Quant ELSS Tax Saver Fund, the topper in the category, turned the monthly SIP investment of Rs 30,000 into Rs 1.45 crore in the last 10 years. The scheme offered an XIRR of 26.58% in the same time period.
Bank of India ELSS Tax Saver Fund turned the monthly SIP of Rs 30,000 to Rs 1.10 crore in the last 10 years and gave an XIRR of 21.46%.
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SBI Long Term Equity Fund, the oldest ELSS or tax saving fund, turned the monthly SIP of Rs 30,000 to Rs 1.01 crore in the said period and offered an XIRR of 19.75%. JM ELSS Tax Saver Fund turned the monthly SIP investment of Rs 30,000 to Rs 1 crore in the last 10 years with an XIRR of 19.60%.
Axis ELSS Tax Saver Fund, the largest ELSS or tax-saving fund based on assets managed, turned the monthly SIP of Rs 30,000 crore in the last 10 years to Rs 75.43 lakh with an XIRR of 14.27%.The other ELSS or tax-saving funds turned the monthly investment of Rs 30,000 between Rs 69.34 lakh and Rs 96.60 lakh in the last 10 years. These schemes offered the XIRR between 12.69% and 18.90%.Also Read | BEL, NTPC, and RIL among top 10 stock holdings of Nippon India Mutual Fund
We considered all ELSS or tax-savings funds that have completed 10 years of existence in the market. We considered regular and growth options. We calculated XIRR between June 15, 2014 and June 14, 2024.
Note, the above exercise is not a recommendation. The exercise was done to find which ELSS or tax-savings funds turned the monthly SIP investment of Rs 30,000 to Rs 1 crore in the last 10 years. One should not make investment or redemption decisions based on the above exercise.
One should always consider risk appetite, investment horizon, and goal before making any investment decisions.
Tax saving or ELSS schemes are recommended to investors who are looking to save taxes under Section 80C of the income tax Act. Investors can invest a maximum of Rs 1.5 lakh in these schemes and claim tax deductions on it in a financial year. ELSS funds come with a lock-in period of three years.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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