Aditya Birla SL ELSS Tax Saver Fund has returned 13.67% over the last three years compared to 20% by its benchmark (NIFTY 500 – TRI). Canara Rob ELSS Tax Savings It also failed to outperform its benchmark.
The scheme returned 17.06% compared to 19.99% for its benchmark (BSE 500 – TRI).
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Axis ELSS Tax Savings FundThe largest fund in the category in terms of assets under management, it failed to outperform its benchmark. The scheme gave a return of 10.80% over the last three years, as against 20% for its benchmark (NIFTY 500 – TRI). The scheme manages assets worth Rs 38,278 crore as of July 2024. Mahindra Manulife ELSS Tax Saver Fund offered a return of 17.84% over the last three years, as against 20% for the benchmark (NIFTY 500 – TRI). Union ELSS Tax Saver Fund gave a return of 18.26% over the period, as against 19.99% for its benchmark. Navi ELSS Tax Saver Fund and PGIM India ELSS Tax Saver Fund offered returns of 16.22% and 16.43%, respectively, over the last three years. The plans are benchmarked against NIFTY 500 – TRI, which returned 20% over the period.
The best performers
SBI Long Term Equity FundThe oldest in the category, it has outperformed its respective benchmark index over the last three years. The scheme returned 28.93% as against 19.99% for the benchmark index (BSE 500 – TRI).
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During the said period, Kotak ELSS Tax Saver Fund returned 20.81% as compared to 20% of its benchmark (NIFTY 500 – TRI). Parag Parikh ELSS Tax Savings Fund It returned 21.44% over the past three years versus 20% for its benchmark index.
HDFC ELSS Tax Saver and Quant ELSS Tax Saver Fund returned 25.95% and 27.56% respectively in the said period, compared to 20% for their respective benchmark index (NIFTY 500 – TRI).
Over three years, ELSS schemes gave an average return of around 19.70%. The schemes are compared with the NIFTY 500 – TRI and BSE 500 – TRI, which gave 20% and 19.99% respectively, over the period.
Tax Saving Schemes or ELSS are recommended for investors looking to save taxes. Section 80C of the Income Tax Act. A maximum of Rs 1.5 lakh can be invested in these schemes and tax deductions can be claimed on the same in a financial year. ELSS Funds They have a three-year lock-in period and have the potential to deliver superior returns over an extended period.
If you are looking for recommendations, please see: Best Tax Saving Mutual Funds or ELSS to invest in August 2024
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