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Which are the best performing tax-saving ELSS mutual funds in Apr 2024?

Posted on 29 Mar 2024
Author: Sayan Sircar

Tags: Tax ; Mutual Funds

9 mins read
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This post sifts through 43 options to find the best performing ELSS funds for the 3-year period ending before Apr 2024.

Which are the best performing tax-saving ELSS mutual funds in Apr 2024?

Disclaimer: The fund names mentioned in this article are not recommendations to invest/not invest in those funds. Please perform adequate due diligence before making any investments. Past performance does not give any indication about future performance. You can lose all or part of your capital in mutual funds.

This article is a part of our detailed article series on the concept of ELSS Tax savings mutual funds in India. Ensure you have read the other parts here:

Which are the best performing tax-saving ELSS mutual funds in March 2024?

This post sifts through 43 options to find the best performing ELSS funds for the 3-year period ending before March 2024.

What are the best tax-saving ELSS mutual funds in 2024?

This post sifts through 39 options to find the best ELSS funds for investing in 2024.

What are the best tax-saving ELSS mutual funds in 2023?

This post sifts through 38 options to find the best ELSS funds for investing in 2023.

Should you invest in ELSS Index Funds like the 360 ONE ELSS fund?

This article discusses a new category of ELSS funds relaunched in India that are run as index funds. Should investors invest in ELSS index funds for tax-saving purposes?

What are the best tax-saving ELSS Mutual Funds in 2022?

This post sifts through 38 options to find the best ELSS funds for investing in 2022.

📚 Topics covered:

Do you really need to invest in ELSS funds?
Best performing ELSS funds for a 3-year investment (lump sum)
Best performing ELSS funds for a 3-year SIP investment
Best performing ELSS funds for a 3-year SIP investment via 5% step-up SIP
Best performing ELSS funds for a 3-year SIP investment via 10% step-up SIP

Do you really need to invest in ELSS funds?

Before we discuss ELSS investing, you need to note that ELSS is a part of 80C deduction which is no longer an allowed tax deduction in the new tax regime. You should always check first if you will save more tax in the new tax regime: Which is the best tax regime to choose from April?

That being said, many investors wish to know the best performing ELSS funds in the month of March and this article serves that purpose.

This article presents historical data only. Historical performance will likely not repeat in the future. We have taken ELSS NAV data from the AMFI website.

Investors should note that the each investment in ELSS funds is locked for 3 years and cannot be redeemed. If it is a lump sum then the amount can only be redeemed after 3 years. For a SIP, each instalment of the SIP is locked for 3 years.

All “Amount” and “Return” figures in the tables are pre-tax: Pay lower capital gains taxes for equity: understand how grandfathering works

Best performing ELSS funds for a 3-year investment (lump sum)

The table below shows the 10 best performing ELSS funds in the last 3 years. The invested amount is ₹1.5 lakhs.

Fund name	Lump sum return	Amount (₹)
Quant Tax Plan	32.80%	1,99,198
Sbi Long Term Equity Fund	27.69%	1,91,536
Hdfc Elss Tax Saver	26.50%	1,89,745
Bank Of India Tax Advantage Fund	25.39%	1,88,081
Motilal Oswal Elss Tax Saver Fund	24.53%	1,86,788
Bandhan Elss Tax Saver Fund	23.97%	1,85,954
Parag Parikh Tax Saver Fund	23.29%	1,84,941
Franklin India Taxshield	22.82%	1,84,223
Kotak Tax Saver	21.45%	1,82,180
Jm Elss Tax Saver Fund (Direct)	21.41%	1,82,111

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Best performing ELSS funds for a 3-year SIP investment

The table below shows the 10 best performing ELSS funds in the last 3 years where ₹12,500/month has been invested in the last 36 months. The total invested amount is ₹4.5 lakhs.

Fund name	SIP Return	Amount (₹ lakhs)
Sbi Long Term Equity Fund	32.65%	7.17
Quant Tax Plan	30.81%	6.99
Motilal Oswal Elss Tax Saver Fund	29.78%	6.90
Bank Of India Tax Advantage Fund	28.47%	6.78
Hdfc Elss Tax Saver	28.07%	6.74
Iti Elss Tax Saver Fund	27.16%	6.66
Franklin India Taxshield	25.04%	6.47
Jm Elss Tax Saver Fund (Direct)	24.03%	6.38
Bandhan Elss Tax Saver Fund	23.35%	6.32
Kotak Tax Saver	23.13%	6.30

We will now consider a step-up SIP since increasing your investment amount as per salary hikes has the potential to create more wealth. 80C deduction, if availed is applicable only up to the first ₹1.5 lakhs/year.

Best performing ELSS funds for a 3-year SIP investment via 5% step-up SIP

The table below shows the 10 best performing ELSS funds in the last 3 years where ₹12,500/month has been invested in the last 36 months. The amounts invested are:

₹12,500/month for the first 12 months
₹13,125/month for the next 12 months
₹13,781/month for the last 12 months

The total invested amount is ₹472,875.

Fund name	SIP Return	Amount (₹ lakhs)
Sbi Long Term Equity Fund	32.94%	7.49
Quant Tax Plan	31.05%	7.31
Motilal Oswal Elss Tax Saver Fund	30.10%	7.22
Bank Of India Tax Advantage Fund	28.78%	7.09
Hdfc Elss Tax Saver	28.26%	7.05
Iti Elss Tax Saver Fund	27.48%	6.97
Franklin India Taxshield	25.25%	6.77
Jm Elss Tax Saver Fund (Direct)	24.24%	6.68
Bandhan Elss Tax Saver Fund	23.50%	6.61
Kotak Tax Saver	23.30%	6.59

Best performing ELSS funds for a 3-year SIP investment via 10% step-up SIP

The table below shows the 10 best performing ELSS funds in the last 3 years where ₹12,500/month has been invested in the last 36 months. The amounts invested are:

₹12,500/month for the first 12 months
₹13,750/month for the next 12 months
₹15,125/month for the last 12 months

The total invested amount is ₹496,500.

Fund name	SIP Return	Amount (₹ lakhs)
Sbi Long Term Equity Fund	33.23%	7.82
Quant Tax Plan	31.28%	7.63
Motilal Oswal Elss Tax Saver Fund	30.40%	7.55
Bank Of India Tax Advantage Fund	29.09%	7.42
Hdfc Elss Tax Saver	28.44%	7.36
Iti Elss Tax Saver Fund	27.81%	7.30
Franklin India Taxshield	25.46%	7.08
Jm Elss Tax Saver Fund (Direct)	24.45%	6.98
Bandhan Elss Tax Saver Fund	23.65%	6.91
Kotak Tax Saver	23.47%	6.89

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