Best ELSS mutual funds (December 2022): Tax-saving mutual funds, or ELSS funds, provide an opportunity for investors to grow their wealth along with saving tax under Section 80C of the Income Tax Act. If you are investing for tax saving purposes only, you should explore ELSS funds as they may provide better returns compared to schemes like 5-year Fixed Deposit, PPF, SCSS, and NSC. Several ELSS funds have given annualised returns of over 17% since their respective launch dates. Following is a list of such top-performing ELSS tax-saving funds that have given the highest returns since inception (as per the data on the AMFI website as on December 22, 2022)
Parag Parikh Tax Saver Fund
The direct plan of Parag Parikh Tax Saver Fund has given an annualised return of 23.86% since inception while the regular plan has given a return of 22.30%. The scheme tracks NIFTY 500 Total Return Index.
HDFC Taxsaver Fund
The regular plan of HDFC Taxsaver Fund has given an annualised return of 23.25% since inception while the direct plan has given a return of 13.45%. The scheme tracks NIFTY 500 Total Return Index.
Also Read: Best Mid Cap Funds till December 2022
Aditya Birla Sun Life Tax Relief 96 Fund
The regular plan of Aditya Birla Sun Life Tax Relief 96 Fund has given an annualised return of 21.84% since inception while the regular plan has given a return of 14.12%. The scheme tracks NIFTY 500 Total Return Index.
Quant Tax Plan
The direct plan of Quant Tax Plan has given an annualised return of 21.25% since inception while the regular plan has given a return of 15.12%. The scheme tracks NIFTY 500 Total Return Index.
Franklin India Taxshield Fund
The regular plan of Franklin India Taxshield Fund has given an annualised return of 20.96% since inception while the direct plan has given a return of 15.20%. The scheme tracks NIFTY 500 Total Return Index.
Also Read: Best small cap funds till December 2022
Mirae Asset Tax Saver Fund
The direct plan of Mirae Asset Tax Saver Fund has given an annualised return of 19.39% since inception while the regular plan has given a return of 17.73%. The scheme tracks NIFTY 500 Total Return Index.
Tata India Tax Savings Fund
The regular plan of Tata India Tax Savings Fund has given an annualised return of 18.43% since inception while the direct plan has given a return of 16.86%. 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) scheme has given an annualised return of 19.23% since inception while the direct plan has given a return of 15.36%. The scheme tracks NIFTY 500 Total Return Index.
Also Read: Best Large Cap Funds Till December 2022
Bank of India Tax Advantage Fund
The regular plan of Bank of India Tax Advantage Fund has given an annualised return of 18.22% since inception while the direct plan has given a return of 17.21%. The scheme tracks S&P BSE 500 Total Return Index.
IDFC Tax Advantage (ELSS) Fund
The regular plan of IDFC Tax Advantage (ELSS) Fund has given an annualised return of 17.92% since inception while the direct plan has given a return of 17.53%. The scheme tracks S&P BSE 500 Total Return Index.
(Disclaimer: The above content is for information purposes only, based on AMFI website data as of 22nd December 2022. Mutual fund investments are subject to market risks. There is no assurance that a fund will sustain its past performance in future. Please consult your financial advisor before investing)