Top 10 mutual funds for Section 80C deduction with 27% to 42% SIP returns in 3 years

Top-performing Tax Saving Mutual Funds in 3 years (till July 20, 2023): Investments up to Rs 1.5 lakh per year in an Equity-Linked Savings Scheme (ELSS) qualify for deduction under Section 80C of the Income Tax Act. These schemes are also known as tax-saving mutual funds.

Data on the website of the Association of Mutual Funds in India (AMFI) at the time of writing shows that direct plans of as many as 13 tax-saving funds have given over 27% annualised returns in 3 years. These schemes have also beaten their respective benchmark indices in three years. Of these, 10 ELSS funds have given 27.7% or more annualised returns under the direct plan in three years.

The regular plans of these schemes have also given over 26% annualised returns in three years. Following is the list of 10 such schemes, as per AMFI data tracked till July 20.

Top 10 tax-saving mutual funds with highest returns in 3 years till July 20

Nippon India Tax Saver (ELSS) Fund

The direct plan of Nippon India Tax Saver (ELSS) Fund has given 27.73% returns in 3 years while the regular plan has given 26.83% returns in 3 years. The scheme tracks NIFTY 500 Total Return Index, which has given 25.10% returns in 3 years.

Parag Parikh Tax Saver Fund

The direct plan of Parag Parikh Tax Saver Fund Fund has given 27.79% returns in 3 years while the regular plan has given 26.19% returns in 3 years. The scheme tracks NIFTY 500 Total Return Index, which has given 25.10% returns in 3 years.

Also Read: Best Small Cap Mutual Funds in 3 years (July 2023): Top 11 schemes with 43% to 58% SIP returns

HDFC Taxsaver Fund

The direct plan of HDFC Taxsaver Fund has given 27.88% returns in 3 years while the regular plan has given 27.11% returns in 3 years. The scheme tracks NIFTY 500 Total Return Index, which has given 25.10% returns in 3 years.

PGIM India ELSS Tax Saver Fund

The direct plan of PGIM India ELSS Tax Saver Fund has given 28.15% returns in 3 years while the regular plan has given 26.38% returns in 3 years. The scheme tracks NIFTY 500 Total Return Index, which has given 25.10% returns in 3 years.

Franklin India Taxshield Fund

The direct plan of Franklin India Taxshield Fund has given 28.19% returns in 3 years while the regular plan has given 27.10% returns in 3 years. The scheme tracks NIFTY 500 Total Return Index, which has given 25.10% returns in 3 years.

Also Read: Best Mid Cap Mutual Funds in 3 years (July 2023): 10 schemes with 34% to 40% SIP returns

Bank of India Tax Advantage Fund

The direct plan of Bank of India Tax Advantage Fund has given 28.29% returns in 3 years while the regular plan has given 26.90% returns in 3 years. The scheme tracks S&P BSE 500 Total Return Index, which has given 25.36% returns in 3 years.

SBI Long Term Equity Fund

The direct plan of SBI Long Term Equity Fund has given 28.35% returns in 3 years while the regular plan has given 27.54% returns in 3 years. The scheme tracks S&P BSE 500 Total Return Index, which has given 25.36% returns in 3 years.

Mahindra Manulife ELSS Fund

The direct plan of Mahindra Manulife ELSS Fund has given 28.64% returns in 3 years while the regular plan has given 26.49% returns in 3 years. The scheme tracks NIFTY 500 Total Return Index, which has given 25.10% returns in 3 years.

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Bandhan Tax Advantage (ELSS) Fund

The direct plan of Bandhan Tax Advantage (ELSS) Fund has given 34.26% returns in 3 years while the regular plan has given 32.74% returns in 3 years. The scheme tracks S&P BSE 500 Total Return Index, which has given 25.36% returns in 3 years.

Quant Tax Plan

The direct plan of Quant Tax Plan has given 42.08% returns in 3 years while the regular plan has given 39.53% returns in 3 years. The scheme tracks NIFTY 500 Total Return Index, which has given 25.10% returns in 3 years.

Disclaimer: The above content is for information purposes only based on AMFI website data as of July 20, 2023. Mutual Funds are subject to market risks. There is no assurance or guarantee that the above funds will give the same returns in future. Investors are advised to consult their financial advisors before investing.