With the beginning of the New Year 2022, the tax-saving season has started. Most of us are once again look for the best tax-saving instruments to save taxes. Therefore, today I thought to write a blog post on the Top 4 Best ELSS Mutual Funds to invest in 2022.
There are several investment options available in the market for getting tax benefits under Section 80C. Most of us invest in common tax saving instruments like PPF, EPF, NSC, and Life Insurance policies. But only a few people invest in ELSS mutual funds to avail this deduction.
Are you looking for the best tax saving mutual funds? Do you want to know the best ELSS mutual fund to invest in? If your answer is yes, then this blog article is for you.
Table of Contents
What is ELSS Mutual Fund?
Equity Linked Savings Scheme is popularly known as ELSS. ELSS fund is a diversified equity mutual fund scheme offered by mutual fund companies. These tax saving mutual funds offer tax benefits for an investment of Rs.1.5 lakh u/s 80C. ELSS fund schemes have a lock-in period of three years.
Methodology used in shortlisting the Best ELSS Funds to invest in 2022
These Top 4 Best ELSS funds to invest now are shortlisted based on the following factors.
1. The funds that have generated superior returns in the last 3 and 5 years are considered here.
2. Selected funds have Assets Under Management of more than Rs.500 Cr. Higher AUM indicates that the ELSS fund scheme is trusted by a large number of investors.
3. CRISIL ranked these ELSS funds as Rank-1 and Rank-2. Rank1 is the highest rank.
4. Tax Saving mutual funds that are rated as 5 stars (Out of 5) by Value Research are considered here. Higher is better.
Here, I have selected the top tax saving mutual funds to invest in 2022.
Top 4 Best ELSS Mutual Funds to invest in 2022
Here, I have selected the top tax saving mutual funds to invest in 2022.
Top 4 Best ELSS Mutual Funds to invest in 2022
Here is the top ELSS funds list (Best ELSS MF) for investing in 2022.
1. Quant Tax Plan
2. Mirae Asset Tax Saver Fund
3. Canara Robeco Equity Tax Saver Fund
4. BOI AXA Tax Advantage Fund
Table of Top ELSS Funds 2022
Here are the top ELSS mutual funds for you.
| S. No. | Scheme Name | Returns in Percentage* | ||||
| 1 Year | 3 Years | 5 Years | 7 Years | 10 Years | ||
| 1 | Quant Tax Plan | 59.59 | 37.13 | 24.81 | 21.35 | 19.64 |
| 2 | Mirae Asset Tax Saver Fund | 29.64 | 24.24 | 20.34 | NA | NA |
| 3 | Canara Robeco Equity Tax Saver Fund | 27.63 | 24.17 | 19.51 | 13.76 | 15.35 |
| 4 | BOI AXA Tax Advantage Fund | 35.63 | 28.96 | 20.18 | 14.66 | 17.23 |
| Regular Plans – Growth *As on 03/02/2022 Data Source: Value Research | ||||||
Best Tax Saving Mutual Funds 2022
Following are the best performing ELSS mutual funds to invest in 2022:
1. Quant Tax Plan
Quant Tax Plan Fund is at number one in the list of the best mutual funds for ELSS. This fund scheme is a star performer in this category. Details and performance of the scheme are:
| Scheme Name | Quant Tax Plan |
| Category | ELSS |
| Plan Type | Regular Plan – Growth |
| NAV as on 03-Feb-2022 | 229.4420 |
| Assets (AUM) as on 31-Dec-2021 | 658 Cr |
| Returns in 1 year | 59.59% |
| Returns in 3 years (Annualised) | 37.13% |
| Annualised returns in 5 years | 24.81% |
| Annualised returns in 7 years | 21.35% |
| Returns in 10 years (Annualised) | 19.64% |
| Returns since launch | 15.43% |
| Expense Ratio as on 31-Dec-2021 | 2.62% |
| 1 Lakh invested 1 year back grown to | 1.60 Lakh |
| 1 Lakh invested 3 years back grown to | 2.58 Lakh |
| One Lakh invested 5 years back grown to | 3.03 Lakh |
| 1 Lakh invested 7 years back grown to | 3.87 Lakh |
| 1 Lakh invested 10 years back grown to | 6.01 Lakh |
| Fund Manager since 11-May-2020 | Ankit A Pande |
| Website | www.quantmutual.com |
| Value Research Rating | 5 Star |
| CRISIL Rating | Rank-1 |
| Data Source: Value Research Online (As on 03/02/2022) | |
Click here for more information about Quant Tax Plan.
2. Mirae Asset Tax Saver Fund
Mirae Asset Tax Saver Fund is one of the best ELSS to invest now. The fund scheme has been performing well since its inception. Details and performance of the scheme are:
| Scheme Name | Mirae Asset Tax Saver Fund |
| Category | ELSS |
| Plan Type | Regular Plan – Growth |
| NAV as on 02-Feb-2022 | 31.8010 |
| Assets (AUM) as on 31-Dec-2021 | 10,660 Cr |
| Returns in 1 year | 29.64% |
| Returns in 3 years (Annualised) | 24.24% |
| Annualised returns in 5 years | 20.34% |
| Returns since launch | 20.87% |
| Expense Ratio as on 31-Dec-2021 | 1.77% |
| 1 Lakh invested 1 year back grown to | 1.30 Lakh |
| 1 Lakh invested 3 years back grown to | 1.92 Lakh |
| One Lakh invested 5 years back grown to | 2.52 Lakh |
| Fund Manager since 20-Nov-2015 | Neelesh Surana |
| Website | www.miraeassetmf.co.in |
| Value Research Rating | 5 Star |
| CRISIL Rating | Rank-2 |
| Data Source: Value Research Online (As on 03/02/2022) | |
Click here for more information about Mirae Asset Tax Saver Fund.
3. Canara Robeco Equity Tax Saver Fund
Canara Robeco Equity Tax Saver Fund is also one of the best ELSS mutual funds in India for investment. Details and performance of the scheme are:
| Scheme Name | Canara Robeco Equity Tax Saver Fund |
| Category | ELSS |
| Plan Type | Regular Plan – Growth |
| NAV as on 03-Feb-2022 | 37.1700 |
| Assets (AUM) as on 31-Dec-2021 | 3,098 Cr |
| Returns in 1 year | 27.63% |
| Returns in 3 years (Annualised) | 24.17% |
| Annualised returns in 5 years | 19.51% |
| Annualised returns in 7 years | 13.76% |
| Returns in 10 years (Annualised) | 16.87% |
| Returns since launch | 15.49% |
| Expense Ratio as on 31-Dec-2022 | 2.06% |
| 1 Lakh invested 1 year back grown to | 1.28 Lakh |
| 1 Lakh invested 3 years back grown to | 1.91 Lakh |
| One Lakh invested 5 years back grown to | 2.44 Lakh |
| 1 Lakh invested 7 years back grown to | 2.47 Lakh |
| 1 Lakh invested 10 years back grown to | 4.76 Lakh |
| Fund Manager since 01-Oct-2019 | Shridatta Bhandwaldar |
| Website | www.canararobeco.com |
| Value Research Rating | 5 Star |
| CRISIL Rating | Rank-2 |
| Data Source: Value Research Online (As on 03/02/2022) | |
Click here for more information about Canara Robeco Equity Tax Saver Fund.
4. BOI AXA Tax Advantage Fund
BOI AXA Tax Advantage Fund is at number four in the list of best ELSS mutual funds to invest in 2021. Details and performance of the scheme are:
| Scheme Name | BOI AXA Tax Advantage Fund |
| Category | ELSS |
| Plan Type | Regular Plan – Growth |
| NAV as on 03-Feb-2022 | 99.6800 |
| Assets (AUM) as on 31-Dec-2022 | 552 Cr |
| Returns in 1 year | 35.63% |
| Returns in 3 years (Annualised) | 28.96% |
| Annualised returns in 5 years | 20.18% |
| Annualised returns in 7 years | 14.66% |
| Returns in 10 years (Annualised) | 17.23% |
| Returns since launch | 19.55% |
| Expense Ratio as on 31-Dec-2022 | 2.58% |
| 1 Lakh invested 1 year back grown to | 1.36 Lakh |
| 1 Lakh invested 3 years back grown to | 2.14 Lakh |
| One Lakh invested 5 years back grown to | 2.51 Lakh |
| One Lakh invested 7 years back grown to | 2.61 Lakh |
| 1 Lakh invested 10 years back grown to | 4.90 Lakh |
| Fund Manager since 15-Jul-2019 | Aakash Manghani |
| Website | www.boiaxamf.in |
| Value Research Rating | 5 Star |
| CRISIL Rating | Rank-1 |
| Data Source: Value Research Online (As on 03/02/2022) | |
Click here for more information about BOI AXA Tax Advantage Fund.
In 2021, my choices of best ELSS mutual funds were:
- Axis Long Term Equity Fund
- Mirae Asset Tax Saver Fund
- Canara Robeco Equity Tax Saver Fund
- Invesco India Tax Plan
Also Read: List of Banks in India
Also Read: CashKaro: India’s Largest Cashback and Coupons Site for Shoppers
Final Thoughts – Best ELSS Scheme
Above mentioned top performing ELSS funds are selected as the top ELSS funds to invest in terms of returns and other parameters. However, you should not forget that ELSS mutual funds are exposed to equity market-related risks.
Therefore, there is no guarantee of returns in ELSS tax saving mutual funds. Past performance of a best tax saver fund may or may not repeat in the future.
So, select only those best performing ELSS funds that match your investment goals, investment horizon, and risk appetite.
Disclaimer: The information in this post (Top 4 Best ELSS Mutual Funds to invest in 2022) is strictly for general information purposes only. Please consult a financial or mutual fund advisor before making any investment decision.
Also Read: How to invest in Direct Mutual Funds in India?
Also Read: Top 4 Best Small Cap Mutual Funds to invest in 2021
Very amazing post!
A lot thanks for sharing with us,
We are again come on your website,
Thanks and good day