Table of Contents

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.

Ready to Invest?
Talk to our investment specialist

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 (%)
HDFC Long Term Advantage Fund Growth	₹595.168 ↑ 0.28	₹1,318	1.2	15.4	35.5	20.6	17.4
BOI AXA Tax Advantage Fund Growth	₹98.88 ↓ -0.05	₹693	-4.4	2.9	1.1	18.6	12.5	-1.3
PGIM India Tax Savings Fund Growth	₹24.38 ↓ -0.05	₹448	-2	3.8	1.4	18.3	12.2	4.7
Mahindra Mutual Fund Kar Bachat Yojana Growth	₹18.9489 ↓ -0.05	₹524	-2	1	1.4	16.5	9.7	2
Invesco India Tax Plan Growth	₹76.26 ↓ -0.13	₹1,892	-4.1	-1.5	-7.9	10.9	9.7	-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.

Date	Value
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

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

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

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.

Date	Value
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

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

Duration	Returns
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

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	0.68 Yr.

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

Equity Sector Allocation

Sector	Value
Financial Services	38.39%
Consumer Cyclical	13.78%
Industrials	11%
Basic Materials	9.71%
Consumer Defensive	7.59%
Health Care	6.01%
Energy	4.22%
Technology	3.48%
Utility	3.03%
Real Estate	1.88%
Communication Services	0.74%

Asset Allocation

Asset Class	Value
Cash	0.17%
Equity	99.83%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
State Bank of India (Financial Services) Equity, Since 31 Oct 21 \| SBIN	7%	₹47 Cr	770,000
ICICI Bank Ltd (Financial Services) Equity, Since 31 Oct 18 \| ICICIBANK	7%	₹47 Cr	529,340
HDFC Bank Ltd (Financial Services) Equity, Since 31 Dec 10 \| HDFCBANK	6%	₹43 Cr	265,000 ↑ 21,000
Canara Bank (Financial Services) Equity, Since 31 Aug 22 \| CANBK	4%	₹30 Cr	895,000
Reliance Industries Ltd (Energy) Equity, Since 30 Nov 18 \| RELIANCE	3%	₹23 Cr	91,009
NTPC Ltd (Utilities) Equity, Since 30 Apr 22 \| NTPC	3%	₹21 Cr	1,260,000
Axis Bank Ltd (Financial Services) Equity, Since 31 Jan 22 \| AXISBANK	3%	₹19 Cr	204,000
UltraTech Cement Ltd (Basic Materials) Equity, Since 30 Apr 22 \| 532538	2%	₹16 Cr	23,000 ↑ 4,000
Balrampur Chini Mills Ltd (Consumer Defensive) Equity, Since 30 Apr 22 \| BALRAMCHIN	2%	₹16 Cr	396,000
ITC Ltd (Consumer Defensive) Equity, Since 31 May 22 \| ITC	2%	₹16 Cr	473,223

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.

Date	Value
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

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

Duration	Returns
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

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
Srinivas Ravuri	14 Sep 19	3.3 Yr.
Puneet Pal	1 Dec 21	1.08 Yr.
Utkarsh Katkoria	1 Jun 21	1.59 Yr.

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

Equity Sector Allocation

Sector	Value
Financial Services	35.99%
Technology	9.21%
Health Care	8.66%
Industrials	8.02%
Consumer Cyclical	7.04%
Basic Materials	6.33%
Energy	6.07%
Utility	4.99%
Consumer Defensive	4.61%
Communication Services	4.33%

Asset Allocation

Asset Class	Value
Cash	4.75%
Equity	95.25%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
HDFC Bank Ltd (Financial Services) Equity, Since 31 Dec 15 \| HDFCBANK	8%	₹36 Cr	222,200 ↑ 68,000
ICICI Bank Ltd (Financial Services) Equity, Since 31 Jan 16 \| ICICIBANK	6%	₹27 Cr	298,500 ↓ -72,000
Infosys Ltd (Technology) Equity, Since 31 Dec 15 \| INFY	5%	₹24 Cr	161,129
Reliance Industries Ltd (Energy) Equity, Since 31 Aug 17 \| RELIANCE	5%	₹23 Cr	89,750 ↓ -10,000
HDFC Life Insurance Company Limited (Financial Services) Equity, Since 31 Mar 22 \| HDFCLIFE	5%	₹21 Cr	377,700
Axis Bank Ltd (Financial Services) Equity, Since 30 Nov 21 \| AXISBANK	5%	₹20 Cr	218,000
Larsen & Toubro Ltd (Industrials) Equity, Since 30 Sep 17 \| LT	4%	₹20 Cr	95,664
Bharti Airtel Ltd (Communication Services) Equity, Since 28 Feb 19 \| BHARTIARTL	4%	₹19 Cr	240,805
State Bank of India (Financial Services) Equity, Since 31 Oct 18 \| SBIN	4%	₹18 Cr	294,174
GAIL (India) Ltd (Utilities) Equity, Since 31 Jan 22 \| GAIL	3%	₹15 Cr	1,546,558

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.

Date	Value
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

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

Duration	Returns
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

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	2.03 Yr.
Fatema Pacha	16 Oct 20	2.21 Yr.

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

Equity Sector Allocation

Sector	Value
Financial Services	33.47%
Technology	13.71%
Industrials	12.21%
Consumer Cyclical	11.53%
Basic Materials	8.84%
Energy	5.4%
Consumer Defensive	4.81%
Health Care	4.77%
Real Estate	2.84%
Utility	1.26%

Asset Allocation

Asset Class	Value
Cash	1.17%
Equity	98.83%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
HDFC Bank Ltd (Financial Services) Equity, Since 31 Dec 16 \| HDFCBANK	10%	₹51 Cr	313,876
Infosys Ltd (Technology) Equity, Since 29 Feb 20 \| INFY	8%	₹43 Cr	286,807
ICICI Bank Ltd (Financial Services) Equity, Since 31 May 19 \| ICICIBANK	8%	₹42 Cr	472,120
Reliance Industries Ltd (Energy) Equity, Since 31 Mar 18 \| RELIANCE	5%	₹28 Cr	111,154
Axis Bank Ltd (Financial Services) Equity, Since 31 Jan 21 \| AXISBANK	4%	₹23 Cr	249,631
Bajaj Finance Ltd (Financial Services) Equity, Since 30 Nov 21 \| BAJFINANCE	4%	₹20 Cr	31,000 ↑ 4,000
Hindustan Unilever Ltd (Consumer Defensive) Equity, Since 30 Apr 20 \| HINDUNILVR	3%	₹17 Cr	68,112
Larsen & Toubro Ltd (Industrials) Equity, Since 31 Aug 18 \| LT	3%	₹17 Cr	83,542
Tata Consultancy Services Ltd (Technology) Equity, Since 31 May 19 \| TCS	3%	₹16 Cr	49,286
Maruti Suzuki India Ltd (Consumer Cyclical) Equity, Since 28 Feb 18 \| MARUTI	2%	₹12 Cr	14,276

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.

Date	Value
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

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

Duration	Returns
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

Year	Returns
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

Name	Since	Tenure
Amit Nigam	3 Sep 20	2.33 Yr.
Dhimant Kothari	29 Mar 18	4.76 Yr.

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

Equity Sector Allocation

Sector	Value
Financial Services	32.14%
Technology	12.98%
Industrials	11.6%
Consumer Cyclical	9.83%
Consumer Defensive	7.86%
Basic Materials	7.5%
Energy	6.25%
Health Care	4.57%
Utility	3.38%
Communication Services	2.52%

Asset Allocation

Asset Class	Value
Cash	1.38%
Equity	98.62%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
Housing Development Finance Corp Ltd (Financial Services) Equity, Since 30 Apr 22 \| HDFC	10%	₹190 Cr	720,597 ↓ -22,052
Infosys Ltd (Technology) Equity, Since 31 Dec 19 \| INFY	8%	₹143 Cr	946,733
Reliance Industries Ltd (Energy) Equity, Since 31 Mar 17 \| RELIANCE	6%	₹118 Cr	464,434
ICICI Bank Ltd (Financial Services) Equity, Since 31 Dec 15 \| ICICIBANK	6%	₹117 Cr	1,310,060
Axis Bank Ltd (Financial Services) Equity, Since 31 Dec 20 \| AXISBANK	3%	₹63 Cr	672,570
UltraTech Cement Ltd (Basic Materials) Equity, Since 31 Mar 21 \| ULTRACEMCO	3%	₹57 Cr	81,940 ↑ 19,422
LTIMindtree Ltd (Technology) Equity, Since 30 Apr 22 \| LTIM	3%	₹54 Cr	123,552 ↑ 8,887
Avenue Supermarts Ltd (Consumer Defensive) Equity, Since 30 Apr 22 \| DMART	3%	₹50 Cr	123,883
KEI Industries Ltd (Industrials) Equity, Since 30 Apr 21 \| KEI	3%	₹49 Cr	337,835
Bharti Airtel Ltd (Communication Services) Equity, Since 30 Nov 21 \| BHARTIARTL	3%	₹48 Cr	590,699 ↓ -52,449

How to Invest in ELSS Funds Online?

Open Free Investment Account for Lifetime at Fincash.com.

Complete your Registration and KYC Process

Upload Documents (PAN, Aadhaar, etc.). And, You are Ready to Invest!

Get Started

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.