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Best Tax Saving Mutual Funds (Nov 2022): Top 10 ELSS schemes with highest returns under Direct Plan

Over the years, ELSS, or tax-saver funds, have given very high returns than regular savings schemes like Public Provident Fund, NSC and 5-year Fixed Deposit.

Best Tax Saving Mutual Funds (Nov 2022): Top 10 ELSS schemes with highest returns under Direct Plan
Check top 10 tax saving ELSS funds since inception. Representational image

Equity linked savings schemes (ELSS) occupy a special position among all mutual fund plans because of tax-saving benefits. ELSS plans come with tax benefits of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. While most schemes with 80C benefits have bigger lock-in periods, ELSS offers the shortest lock-in period of 3 years. The amount invested in ELSS qualifies for deduction, which in turn reduces a taxpayer’s liability based on his/her tax slab.

Over the years, ELSS mutual funds, or tax-saver funds, have also given very high returns than regular savings schemes like Public Provident Fund, National Savings Certificate (NSC) and 5-year Tax Saver Fixed Deposit.

Following are 10 ELSS mutual funds that have given the best returns since their respective launches under the direct plan, as per the data available on the website of Association of Mutual Funds in India (AMFI) on 9th November 2022.:

Parag Parikh Tax Saver Fund

The direct plan of Parag Parikh Tax Saver Fund has given a return of 25.68% since launch while the regular plan has given a return of 24.10% in the same period. The scheme tracks NIFTY 500 Total Return Index.

Also Read: Top 10 midcap schemes with biggest returns since inception

Quant Tax Plan

The direct plan of Quant Tax Plan scheme has given a return of 21.94% since its launch while the regular plan has given a return of 15.38% in the same period. 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 19.79% since launch while the regular plan has given a return of 18.13% in the same period. The scheme tracks NIFTY 500 Total Return Index.

IDFC Tax Advantage (ELSS) Fund

The direct plan of IDFC Tax Advantage (ELSS) Fund has given a return of 17.96% since its launch while the regular plan has given a return of 18.24% in the same period. The scheme tracks S&P BSE 500 Total Return Index.

IDBI Equity Advantage Fund

The direct plan of IDBI Equity Advantage Fund has given a return of 17.68% since its launch while the regular plan has given a return of 16.30% in the same period. The scheme tracks NIFTY 500 Total Return Index.

Also Read: Top 10 Small Cap Equity/Growth schemes with highest returns since launch

Bank of India Tax Advantage Fund

The direct plan of the Bank of India Tax Advantage Fund has given a return of 17.64% since its launch while the regular plan has given a return of 18.55% in the same period. The scheme tracks S&P BSE 500 Total Return Index.

Axis Long Term Equity Fund

The direct plan of Axis Long Term Equity Fund has given a return of 17.57% since launch while the regular plan has given a return of 15.92% in the same period. The scheme tracks NIFTY 500 Total Return Index.

Tata India Tax Savings Fund

The direct plan of Tata India Tax Savings Fund has given a return of 17.17% since launch while the regular plan has given a return of 18.56% in the same period. 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 17.03% since launch while the regular plan has given a return of 14.37% in the same period. The scheme tracks NIFTY 500 Total Return Index.

Also Read: Top 10 Large Cap schemes outperforming Benchmark Index since inception

Invesco India Tax Plan Fund

The direct plan of Invesco India Tax Plan Fund has given a return of 16.72% since launch while the regular plan has given a return of 13.93% in the same period. The scheme tracks NIFTY 500 Total Return Index.

Other schemes with higher returns under regular plans

Following ELSS funds have given better returns under the regular plan since their launch:

Aditya Birla Sun Life Tax Relief 96 Fund

The regular plan of Aditya Birla Sun Life Tax Relief 96 Fund has given a return of 21.97% since launch while the direct plan has given a return of 14.34% in the same period. The scheme tracks NIFTY 500 Total Return Index.

Franklin India Taxshield Fund

The regular plan of Franklin India Taxshield Fund has given a return of 21.07% since launch while the direct plan has given a return of 15.38% in the same period. The scheme tracks NIFTY 500 Total Return Index

HDFC Taxsaver Fund

The regular plan of HDFC Taxsaver Fund has given a return of 23.37% since its launch while the direct plan has given a return of 13.63% in the same period. The scheme tracks NIFTY 500 Total Return Index

ICICI Prudential Long Term Equity Fund (Tax Saving)

The regular plan of ICICI Prudential Long Term Equity Fund (Tax Saving) has given a return of 19.68% since launch while the direct plan has given a return of 15.68% in the same period. The scheme tracks NIFTY 500 Total Return Index.

(Disclaimer: The above content is for information purposes only based on AMFI website data as of 9th November 2022. Mutual fund investments are subject to market risks. There is no assurance or guarantee that the past performance of a scheme will sustain in future. Please consult your financial advisor before making any investment decision)

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First published on: 10-11-2022 at 13:33 IST