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

Updated on February 5, 2023 , 7021 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.

Tax-Savings

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Top 5 ELSS Funds To Invest In FY 23 - 24

FundNAVNet Assets (Cr)3 MO (%)6 MO (%)1 YR (%)3 YR (%)5 YR (%)2022 (%)
HDFC Long Term Advantage Fund Growth ₹595.168
↑ 0.28
₹1,3181.215.435.520.617.4
BOI AXA Tax Advantage Fund Growth ₹98.88
↓ -0.05
₹693-4.42.91.118.612.5-1.3
PGIM India Tax Savings Fund Growth ₹24.38
↓ -0.05
₹448-23.81.418.312.24.7
Mahindra Mutual Fund Kar Bachat Yojana Growth ₹18.9489
↓ -0.05
₹524-211.416.59.72
Invesco India Tax Plan Growth ₹76.26
↓ -0.13
₹1,892-4.1-1.5-7.910.99.7-7.7
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 14 Jan 22
*List of ELSS Tax saving mutual funds having net assets > 250 Crore and haing best CAGR returns in last 5 yr

1. 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.

DateValue
31 Jan 18₹10,000
31 Jan 19₹9,371
31 Jan 20₹10,280
31 Jan 21₹11,480

HDFC Long Term 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 ₹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 14 Jan 22

DurationReturns
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
YearReturns
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
Fund Manager information for HDFC Long Term Advantage Fund
NameSinceTenure

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

Equity Sector Allocation
SectorValue
Asset Allocation
Asset ClassValue
Top Securities Holdings / Portfolio
NameHoldingValueQuantity

2. 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 17.9% 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 (07 Feb 23) ₹98.88 ↓ -0.05   (-0.05 %)
Net Assets (Cr) ₹693 on 31 Dec 22
Category Equity - ELSS
AMC BOI AXA Investment Mngrs Private Ltd
Rating
Risk Moderately High
Expense Ratio 2.54
Sharpe Ratio -0.3
Information Ratio 0.6
Alpha Ratio -5.83
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
31 Jan 18₹10,000
31 Jan 19₹8,154
31 Jan 20₹10,084
31 Jan 21₹12,419
31 Jan 22₹17,256
31 Jan 23₹17,207

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 ₹415,684.
Net Profit of ₹115,684
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 14 Jan 22

DurationReturns
1 Month -1.8%
3 Month -4.4%
6 Month 2.9%
1 Year 1.1%
3 Year 18.6%
5 Year 12.5%
10 Year
15 Year
Since launch 17.9%
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 220.68 Yr.

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

Equity Sector Allocation
SectorValue
Financial Services38.39%
Consumer Cyclical13.78%
Industrials11%
Basic Materials9.71%
Consumer Defensive7.59%
Health Care6.01%
Energy4.22%
Technology3.48%
Utility3.03%
Real Estate1.88%
Communication Services0.74%
Asset Allocation
Asset ClassValue
Cash0.17%
Equity99.83%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
State Bank of India (Financial Services)
Equity, Since 31 Oct 21 | SBIN
7%₹47 Cr770,000
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Oct 18 | ICICIBANK
7%₹47 Cr529,340
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Dec 10 | HDFCBANK
6%₹43 Cr265,000
↑ 21,000
Canara Bank (Financial Services)
Equity, Since 31 Aug 22 | CANBK
4%₹30 Cr895,000
Reliance Industries Ltd (Energy)
Equity, Since 30 Nov 18 | RELIANCE
3%₹23 Cr91,009
NTPC Ltd (Utilities)
Equity, Since 30 Apr 22 | NTPC
3%₹21 Cr1,260,000
Axis Bank Ltd (Financial Services)
Equity, Since 31 Jan 22 | AXISBANK
3%₹19 Cr204,000
UltraTech Cement Ltd (Basic Materials)
Equity, Since 30 Apr 22 | 532538
2%₹16 Cr23,000
↑ 4,000
Balrampur Chini Mills Ltd (Consumer Defensive)
Equity, Since 30 Apr 22 | BALRAMCHIN
2%₹16 Cr396,000
ITC Ltd (Consumer Defensive)
Equity, Since 31 May 22 | ITC
2%₹16 Cr473,223

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 13.3% 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 (07 Feb 23) ₹24.38 ↓ -0.05   (-0.20 %)
Net Assets (Cr) ₹448 on 31 Dec 22
Category Equity - ELSS
AMC Pramerica Asset Managers Private Limited
Rating Not Rated
Risk Moderately High
Expense Ratio 0
Sharpe Ratio 0.05
Information Ratio 0.45
Alpha Ratio 0.31
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
31 Jan 18₹10,000
31 Jan 19₹9,377
31 Jan 20₹10,194
31 Jan 21₹11,849
31 Jan 22₹16,717
31 Jan 23₹16,877

PGIM India Tax Savings Fund 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 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 14 Jan 22

DurationReturns
1 Month -1.7%
3 Month -2%
6 Month 3.8%
1 Year 1.4%
3 Year 18.3%
5 Year 12.2%
10 Year
15 Year
Since launch 13.3%
Historical performance (Yearly) on absolute basis
YearReturns
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
NameSinceTenure
Srinivas Ravuri14 Sep 193.3 Yr.
Puneet Pal1 Dec 211.08 Yr.
Utkarsh Katkoria1 Jun 211.59 Yr.

Data below for PGIM India Tax Savings Fund as on 31 Dec 22

Equity Sector Allocation
SectorValue
Financial Services35.99%
Technology9.21%
Health Care8.66%
Industrials8.02%
Consumer Cyclical7.04%
Basic Materials6.33%
Energy6.07%
Utility4.99%
Consumer Defensive4.61%
Communication Services4.33%
Asset Allocation
Asset ClassValue
Cash4.75%
Equity95.25%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Dec 15 | HDFCBANK
8%₹36 Cr222,200
↑ 68,000
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Jan 16 | ICICIBANK
6%₹27 Cr298,500
↓ -72,000
Infosys Ltd (Technology)
Equity, Since 31 Dec 15 | INFY
5%₹24 Cr161,129
Reliance Industries Ltd (Energy)
Equity, Since 31 Aug 17 | RELIANCE
5%₹23 Cr89,750
↓ -10,000
HDFC Life Insurance Company Limited (Financial Services)
Equity, Since 31 Mar 22 | HDFCLIFE
5%₹21 Cr377,700
Axis Bank Ltd (Financial Services)
Equity, Since 30 Nov 21 | AXISBANK
5%₹20 Cr218,000
Larsen & Toubro Ltd (Industrials)
Equity, Since 30 Sep 17 | LT
4%₹20 Cr95,664
Bharti Airtel Ltd (Communication Services)
Equity, Since 28 Feb 19 | BHARTIARTL
4%₹19 Cr240,805
State Bank of India (Financial Services)
Equity, Since 31 Oct 18 | SBIN
4%₹18 Cr294,174
GAIL (India) Ltd (Utilities)
Equity, Since 31 Jan 22 | GAIL
3%₹15 Cr1,546,558

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 10.6% 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 (07 Feb 23) ₹18.9489 ↓ -0.05   (-0.28 %)
Net Assets (Cr) ₹524 on 31 Dec 22
Category Equity - ELSS
AMC Mahindra Asset Management Company Pvt. Ltd.
Rating Not Rated
Risk Moderately High
Expense Ratio 2.38
Sharpe Ratio -0.11
Information Ratio 0.04
Alpha Ratio -2.19
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
31 Jan 18₹10,000
31 Jan 19₹8,889
31 Jan 20₹9,580
31 Jan 21₹10,866
31 Jan 22₹15,180
31 Jan 23₹15,251

Mahindra Mutual Fund Kar Bachat Yojana SIP Returns

   
My Monthly Investment:
Investment Tenure:
Years
Expected Annual Returns:
%
Total investment amount is ₹300,000
expected amount after 5 Years is ₹385,859.
Net Profit of ₹85,859
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 14 Jan 22

DurationReturns
1 Month -0.4%
3 Month -2%
6 Month 1%
1 Year 1.4%
3 Year 16.5%
5 Year 9.7%
10 Year
15 Year
Since launch 10.6%
Historical performance (Yearly) on absolute basis
YearReturns
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
NameSinceTenure
Manish Lodha21 Dec 202.03 Yr.
Fatema Pacha16 Oct 202.21 Yr.

Data below for Mahindra Mutual Fund Kar Bachat Yojana as on 31 Dec 22

Equity Sector Allocation
SectorValue
Financial Services33.47%
Technology13.71%
Industrials12.21%
Consumer Cyclical11.53%
Basic Materials8.84%
Energy5.4%
Consumer Defensive4.81%
Health Care4.77%
Real Estate2.84%
Utility1.26%
Asset Allocation
Asset ClassValue
Cash1.17%
Equity98.83%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Dec 16 | HDFCBANK
10%₹51 Cr313,876
Infosys Ltd (Technology)
Equity, Since 29 Feb 20 | INFY
8%₹43 Cr286,807
ICICI Bank Ltd (Financial Services)
Equity, Since 31 May 19 | ICICIBANK
8%₹42 Cr472,120
Reliance Industries Ltd (Energy)
Equity, Since 31 Mar 18 | RELIANCE
5%₹28 Cr111,154
Axis Bank Ltd (Financial Services)
Equity, Since 31 Jan 21 | AXISBANK
4%₹23 Cr249,631
Bajaj Finance Ltd (Financial Services)
Equity, Since 30 Nov 21 | BAJFINANCE
4%₹20 Cr31,000
↑ 4,000
Hindustan Unilever Ltd (Consumer Defensive)
Equity, Since 30 Apr 20 | HINDUNILVR
3%₹17 Cr68,112
Larsen & Toubro Ltd (Industrials)
Equity, Since 31 Aug 18 | LT
3%₹17 Cr83,542
Tata Consultancy Services Ltd (Technology)
Equity, Since 31 May 19 | TCS
3%₹16 Cr49,286
Maruti Suzuki India Ltd (Consumer Cyclical)
Equity, Since 28 Feb 18 | MARUTI
2%₹12 Cr14,276

5. Invesco India Tax Plan

The investment objective of the Scheme is to generate long term capital growth from a diversified portfolio of predominantly equity and equity-related securities.

Invesco India Tax Plan is a Equity - ELSS fund was launched on 29 Dec 06. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 13.4% since its launch.  Ranked 17 in ELSS category.  Return for 2022 was -7.7% , 2021 was 32.6% and 2020 was 19.2% .

Below is the key information for Invesco India Tax Plan

Invesco India Tax Plan
Growth
Launch Date 29 Dec 06
NAV (07 Feb 23) ₹76.26 ↓ -0.13   (-0.17 %)
Net Assets (Cr) ₹1,892 on 31 Dec 22
Category Equity - ELSS
AMC Invesco Asset Management (India) Private Ltd
Rating
Risk Moderately High
Expense Ratio 2.11
Sharpe Ratio -0.7
Information Ratio -0.86
Alpha Ratio -12.53
Min Investment 500
Min SIP Investment 500
Exit Load NIL

Growth of 10,000 investment over the years.

DateValue
31 Jan 18₹10,000
31 Jan 19₹9,482
31 Jan 20₹10,747
31 Jan 21₹12,423
31 Jan 22₹16,401
31 Jan 23₹14,849

Invesco India Tax Plan SIP Returns

   
My Monthly Investment:
Investment Tenure:
Years
Expected Annual Returns:
%
Total investment amount is ₹300,000
expected amount after 5 Years is ₹385,859.
Net Profit of ₹85,859
Invest Now

Returns for Invesco India Tax Plan

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 14 Jan 22

DurationReturns
1 Month -1.1%
3 Month -4.1%
6 Month -1.5%
1 Year -7.9%
3 Year 10.9%
5 Year 9.7%
10 Year
15 Year
Since launch 13.4%
Historical performance (Yearly) on absolute basis
YearReturns
2022 -7.7%
2021 32.6%
2020 19.2%
2019 9.4%
2018 -1.3%
2017 35.7%
2016 3.4%
2015 5.8%
2014 54.3%
2013 10.1%
Fund Manager information for Invesco India Tax Plan
NameSinceTenure
Amit Nigam3 Sep 202.33 Yr.
Dhimant Kothari29 Mar 184.76 Yr.

Data below for Invesco India Tax Plan as on 31 Dec 22

Equity Sector Allocation
SectorValue
Financial Services32.14%
Technology12.98%
Industrials11.6%
Consumer Cyclical9.83%
Consumer Defensive7.86%
Basic Materials7.5%
Energy6.25%
Health Care4.57%
Utility3.38%
Communication Services2.52%
Asset Allocation
Asset ClassValue
Cash1.38%
Equity98.62%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
Housing Development Finance Corp Ltd (Financial Services)
Equity, Since 30 Apr 22 | HDFC
10%₹190 Cr720,597
↓ -22,052
Infosys Ltd (Technology)
Equity, Since 31 Dec 19 | INFY
8%₹143 Cr946,733
Reliance Industries Ltd (Energy)
Equity, Since 31 Mar 17 | RELIANCE
6%₹118 Cr464,434
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Dec 15 | ICICIBANK
6%₹117 Cr1,310,060
Axis Bank Ltd (Financial Services)
Equity, Since 31 Dec 20 | AXISBANK
3%₹63 Cr672,570
UltraTech Cement Ltd (Basic Materials)
Equity, Since 31 Mar 21 | ULTRACEMCO
3%₹57 Cr81,940
↑ 19,422
LTIMindtree Ltd (Technology)
Equity, Since 30 Apr 22 | LTIM
3%₹54 Cr123,552
↑ 8,887
Avenue Supermarts Ltd (Consumer Defensive)
Equity, Since 30 Apr 22 | DMART
3%₹50 Cr123,883
KEI Industries Ltd (Industrials)
Equity, Since 30 Apr 21 | KEI
3%₹49 Cr337,835
Bharti Airtel Ltd (Communication Services)
Equity, Since 30 Nov 21 | BHARTIARTL
3%₹48 Cr590,699
↓ -52,449

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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.
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