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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.

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 (%)
BOI AXA Tax Advantage Fund Growth ₹128.35
↑ 1.77
₹86011.12323.223.121.7-1.3
HDFC Long Term Advantage Fund Growth ₹595.168
↑ 0.28
₹1,3181.215.435.520.617.4
PGIM India Tax Savings Fund Growth ₹28.34
↑ 0.15
₹5573.79.910.920.715.84.7
Mahindra Mutual Fund Kar Bachat Yojana Growth ₹22.8141
↑ 0.15
₹6593.513.714.621.815.32
BNP Paribas Long Term Equity Fund (ELSS) Growth ₹72.2768
↑ 0.29
₹7059.218.919.516.315.1-2.1
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.

DateValue
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

   
My Monthly Investment:
Investment Tenure:
Years
Expected Annual 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

DurationReturns
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
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 221.52 Yr.

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

Equity Sector Allocation
SectorValue
Financial Services36.9%
Industrials12.71%
Consumer Cyclical10.84%
Basic Materials8.45%
Health Care7.25%
Consumer Defensive6.28%
Utility5.54%
Technology4.15%
Energy3.46%
Real Estate3.18%
Asset Allocation
Asset ClassValue
Cash1.18%
Equity98.76%
Debt0.06%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
State Bank of India (Financial Services)
Equity, Since 31 Oct 21 | SBIN
5%₹44 Cr780,000
↑ 40,000
Canara Bank (Financial Services)
Equity, Since 31 Aug 22 | 532483
4%₹34 Cr895,000
Power Finance Corp Ltd (Financial Services)
Equity, Since 31 Mar 23 | 532810
4%₹34 Cr1,387,500
Bank of Baroda (Financial Services)
Equity, Since 31 Oct 22 | 532134
4%₹32 Cr1,650,000
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Dec 10 | HDFCBANK
4%₹30 Cr204,000
↓ -12,000
NTPC Ltd (Utilities)
Equity, Since 30 Apr 22 | 532555
3%₹30 Cr1,260,000
Union Bank of India (Financial Services)
Equity, Since 31 Dec 22 | UNIONBANK
3%₹28 Cr2,725,875
Sun Pharmaceuticals Industries Ltd (Healthcare)
Equity, Since 30 Jun 22 | SUNPHARMA
3%₹24 Cr217,000
REC Ltd (Financial Services)
Equity, Since 30 Sep 23 | 532955
3%₹24 Cr820,000
↑ 470,000
Larsen & Toubro Ltd (Industrials)
Equity, Since 31 Dec 22 | LT
3%₹23 Cr78,000
↑ 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.

DateValue
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

   
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 1 Dec 23

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

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.

DateValue
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

   
My Monthly Investment:
Investment Tenure:
Years
Expected Annual 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

DurationReturns
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
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
Bhupesh Kalyani1 Apr 230.59 Yr.
Vinay Paharia1 Apr 230.59 Yr.
Anandha Padmanabhan Anjeneyan1 Apr 230.59 Yr.
Ojasvi Khicha1 Apr 230.59 Yr.

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

Equity Sector Allocation
SectorValue
Financial Services31.78%
Industrials11.81%
Consumer Cyclical10.2%
Basic Materials8.22%
Technology7.44%
Health Care7.31%
Consumer Defensive7.16%
Energy5.95%
Communication Services2.57%
Utility2.56%
Real Estate0.88%
Asset Allocation
Asset ClassValue
Cash3.95%
Equity95.87%
Debt0.18%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Dec 15 | HDFCBANK
8%₹44 Cr301,264
↑ 27,000
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Jan 16 | ICICIBANK
7%₹38 Cr411,594
Reliance Industries Ltd (Energy)
Equity, Since 31 Aug 17 | RELIANCE
6%₹33 Cr144,750
Axis Bank Ltd (Financial Services)
Equity, Since 30 Nov 21 | 532215
4%₹21 Cr218,000
Infosys Ltd (Technology)
Equity, Since 31 Dec 15 | INFY
3%₹16 Cr117,829
↓ -80,500
Kotak Mahindra Bank Ltd (Financial Services)
Equity, Since 30 Jun 23 | KOTAKBANK
3%₹15 Cr84,000
Bharat Electronics Ltd (Industrials)
Equity, Since 30 Apr 23 | BEL
2%₹12 Cr936,800
Bajaj Finance Ltd (Financial Services)
Equity, Since 30 Apr 23 | 500034
2%₹12 Cr15,785
Equitas Small Finance Bank Ltd Ordinary Shares (Financial Services)
Equity, Since 30 Apr 22 | EQUITASBNK
2%₹12 Cr1,262,500
Tube Investments of India Ltd Ordinary Shares (Industrials)
Equity, Since 30 Apr 23 | TIINDIA
2%₹12 Cr37,000

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.

DateValue
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

   
My Monthly Investment:
Investment Tenure:
Years
Expected Annual 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

DurationReturns
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
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 202.86 Yr.
Fatema Pacha16 Oct 203.04 Yr.

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

Equity Sector Allocation
SectorValue
Financial Services28.76%
Consumer Cyclical13.5%
Technology13.31%
Industrials11.8%
Basic Materials8.46%
Consumer Defensive6.55%
Energy6.43%
Health Care4.27%
Utility3.15%
Communication Services1.73%
Real Estate0.85%
Asset Allocation
Asset ClassValue
Cash1.19%
Equity98.81%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Dec 16 | HDFCBANK
9%₹56 Cr380,876
↑ 31,000
ICICI Bank Ltd (Financial Services)
Equity, Since 31 May 19 | ICICIBANK
7%₹44 Cr477,620
↓ -77,000
Reliance Industries Ltd (Energy)
Equity, Since 31 Mar 18 | RELIANCE
5%₹34 Cr148,154
Infosys Ltd (Technology)
Equity, Since 29 Feb 20 | INFY
5%₹33 Cr243,807
Tata Consultancy Services Ltd (Technology)
Equity, Since 31 May 19 | TCS
3%₹22 Cr65,286
Bajaj Finance Ltd (Financial Services)
Equity, Since 30 Nov 21 | 500034
3%₹20 Cr27,200
↑ 1,800
Axis Bank Ltd (Financial Services)
Equity, Since 31 Jan 21 | 532215
3%₹19 Cr197,131
↓ -125,500
NTPC Ltd (Utilities)
Equity, Since 28 Feb 21 | 532555
2%₹15 Cr636,000
Maruti Suzuki India Ltd (Consumer Cyclical)
Equity, Since 28 Feb 18 | MARUTI
2%₹15 Cr14,276
↓ -3,100
Hindalco Industries Ltd (Basic Materials)
Equity, Since 30 Apr 21 | HINDALCO
2%₹13 Cr275,000

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.

DateValue
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

   
My Monthly Investment:
Investment Tenure:
Years
Expected Annual 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

DurationReturns
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
YearReturns
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)
NameSinceTenure
Sanjay Chawla14 Mar 221.64 Yr.
Pratish Krishnan14 Mar 221.64 Yr.
Miten Vora1 Dec 220.92 Yr.

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

Equity Sector Allocation
SectorValue
Financial Services31.61%
Consumer Cyclical14.41%
Technology10.86%
Health Care7.87%
Industrials7.19%
Basic Materials5.76%
Consumer Defensive4.78%
Communication Services4.09%
Energy3.96%
Real Estate3.08%
Utility2.66%
Asset Allocation
Asset ClassValue
Cash3.74%
Equity96.26%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Oct 08 | HDFCBANK
7%₹49 Cr333,160
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Oct 12 | ICICIBANK
7%₹47 Cr517,000
Reliance Industries Ltd (Energy)
Equity, Since 31 Oct 18 | RELIANCE
4%₹28 Cr122,000
Larsen & Toubro Ltd (Industrials)
Equity, Since 30 Apr 20 | LT
4%₹27 Cr91,120
UltraTech Cement Ltd (Basic Materials)
Equity, Since 31 Jul 18 | ULTRACEMCO
3%₹22 Cr26,250
Bajaj Finance Ltd (Financial Services)
Equity, Since 30 Sep 23 | 500034
3%₹19 Cr26,000
Tata Consultancy Services Ltd (Technology)
Equity, Since 31 Jan 23 | TCS
2%₹15 Cr46,000
↑ 4,000
IndusInd Bank Ltd (Financial Services)
Equity, Since 30 Jun 22 | INDUSINDBK
2%₹15 Cr101,000
Trent Ltd (Consumer Cyclical)
Equity, Since 31 May 22 | 500251
2%₹14 Cr63,614
Zomato Ltd (Consumer Cyclical)
Equity, Since 31 Jul 23 | 543320
2%₹14 Cr1,300,000

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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.
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