SBI Long Term Equity Fund offered the highest return of around 33.99% in 2023. Motilal Oswal ELSS Tax Saver Fund offered 32.76%. ITI ELSS Tax Saver Fund gave around 31.54%. Bank of India Tax Advantage Fund gave 30.49% in 2023.ETMutualFunds also compared the performance of the toppers with their respective benchmarks. All these toppers – 12 ELSS schemes that offered more than 25% – have managed to beat their respective benchmarks in 2023.
The ELSS schemes are benchmarked against NIFTY 500 – TRI, S&P BSE 100 – TRI, and S&P BSE 500 – TRI. NIFTY 500 – TRI, S&P BSE 100 – TRI, and S&P BSE 500 – TRI offered 22.67%, 19.63%, and 22.27% respectively in 2023.
According to the Amfi data, the ELSS category has witnessed an inflow of Rs 3,773.46 crore in 2023.
The asset under management of ELSS category as on November 30, 2023 stands at Rs 1.88 lakh crore. The asset under management of the ELSS category has surged by 24.39% in 2023, from Rs 1.51 lakh crore in January to Rs 1.88 lakh crore in November.
Note, the above exercise is not a recommendation. The exercise was done to analyse the performance of the ELSS category in 2023. One should not make investment or redemption decisions based on the above exercise.
If you are looking for recommendations, see:
Best tax saving mutual funds or ELSS to invest in 2024
ELSS or tax saving schemes help investors to save income tax under Section 80C of the IT Act. One can invest a maximum of Rs 1.5 lakh in a financial year and claim deductions on investments in a financial year. ELSS funds invest in stocks and carry high risk. These schemes have a mandatory lock-in period of three years. This helps investors, especially new and inexperienced ones, to learn about the nature of equity markets and the volatility associated with it.
