Top 10 Mutual Fund (ELSS) schemes to save taxes

Top-10-Mutual-Funds-ELSS-Schemes

The main purpose of investing for most investors is tax saving. Equity linked saving schemes (ELSS) are those mutual fund schemes that help you save taxes as well as generate decent returns. But, how do you separate the wheat from the chaff? Here is a list of few ELSS schemes that you should consider for investing.

The true measure of ELSS scheme’s worth is consistency. Following four ELSS schemes make the cut based on their 5 years, 3 years and 1 year performance put together (see tables). These schemes have remained in the Top 10 ELSS schemes for all these durations :

  • Canara Robeco Equity Tax Saver
  • HDFC Taxsaver
  • Sahara Tax Gain
  • Birla Sun Life Tax Relief 96

Investment in ELSS schemes qualify for deductions under section 80C. So, you could max your returns by investing the entire Rs 1 lakh limit of your Section 80C deductions through ELSS investments alone. However, be cautious as ELSS schemes have a risk grade higher than other investments that qualify under section 80C such as life insurance, PPF, NSC, etc.

Another important factor to consider is the lock-in period. ELSS schemes have a 3 year lock-in, that means you can not sell the investment before this period.

Top 10 Tax Saving Mutual Funds (ELSS)

The following 3 tables lists the Top 10 ELSS Schemes in descending order of their 5 years, 3 years and 1 year returns. This may help you in selecting the best ELSS scheme for your needs.

ELSS Schemes Ranking based on 5 Year Returns

Rank

Fund Name

Return (%)

NAV for Plan

NAV as on Date

1 Year

3 Year

5 Year

Dividend

Growth

1

Magnum Taxgain

93.29

10.05

32.03

44.4

59.05

11-Jan-2010

2

Canara Robeco Equity Tax Saver

97.08

19.21

28.82

20.29

22.28

11-Jan-2010

3

Sundaram BNP Paribas Taxsaver

81.83

15.64

28.04

15.03

43.92

11-Jan-2010

4

HDFC Taxsaver

106.03

11.2

27.09

62.36

200.48

11-Jan-2010

5

Sahara Tax Gain

96.88

16.63

25.99

18.99

33.33

11-Jan-2010

6

ICICI Prudential Tax Plan

120.85

9.38

24.52

18.51

124.12

11-Jan-2010

7

Franklin India Taxshield

86.18

13.3

23.67

32.85

181.84

11-Jan-2010

8

Birla Sun Life Tax Relief 96

111.64

10.74

22.39

88.66

10.99

11-Jan-2010

9

Franklin India Index Tax

79.82

9.33

21.39

40.2

n/a

11-Jan-2010

10

Principal Personal Tax Saver

93.44

9.76

21.22

91.44

n/a

11-Jan-2010

ELSS Schemes Ranking based on 3 Year Returns

Rank

Fund Name

Return (%)

NAV for Plan

NAV as on Date

1 Year

3 Year

5 Year

Dividend

Growth

1

Taurus Tax Shield

106.56

22.69

18.84

23.93

32.76

11-Jan-2010

2

Canara Robeco Equity Tax Saver

97.08

19.21

28.82

20.29

22.28

11-Jan-2010

3

Sahara Tax Gain

96.88

16.63

25.99

18.99

33.33

11-Jan-2010

4

Sundaram BNP Paribas Taxsaver

81.83

15.64

28.04

15.03

43.92

11-Jan-2010

5

Religare Tax Plan

91.49

15.54

n/a

12.86

15.53

11-Jan-2010

6

Fidelity Tax Advantage

91.58

14.11

n/a

16.61

18.5

11-Jan-2010

7

Franklin India Taxshield

86.18

13.3

23.67

32.85

181.84

11-Jan-2010

8

HDFC Taxsaver

106.03

11.2

27.09

62.36

200.48

11-Jan-2010

9

Birla Sun Life Tax Relief 96

111.64

10.74

22.39

88.66

10.99

11-Jan-2010

10

Magnum Taxgain

93.29

10.05

32.03

44.4

59.05

11-Jan-2010

ELSS Schemes Ranking based on 1 Year Returns

Rank

Fund Name

Return (%)

NAV for Plan

NAV as on Date

1 Year

3 Year

5 Year

Dividend

Growth

1

ICICI Prudential Tax Plan

120.85

9.38

24.52

18.51

124.12

11-Jan-2010

2

Birla Sun Life Tax Relief 96

111.64

10.74

22.39

88.66

10.99

11-Jan-2010

3

ING Tax Savings

107.18

-0.97

17.56

13.09

26.54

11-Jan-2010

4

DBS Chola Tax Saver

106.86

3.63

n/a

14.28

15.37

11-Jan-2010

5

Taurus Tax Shield

106.56

22.69

18.84

23.93

32.76

11-Jan-2010

6

HDFC Taxsaver

106.03

11.2

27.09

62.36

200.48

11-Jan-2010

7

Canara Robeco Equity Tax Saver

97.08

19.21

28.82

20.29

22.28

11-Jan-2010

8

Sahara Tax Gain

96.88

16.63

25.99

18.99

33.33

11-Jan-2010

9

DSPBR Tax Saver

95.48

n/a

n/a

11.46

15.4

11-Jan-2010

10

HDFC LT Advantage

93.77

8.01

20.66

38.26

117.3

11-Jan-2010

Data Source : Value Research Online
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