Best-performing Tax Saving ELSS funds in 5 years (May 2023): Equity Linked Saving Scheme or tax-saving mutual funds have not only helped individuals in tax saving through Section 80C deduction, but they have also given higher returns compared to other schemes offering similar tax-saving benefits. Investments up to Rs 1.5 lakh/year in an ELSS fund qualify for deduction under Section 80C of the Income Tax Act. The ELSS investments are, however, subject to a mandatory lock-in of 3 years.
Data on the Association of Mutual Funds in India (AMFI) at the time of writing shows that there are 11 tax-saving funds that have given over 13% returns in 5 years under their respective direct plans. The top-performing ELSS scheme has given a return of 23% in 5 years under the direct plan. A monthly SIP of Rs 12,500 in any of these funds would have grown to over Rs 10.6 lakh in 5 years while the same SIP in the top-performing ELSS scheme in this period would have grown to around Rs 14 lakh, the SIP calculator shows.
Following is a list of top-performing ELSS tax saving funds in 5 years, as per data on the AMFI website as on May 17, 2023.
Quant Tax Plan
The direct plan of Quant Tax Plan has given a return of 23.18% while the regular plan has given a return of 21.29% in 5 years. The scheme tracks NIFTY 500 Total Return Index, which has given a return of 11.91% in 5 years.
Canara Robeco Equity Tax Saver Fund
The direct plan of Canara Robeco Equity Tax Saver Fund has given a return of 15.83% while the regular plan has given a return of 14.56% in 5 years. The scheme tracks S&P BSE 500 Total Return Index, which has given a return of 12.12% in 5 years.
Mirae Asset Tax Saver Fund
The direct plan of Mirae Asset Tax Saver Fund has given a return of 15.91% while the regular plan has given a return of 14.31% in 5 years. The scheme tracks NIFTY 500 Total Return Index, which has given a return of 11.91% in 5 years.
Also Read: Best Large Cap Funds in 5 years: 12 schemes with over 12% SIP returns (May 2023)
Kotak Tax Saver Fund
The direct plan of Kotak Tax Saver Fund has given a return of 14.94% while the regular plan has given a return of 13.50% in 5 years. The scheme tracks NIFTY 500 Total Return Index, which has given a return of 11.91% in 5 years.
PGIM India ELSS Tax Saver Fund
The direct plan of PGIM India ELSS Tax Saver Fund has given a return of 14.14% while the regular plan has given a return of 12.50% in 5 years. The scheme tracks NIFTY 500 Total Return Index, which has given a return of 11.91% in 5 years.
DSP Tax Saver Fund
The direct plan of DSP Tax Saver Fund has given a return of 13.95% while the regular plan has given a return of 12.86% in 5 years. The scheme tracks NIFTY 500 Total Return Index, which has given a return of 11.91% in 5 years.
Bank of India Tax Advantage Fund
The direct plan of Bank of India Tax Advantage Fund has given a return of 13.62% while the regular plan has given a return of 12.36% in 5 years. The scheme tracks S&P BSE 500 Total Return Index, which has given a return of 12.12% in 5 years.
Also Read: Best Small Cap Mutual Funds in 5 years: 6 schemes with 16% to 25% returns in 5 years (May 2023)
Union Tax Saver (ELSS) Fund
The direct plan of Union Tax Saver (ELSS) Fund has given a return of 13.49% while the regular plan has given a return of 12.82% in 5 years. The scheme tracks S&P BSE 500 Total Return Index, which has given a return of 12.12% in 5 years.
Bandhan Tax Advantage (ELSS) Fund
The direct plan of Bandhan Tax Advantage (ELSS) Fund has given a return of 13.33% while the regular plan has given a return of 12.02% in 5 years. The scheme tracks S&P BSE 500 Total Return Index, which has given a return of 12.12% in 5 years.
JM Tax Gain Fund
The direct plan of JM Tax Gain Fund has given a return of 13.20% while the regular plan has given a return of 12.29% in 5 years. The scheme tracks S&P BSE 500 Total Return Index, which has given a return of 12.12% in 5 years.
SBI Long Term Equity Fund
The direct plan of SBI Long Term Equity Fund has given a return of 13.03% while the regular plan has given a return of 12.31% in 5 years. The scheme tracks S&P BSE 500 Total Return Index, which has given a return of 12.12% in 5 years.
Read next: Best Mid Cap Funds in 5 years: 9 schemes with 15% to 20% returns on monthly SIP (May 2023)
