Best ELSS Tax Saving Mutual Funds in 3 years (April 2023): Several Tax Saving ELSS funds have given very high returns in the last three years. Data on the website of the Association of Mutual Funds in India (AMFI) as of April 21 shows that there are 12 ELSS funds that have given a return of over 28% under the direct plan. Even the regular plans of these schemes have given a return of over 27% in three years. There are also around 10 funds that have given a return of over 25% in three years.
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While there is no assurance that tax-saving ELSS funds will continue to give such high returns in future, investors may consider starting a SIP in these funds after taking advice from their financial advisors. Investment up to Rs 1.5 lakh/year in ELSS funds qualify for deduction under Section 80C of the Income Tax Act. That said, the following is a list of the top-performing tax-saving funds with over 28% or more returns in three years (as per AMFI website data on April 21, 2023).
Quant Tax Plan
The direct plan of Quant Tax Plan scheme has given a return of 46.61% while the regular plan has given a return of 43.92% in three years. The scheme tracks NIFTY 500 Total Return Index.
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Bandhan Tax Advantage (ELSS) Fund
The direct plan of Bandhan Tax Advantage (ELSS) Fund has given a return of 36.18% while the regular plan has given a return of 34.63% in three years. The scheme tracks S&P BSE 500 Total Return Index.
Parag Parikh Tax Saver Fund
The direct plan of Parag Parikh Tax Saver Fund has given a return of 33.81% while the regular plan has given a return of 32.11% in three years. The scheme tracks NIFTY 500 Total Return Index.
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PGIM India ELSS Tax Saver Fund
The direct plan of PGIM India ELSS Tax Saver Fund has given a return of 30.01% while the regular plan has given a return of 28.34% in three years. The scheme tracks NIFTY 500 Total Return Index.
Bank of India Tax Advantage Fund
The direct plan of Bank of India Tax Advantage Fund has given a return of 29.01% while the regular plan has given a return of 27.60% in three years. The scheme tracks S&P BSE 500 Total Return Index.
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Mahindra Manulife ELSS Fund
The direct plan of Mahindra Manulife ELSS Fund has given a return of 29.49% while the regular plan has given a return of 27.32% in three years. The scheme tracks NIFTY 500 Total Return Index.
Franklin India Taxshield Fund
The direct plan of Franklin India Taxshield Fund has given a return of 29.28% while the regular plan has given a return of 28.19% in three years. The scheme tracks NIFTY 500 Total Return Index.
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HDFC Taxsaver Fund
The direct plan of HDFC Taxsaver Fund has given a return of 29.02% while the regular plan has given a return of 28.25% in three years. The scheme tracks NIFTY 500 Total Return Index.
Mirae Asset Tax Saver Fund
The direct plan of Mirae Asset Tax Saver Fund has given a return of 29.63% while the regular plan has given a return of 27.94% in three years. The scheme tracks NIFTY 500 Total Return Index.
SBI Long Term Equity Fund
The direct plan of SBI Long Term Equity Fund has given a return of 28.98% while the regular plan has given a return of 28.18% in three years. The scheme tracks S&P BSE 500 Total Return Index.
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Kotak Tax Saver Fund
The direct plan of Kotak Tax Saver Fund has given a return of 28.73% while the regular plan has given a return of 27.03% in three years. The scheme tracks NIFTY 500 Total Return Index.
DSP Tax Saver Fund
The direct plan of DSP Tax Saver Fund has given a return of 28.22% while the regular plan has given a return of 27% in three years. The scheme tracks NIFTY 500 Total Return Index.
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Apart from the above, several other ELSS funds have given a return of over 25% in three years. These include JM Tax Gain Fund, Sundaram Tax Savings Fund, Nippon India Tax Saver (ELSS) Fund, Union Tax Saver (ELSS) Fund, Tata India Tax Savings Fund, Quantum Tax Saving Fund, Motilal Oswal Long Term Equity Fund, Canara Robeco Equity Tax Saver Fund, Edelweiss Long Term Equity Fund (Tax Savings) and ICICI Prudential Long Term Equity Fund (Tax Saving).
