Several tax savings ELSS mutual funds are available in the market, offering a suite of benefits. However, selecting the best tax saving ELSS mutual funds in India may be difficult. While some may take experts’ opinions, others like to make their way. That’s why to make your selection process simple, we’ve listed the top 15 best tax saving ELSS mutual funds in India. This article will take you through some of each ELSS mutual fund’s rankings, holding details, and tax-saving details. At the end of this article, we have answered a few questions people commonly ask about ELSS mutual funds. Let’s begin!
Top 15 Best Tax Saving ELSS Mutual Funds
Before you select a fund, you must compare different parameters of available funds. Additionally, each investment depends on an individual’s financial goals, risk appetite, and investment horizon. The below shows the rank of each ELSS mutual fund as per 5Y annualized return.
Note: Rank stated in the table above are subject to change.
1. SBI Tax Advantage Fund – Series II – Growth Tax Saving ELSS Mutual Fund
This fund is placed at the top of the list of best tax-saving elss mutual funds in India. The fund size is tiny at only Rs. 21.95 Cr. Also, the number of stocks in the portfolio is only 31.
SBI Tax Advantage Fund – Series II – Funds Attributes
2. SBI Tax Advantage Fund Series III Regular Plan-Growth – Tax Saving ELSS Mutual Fund
This fund is in the second position among the best tax saving elss mutual funds in India. However, the absolute fun size is relatively small, and also the expense ratio is on the higher side.
SBI Tax Advantage Fund Series III Regular Plan – Funds Attributes
3. Quant Tax Plan-Growth – Tax Saving ELSS Mutual Fund
Next on the list of the best tax saving ELSS mutual funds in India is Quant Tax Plan-Growth. It is placed in the third position even though the fund size is even smaller than SBI.
Quant Tax Plan-Growth- Funds Attributes
4. Motilal Oswal Long Term Equity Fund-Growth – Tax Saving ELSS Mutual Fund
This fund is placed at the fourth position of the best tax saving ELSS mutual fund in India. The fund size is relatively healthy. Also, the fund is almost fully invested with tiny cash holding.
Motilal Oswal Long Term Equity Fund-Growth- Funds Attributes
5. Axis Long Term Equity Fund-Growth Tax Saving ELSS Mutual Fund
This fund is at the fifth place among the best tax saving ELSS mutual fund in India. The fund size is relatively large. Also, the significant investment is in the large-cap space.
Axis Long Term Equity Fund-Growth – Funds Attributes
6. DSP Tax Saver Fund – Regular Plan-Growth – Tax Saving ELSS Mutual Fund
This fund is at the sixth place among the best tax saving elss mutual fund in India. The primary point to note here is that the fund holds a relatively high number of stocks at 64.
DSP Tax Saver Fund – Regular Plan – Funds Attributes
7. Tata India Tax Saving Fund – Regular Plan-Growth – Tax Saving ELSS Mutual Fund
This fund is at the seventh place among the best tax saving ELSS mutual fund in India. The fund has more than 3/4th of its investment in large-cap stock.
Tata India Tax Saving Fund – Regular Plan -Funds Attributes
8. Aditya Birla Sun Life Tax Relief 96 – Regular Plan-Growth Tax Saving ELSS Mutual Fund
This fund is placed in eighth place among the best tax saving ELSS mutual fund in India. It is the oldest ELSS fund of India and holds around 40 stocks lower than the category average.
Aditya Birla Sun Life Tax Relief 96 – Regular Plan Funds Attributes
9. Canara Robeco Equity Tax Saver – Regular Plan-Growth Growth Tax Saving ELSS Mutual Fund
The fund is placed in the ninth position among the best tax saving elss mutual funds in India. This fund is well diversified into the equity space withholding across all market capitalization.
Canara Robeco Equity Tax Saver – Regular Plan Funds Attributes
10. BOI AXA Tax Advantage Fund – Regular Plan-Growth Tax Saving ELSS Mutual Fund
This fund is placed at the 10th position among the best tax saving ELSS mutual fund in India. This fund is suitable for optimistic about the mid-cap and small-cap space over the large-cap space.
BOI AXA Tax Advantage Fund – Regular Plan Funds Attributes
11. Invesco India Tax Plan-Growth Tax Saving ELSS Mutual Fund
This fund is placed at the 11th position among the best tax saving ELSS mutual fund in India. This fund has a moderate-sized, but the expense ratio is more than the category average.
Invesco India Tax Plan-Growth Funds Attributes
12. Aditya Birla Sun Life Tax Plan – Regular Plan-Growth
Next on the list is placed at the 12th position. This fund should be preferred by those investors who are not optimistic about the small-cap space as it has minimal exposure to the small-cap stock.
Aditya Birla Sun Life Tax Plan – Regular Plan – Funds Attributes
13. SBI Long Term Advantage Fund – Series II – Regular Plan-Growth
The next on the list is placed in the 13th position. This fund takes a conservative approach to the current market situation as it has a relatively large cash holding.
SBI Long Term Advantage Fund – Series II-Funds Attributes
14. Kotak Tax Saver Scheme – Growth Tax Saving ELSS Mutual Fund
This fund is placed at the 14th position among the best tax saving ELSS mutual fund in India. This fund gives more weightage to the large-cap and mid-cap space as compared to the small-cap space.
Kotak Tax Saver Scheme – Growth Funds Attributes
15. Principal Tax Saving Fund Tax Saving ELSS Mutual Fund
This fund is placed at the 15th position among the best tax saving ELSS mutual fund in India. This fund has a large number of stock and also is majorly invested in the large-cap space.