Investing in ELSS mutual funds gives us a tax exemption of up to Rs 1.5 lakh under section 80C. You can invest money in ELSS funds either in lump sum or through SIP. According to the data available on the Association of Mutual Funds in India (AMFI) website till March 3, 2023, here are the top 6 ELSS mutual funds which are much better than fixed deposits (FDs) and which have given returns of up to 21 per cent in 5 years.
The first on the list is Quant Tax Plan. The 5-year average return of the direct scheme of Quant Tax Plan has been 21.73 per cent. Similarly, the regular plan has given returns of up to 19.89 per cent in five years. Quant Tax Plan tracks the Nifty 500 Total Return Index.
The direct plan of Mirae Asset Tax Saver Fund has given 15.02 per cent returns in five years and the regular plan has given 13.44 per cent returns to investors. This ELSS mutual fund also tracks the Nifty 500 Total Return Index.
The third fund on the list is Canara Robeco Equity Tax Saver Fund. This fund has also given excellent returns to investors in the last 5 years. Investors have got 15.38 per cent returns in 5 years from its direct plan, while the regular plan has given investors 14.13 per cent returns.
The fourth on the list is the Kotak Tax Saver Fund which has also made huge profits for investors in the last five years. Those who put money in the direct plan of this mutual fund got 14.31 per cent returns. And the regular plan of the Kotak Tax Saver Fund has given 12.88 per cent returns in five years.
The PGIM India ELSS Tax Saver Fund is also included in the ELSS mutual funds giving amazing returns. The direct plan of this fund has given 13.59 per cent returns to the investors in five years, while the regular plan has given 11.92 per cent returns.
The last ELSS fund on this list is the Bank of India Tax Advantage Fund. The five-year average return of the direct plan of the Bank of India Tax Advantage Fund has been 13.32 per cent. Similarly, its regular plan has given 12.32 per cent returns to investors in five years.
(Disclaimer: The mutual funds mentioned here are based on the advice of a financial advisor. If you want to invest in any of these, first consult a certified investment advisor. News18 is not responsible for your profit or loss of any kind.)
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