« Which are the best and worst ETFs of India in Mar-2024? How to correctly calculate returns from an under construction flat? »

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

Posted on 02 Mar 2024
Author: Sayan Sircar

Tags: Tax ; Mutual Funds

10 mins read
📢Join 3400+ readers on WhatsApp and get new post notifications!

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

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

This post sifts through 43 options to find the best performing ELSS funds for the 3-year period ending before Apr 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
Which other tax-related tasks that you must complete in March?

This article is frequently updated. The latest version is here.

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	34.46%	201,687
Sbi Long Term Equity Fund	27.44%	191,157
Hdfc Elss Tax Saver	26.19%	189,291
Bank Of India Tax Advantage Fund	25.49%	188,230
Parag Parikh Tax Saver Fund	24.70%	187,045
Motilal Oswal Elss Tax Saver Fund	24.16%	186,234
Bandhan Elss Tax Saver Fund	23.96%	185,941
Franklin India Taxshield	22.63%	183,952
Dsp Tax Saver Fund	21.85%	182,774
Jm Elss Tax Saver Fund (Direct)	21.57%	182,358

Did you know that we have a private Facebook group which you can join for free and ask your own questions? Please click the button below to join.

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	33.14%	7.22
Quant Tax Plan	32.51%	7.16
Motilal Oswal Elss Tax Saver Fund	29.12%	6.84
Hdfc Elss Tax Saver	28.58%	6.80
Bank Of India Tax Advantage Fund	28.39%	6.78
Iti Elss Tax Saver Fund	26.77%	6.63
Franklin India Taxshield	25.66%	6.53
Jm Elss Tax Saver Fund (Direct)	25.15%	6.49
Taurus Elss Tax Saver Fund	24.69%	6.45
Parag Parikh Tax Saver Fund	24.42%	6.42

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.

Also read
What should NRIs do if your PAN has become inoperative?

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	33.47%	7.55
Quant Tax Plan	32.77%	7.48
Motilal Oswal Elss Tax Saver Fund	29.44%	7.16
Hdfc Elss Tax Saver	28.79%	7.10
Bank Of India Tax Advantage Fund	28.71%	7.09
Iti Elss Tax Saver Fund	27.13%	6.95
Franklin India Taxshield	25.90%	6.83
Jm Elss Tax Saver Fund (Direct)	25.41%	6.79
Taurus Elss Tax Saver Fund	24.94%	6.75
Parag Parikh Tax Saver Fund	24.58%	6.71

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	33.79%	7.89
Quant Tax Plan	33.04%	7.81
Motilal Oswal Elss Tax Saver Fund	29.75%	7.49
Bank Of India Tax Advantage Fund	29.03%	7.42
Hdfc Elss Tax Saver	29.00%	7.42
Iti Elss Tax Saver Fund	27.47%	7.27
Franklin India Taxshield	26.14%	7.15
Jm Elss Tax Saver Fund (Direct)	25.66%	7.10
Taurus Elss Tax Saver Fund	25.18%	7.06
Parag Parikh Tax Saver Fund	24.73%	7.02

We have a detailed article on this topic here: What are the portfolio and tax related things that you must do in March?

What's next? You can join the Arthgyaan WhatsApp community

You can stay updated on our latest content and learn about our webinars. Our community is fully private so that no one, other than the admin, can see your name or number. Also, we will not spam you.

For resident Indians 🇮🇳:

For NRIs 🇺🇸🇬🇧🇪🇺🇦🇺🇦🇪🇸🇬:

Share on WhatsApp:

To understand how this article can help you: