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)

(Disclaimer: The above content is for information purposes only based on AMFI website data as of May 17, 2023. Mutual Funds are subject to market risks. There is no assurance or guarantee that the above funds will give the same returns in future. Investors are advised to consult their financial advisors before investing)