.9	19.5	16.3	15.1	-2.1
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 1 Dec 23

*List of ELSS Tax saving mutual funds having net assets > 250 Crore and haing best CAGR returns in last 5 yr

1. 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 18.9% 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 (01 Dec 23)	₹128.35 ↑ 1.77 (1.40 %)
Net Assets (Cr)	₹860 on 31 Oct 23
Category	Equity - ELSS
AMC	BOI AXA Investment Mngrs Private Ltd
Rating	☆☆☆
Risk	Moderately High
Expense Ratio	2.49
Sharpe Ratio	0.56
Information Ratio	0.14
Alpha Ratio	3.61
Min Investment	500
Min SIP Investment	500
Exit Load	NIL

Growth of 10,000 investment over the years.

Date	Value
30 Nov 18	₹10,000
30 Nov 19	₹11,338
30 Nov 20	₹14,226
30 Nov 21	₹20,627
30 Nov 22	₹21,582
30 Nov 23	₹26,349

BOI AXA Tax Advantage Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹518,033.
Net Profit of ₹218,033 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 1 Dec 23

Duration	Returns
1 Month	11.4%
3 Month	11.1%
6 Month	23%
1 Year	23.2%
3 Year	23.1%
5 Year	21.7%
10 Year
15 Year
Since launch	18.9%

Historical performance (Yearly) on absolute basis

Year	Returns
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

Name	Since	Tenure
Alok Singh	27 Apr 22	1.52 Yr.

Data below for BOI AXA Tax Advantage Fund as on 31 Oct 23

Equity Sector Allocation

Sector	Value
Financial Services	36.9%
Industrials	12.71%
Consumer Cyclical	10.84%
Basic Materials	8.45%
Health Care	7.25%
Consumer Defensive	6.28%
Utility	5.54%
Technology	4.15%
Energy	3.46%
Real Estate	3.18%

Asset Allocation

Asset Class	Value
Cash	1.18%
Equity	98.76%
Debt	0.06%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
State Bank of India (Financial Services) Equity, Since 31 Oct 21 \| SBIN	5%	₹44 Cr	780,000 ↑ 40,000
Canara Bank (Financial Services) Equity, Since 31 Aug 22 \| 532483	4%	₹34 Cr	895,000
Power Finance Corp Ltd (Financial Services) Equity, Since 31 Mar 23 \| 532810	4%	₹34 Cr	1,387,500
Bank of Baroda (Financial Services) Equity, Since 31 Oct 22 \| 532134	4%	₹32 Cr	1,650,000
HDFC Bank Ltd (Financial Services) Equity, Since 31 Dec 10 \| HDFCBANK	4%	₹30 Cr	204,000 ↓ -12,000
NTPC Ltd (Utilities) Equity, Since 30 Apr 22 \| 532555	3%	₹30 Cr	1,260,000
Union Bank of India (Financial Services) Equity, Since 31 Dec 22 \| UNIONBANK	3%	₹28 Cr	2,725,875
Sun Pharmaceuticals Industries Ltd (Healthcare) Equity, Since 30 Jun 22 \| SUNPHARMA	3%	₹24 Cr	217,000
REC Ltd (Financial Services) Equity, Since 30 Sep 23 \| 532955	3%	₹24 Cr	820,000 ↑ 470,000
Larsen & Toubro Ltd (Industrials) Equity, Since 31 Dec 22 \| LT	3%	₹23 Cr	78,000 ↑ 5,643

2. HDFC Long Term Advantage Fund

To generate long term capital appreciation from a portfolio that is predominantly in equity and equity related instruments

HDFC Long Term Advantage Fund is a Equity - ELSS fund was launched on 2 Jan 01. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 21.4% since its launch. Ranked 23 in ELSS category. .

Below is the key information for HDFC Long Term Advantage Fund

HDFC Long Term Advantage Fund Growth
Launch Date	2 Jan 01
NAV (14 Jan 22)	₹595.168 ↑ 0.28 (0.05 %)
Net Assets (Cr)	₹1,318 on 30 Nov 21
Category	Equity - ELSS
AMC	HDFC Asset Management Company Limited
Rating	☆☆☆
Risk	Moderately High
Expense Ratio	2.25
Sharpe Ratio	2.27
Information Ratio	-0.15
Alpha Ratio	1.75
Min Investment	500
Min SIP Investment	500
Exit Load	NIL

Growth of 10,000 investment over the years.

Date	Value
30 Nov 18	₹10,000
30 Nov 19	₹10,916
30 Nov 20	₹11,395
30 Nov 21	₹16,348

HDFC Long Term Advantage Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹470,047.
Net Profit of ₹170,047 Invest Now

Purchase not allowed

Returns for HDFC Long Term 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 1 Dec 23

Duration	Returns
1 Month	4.4%
3 Month	1.2%
6 Month	15.4%
1 Year	35.5%
3 Year	20.6%
5 Year	17.4%
10 Year
15 Year
Since launch	21.4%

Historical performance (Yearly) on absolute basis

Year	Returns
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013

Fund Manager information for HDFC Long Term Advantage Fund

Name	Since	Tenure

Data below for HDFC Long Term Advantage Fund as on 30 Nov 21

Equity Sector Allocation

Sector	Value

Asset Allocation

Asset Class	Value

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity

3. PGIM India Tax Savings Fund

"The primary objective of the Scheme is to generate long-term capital appreciation by predominantly investing in equity & equity related instruments and to enable eligible investors to avail deduction from total income, as permitted under the Income Tax Act, 1961 as amended from time to time. However, there is no assurance that the investment objective shall be realize"

PGIM India Tax Savings Fund is a Equity - ELSS fund was launched on 11 Dec 15. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 14% since its launch. Return for 2022 was 4.7% , 2021 was 37.5% and 2020 was 17.9% .

Below is the key information for PGIM India Tax Savings Fund

PGIM India Tax Savings Fund Growth
Launch Date	11 Dec 15
NAV (01 Dec 23)	₹28.34 ↑ 0.15 (0.53 %)
Net Assets (Cr)	₹557 on 31 Oct 23
Category	Equity - ELSS
AMC	Pramerica Asset Managers Private Limited
Rating	Not Rated
Risk	Moderately High
Expense Ratio	2.52
Sharpe Ratio	0.08
Information Ratio	0.28
Alpha Ratio	-1.91
Min Investment	500
Min SIP Investment	500
Exit Load	NIL

Growth of 10,000 investment over the years.

Date	Value
30 Nov 18	₹10,000
30 Nov 19	₹10,787
30 Nov 20	₹11,640
30 Nov 21	₹16,875
30 Nov 22	₹18,706
30 Nov 23	₹20,728

PGIM India Tax Savings Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹447,579.
Net Profit of ₹147,579 Invest Now

Returns for PGIM India Tax Savings Fund

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

Duration	Returns
1 Month	7.1%
3 Month	3.7%
6 Month	9.9%
1 Year	10.9%
3 Year	20.7%
5 Year	15.8%
10 Year
15 Year
Since launch	14%

Historical performance (Yearly) on absolute basis

Year	Returns
2022	4.7%
2021	37.5%
2020	17.9%
2019	8.2%
2018	-6.4%
2017	39.3%
2016	1.7%
2015
2014
2013

Fund Manager information for PGIM India Tax Savings Fund

Name	Since	Tenure
Bhupesh Kalyani	1 Apr 23	0.59 Yr.
Vinay Paharia	1 Apr 23	0.59 Yr.
Anandha Padmanabhan Anjeneyan	1 Apr 23	0.59 Yr.
Ojasvi Khicha	1 Apr 23	0.59 Yr.

Data below for PGIM India Tax Savings Fund as on 31 Oct 23

Equity Sector Allocation

Sector	Value
Financial Services	31.78%
Industrials	11.81%
Consumer Cyclical	10.2%
Basic Materials	8.22%
Technology	7.44%
Health Care	7.31%
Consumer Defensive	7.16%
Energy	5.95%
Communication Services	2.57%
Utility	2.56%
Real Estate	0.88%

Asset Allocation

Asset Class	Value
Cash	3.95%
Equity	95.87%
Debt	0.18%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
HDFC Bank Ltd (Financial Services) Equity, Since 31 Dec 15 \| HDFCBANK	8%	₹44 Cr	301,264 ↑ 27,000
ICICI Bank Ltd (Financial Services) Equity, Since 31 Jan 16 \| ICICIBANK	7%	₹38 Cr	411,594
Reliance Industries Ltd (Energy) Equity, Since 31 Aug 17 \| RELIANCE	6%	₹33 Cr	144,750
Axis Bank Ltd (Financial Services) Equity, Since 30 Nov 21 \| 532215	4%	₹21 Cr	218,000
Infosys Ltd (Technology) Equity, Since 31 Dec 15 \| INFY	3%	₹16 Cr	117,829 ↓ -80,500
Kotak Mahindra Bank Ltd (Financial Services) Equity, Since 30 Jun 23 \| KOTAKBANK	3%	₹15 Cr	84,000
Bharat Electronics Ltd (Industrials) Equity, Since 30 Apr 23 \| BEL	2%	₹12 Cr	936,800
Bajaj Finance Ltd (Financial Services) Equity, Since 30 Apr 23 \| 500034	2%	₹12 Cr	15,785
Equitas Small Finance Bank Ltd Ordinary Shares (Financial Services) Equity, Since 30 Apr 22 \| EQUITASBNK	2%	₹12 Cr	1,262,500
Tube Investments of India Ltd Ordinary Shares (Industrials) Equity, Since 30 Apr 23 \| TIINDIA	2%	₹12 Cr	37,000

4. Mahindra Mutual Fund Kar Bachat Yojana

The investment objective of the Scheme is to generate long-term capital appreciation through a diversified portfolio of equity and equity related securities. The Scheme does not guarantee or assure any returns.

Mahindra Mutual Fund Kar Bachat Yojana is a Equity - ELSS fund was launched on 18 Oct 16. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 12.2% since its launch. Return for 2022 was 2% , 2021 was 39.4% and 2020 was 14.1% .

Below is the key information for Mahindra Mutual Fund Kar Bachat Yojana

Mahindra Mutual Fund Kar Bachat Yojana Growth
Launch Date	18 Oct 16
NAV (01 Dec 23)	₹22.8141 ↑ 0.15 (0.68 %)
Net Assets (Cr)	₹659 on 31 Oct 23
Category	Equity - ELSS
AMC	Mahindra Asset Management Company Pvt. Ltd.
Rating	Not Rated
Risk	Moderately High
Expense Ratio	2.48
Sharpe Ratio	0.45
Information Ratio	0.56
Alpha Ratio	1.61
Min Investment	500
Min SIP Investment	500
Exit Load	NIL

Growth of 10,000 investment over the years.

Date	Value
30 Nov 18	₹10,000
30 Nov 19	₹10,544
30 Nov 20	₹11,147
30 Nov 21	₹16,226
30 Nov 22	₹17,661
30 Nov 23	₹20,220

Mahindra Mutual Fund Kar Bachat Yojana SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹447,579.
Net Profit of ₹147,579 Invest Now

Returns for Mahindra Mutual Fund Kar Bachat Yojana

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

Duration	Returns
1 Month	7.1%
3 Month	3.5%
6 Month	13.7%
1 Year	14.6%
3 Year	21.8%
5 Year	15.3%
10 Year
15 Year
Since launch	12.2%

Historical performance (Yearly) on absolute basis

Year	Returns
2022	2%
2021	39.4%
2020	14.1%
2019	4.5%
2018	-9.8%
2017	24.8%
2016
2015
2014
2013

Fund Manager information for Mahindra Mutual Fund Kar Bachat Yojana

Name	Since	Tenure
Manish Lodha	21 Dec 20	2.86 Yr.
Fatema Pacha	16 Oct 20	3.04 Yr.

Data below for Mahindra Mutual Fund Kar Bachat Yojana as on 31 Oct 23

Equity Sector Allocation

Sector	Value
Financial Services	28.76%
Consumer Cyclical	13.5%
Technology	13.31%
Industrials	11.8%
Basic Materials	8.46%
Consumer Defensive	6.55%
Energy	6.43%
Health Care	4.27%
Utility	3.15%
Communication Services	1.73%
Real Estate	0.85%

Asset Allocation

Asset Class	Value
Cash	1.19%
Equity	98.81%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
HDFC Bank Ltd (Financial Services) Equity, Since 31 Dec 16 \| HDFCBANK	9%	₹56 Cr	380,876 ↑ 31,000
ICICI Bank Ltd (Financial Services) Equity, Since 31 May 19 \| ICICIBANK	7%	₹44 Cr	477,620 ↓ -77,000
Reliance Industries Ltd (Energy) Equity, Since 31 Mar 18 \| RELIANCE	5%	₹34 Cr	148,154
Infosys Ltd (Technology) Equity, Since 29 Feb 20 \| INFY	5%	₹33 Cr	243,807
Tata Consultancy Services Ltd (Technology) Equity, Since 31 May 19 \| TCS	3%	₹22 Cr	65,286
Bajaj Finance Ltd (Financial Services) Equity, Since 30 Nov 21 \| 500034	3%	₹20 Cr	27,200 ↑ 1,800
Axis Bank Ltd (Financial Services) Equity, Since 31 Jan 21 \| 532215	3%	₹19 Cr	197,131 ↓ -125,500
NTPC Ltd (Utilities) Equity, Since 28 Feb 21 \| 532555	2%	₹15 Cr	636,000
Maruti Suzuki India Ltd (Consumer Cyclical) Equity, Since 28 Feb 18 \| MARUTI	2%	₹15 Cr	14,276 ↓ -3,100
Hindalco Industries Ltd (Basic Materials) Equity, Since 30 Apr 21 \| HINDALCO	2%	₹13 Cr	275,000

5. BNP Paribas Long Term Equity Fund (ELSS)

The investment objective of the Scheme is to generate long-term capital growth from a diversified and actively managed portfolio of equity and equity related securities along with income tax rebate, as may be prevalent fromtime to time. However, there can be no assurance that the investment objective of the Scheme will be achieved. The Scheme does not guarantee / indicate any returns.

BNP Paribas Long Term Equity Fund (ELSS) is a Equity - ELSS fund was launched on 5 Jan 06. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 11.7% since its launch. Ranked 22 in ELSS category. Return for 2022 was -2.1% , 2021 was 23.6% and 2020 was 17.8% .

Below is the key information for BNP Paribas Long Term Equity Fund (ELSS)

BNP Paribas Long Term Equity Fund (ELSS) Growth
Launch Date	5 Jan 06
NAV (01 Dec 23)	₹72.2768 ↑ 0.29 (0.40 %)
Net Assets (Cr)	₹705 on 31 Oct 23
Category	Equity - ELSS
AMC	BNP Paribas Asset Mgmt India Pvt. Ltd
Rating	☆☆☆
Risk	Moderately High
Expense Ratio	2.37
Sharpe Ratio	0.36
Information Ratio	0
Alpha Ratio	0
Min Investment	500
Min SIP Investment	500
Exit Load	NIL

Growth of 10,000 investment over the years.

Date	Value
30 Nov 18	₹10,000
30 Nov 19	₹11,425
30 Nov 20	₹12,711
30 Nov 21	₹16,605
30 Nov 22	₹16,821
30 Nov 23	₹20,152

BNP Paribas Long Term Equity Fund (ELSS) SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹447,579.
Net Profit of ₹147,579 Invest Now

Returns for BNP Paribas Long Term Equity Fund (ELSS)

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

Duration	Returns
1 Month	11.2%
3 Month	9.2%
6 Month	18.9%
1 Year	19.5%
3 Year	16.3%
5 Year	15.1%
10 Year
15 Year
Since launch	11.7%

Historical performance (Yearly) on absolute basis

Year	Returns
2022	-2.1%
2021	23.6%
2020	17.8%
2019	14.3%
2018	-9.3%
2017	42.3%
2016	-6.6%
2015	7.7%
2014	53%
2013	7.7%

Fund Manager information for BNP Paribas Long Term Equity Fund (ELSS)

Name	Since	Tenure
Sanjay Chawla	14 Mar 22	1.64 Yr.
Pratish Krishnan	14 Mar 22	1.64 Yr.
Miten Vora	1 Dec 22	0.92 Yr.

Data below for BNP Paribas Long Term Equity Fund (ELSS) as on 31 Oct 23

Equity Sector Allocation

Sector	Value
Financial Services	31.61%
Consumer Cyclical	14.41%
Technology	10.86%
Health Care	7.87%
Industrials	7.19%
Basic Materials	5.76%
Consumer Defensive	4.78%
Communication Services	4.09%
Energy	3.96%
Real Estate	3.08%
Utility	2.66%

Asset Allocation

Asset Class	Value
Cash	3.74%
Equity	96.26%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
HDFC Bank Ltd (Financial Services) Equity, Since 31 Oct 08 \| HDFCBANK	7%	₹49 Cr	333,160
ICICI Bank Ltd (Financial Services) Equity, Since 31 Oct 12 \| ICICIBANK	7%	₹47 Cr	517,000
Reliance Industries Ltd (Energy) Equity, Since 31 Oct 18 \| RELIANCE	4%	₹28 Cr	122,000
Larsen & Toubro Ltd (Industrials) Equity, Since 30 Apr 20 \| LT	4%	₹27 Cr	91,120
UltraTech Cement Ltd (Basic Materials) Equity, Since 31 Jul 18 \| ULTRACEMCO	3%	₹22 Cr	26,250
Bajaj Finance Ltd (Financial Services) Equity, Since 30 Sep 23 \| 500034	3%	₹19 Cr	26,000
Tata Consultancy Services Ltd (Technology) Equity, Since 31 Jan 23 \| TCS	2%	₹15 Cr	46,000 ↑ 4,000
IndusInd Bank Ltd (Financial Services) Equity, Since 30 Jun 22 \| INDUSINDBK	2%	₹15 Cr	101,000
Trent Ltd (Consumer Cyclical) Equity, Since 31 May 22 \| 500251	2%	₹14 Cr	63,614
Zomato Ltd (Consumer Cyclical) Equity, Since 31 Jul 23 \| 543320	2%	₹14 Cr	1,300,000

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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.