Tax Saving: Invest in this mutual fund to save income tax, your money will grow almost 3 times in 3 years

Mutual Funds: Investments can be made in many places to save income tax. One of these ways is Tax Saver Mutual Fund (ELSS). Investing in tax saver mutual funds provides income tax exemption under 80C. That is, if you invest a maximum of Rs 1.50 lakh in a tax saver mutual fund in a financial year, you can get income tax exemption.

Generally, any investment made to save income tax has a minimum lockin of 5 years. Tax saver mutual funds are the only ones where money can be recovered. That means the lockin in Tax Saver Mutual Fund is only 36 months.

On the other hand, if we look at the returns of tax saver mutual funds, the investment in them increased from 2 times to 3 times in 3 years.

Let us know about such top 10 tax saver mutual fund schemes.

1. Quant Tax Mutual Fund Scheme is continuously giving excellent returns. This tax saver mutual fund scheme has given an average return of 35.04 percent every year for the last 3 years. This Income Tax Mutual Fund has turned Rs 1 lakh into around Rs 2.86 lakh in 3 years.
2. Bandhan ELSS Tax Saver Mutual Fund Scheme has been consistently delivering excellent returns. This tax saver mutual fund scheme has given an average return of 27.35 percent every year for the last 3 years. This Income Tax Mutual Fund has turned Rs 1 lakh into around Rs 2.25 lakh in 3 years.
3. HDFC ELSS Tax Saver Mutual Fund Scheme has been consistently delivering excellent returns. This tax saver mutual fund scheme has given an average return of 25.58 percent every year for the last 3 years. This Income Tax Mutual Fund has turned Rs 1 lakh into around Rs 2.14 lakh in 3 years.
4. SBI Long Term Equity Mutual Fund Scheme is continuously giving excellent returns. This tax saver mutual fund scheme has given an average return of 25.12 percent every year for the last 3 years. This Income Tax Mutual Fund has turned Rs 1 lakh into around Rs 2.11 lakh in 3 years.
5. Parag Parikh Tax Saver Mutual Fund Scheme is continuously giving excellent returns. This tax saver mutual fund scheme has given an average return of 23.53 percent every year for the last 3 years. This Income Tax Mutual Fund has turned Rs 1 lakh into around Rs 2.01 lakh in 3 years.
6. Motilal Oswal ELSS Tax Saver Mutual Fund Scheme has been consistently giving excellent returns. This tax saver mutual fund scheme has given an average return of 23.42 percent every year for the last 3 years. This Income Tax Mutual Fund has turned Rs 1 lakh into around Rs 2.00 lakh in 3 years.
7. Bank of India Tax Advantage Mutual Fund Scheme is continuously giving excellent returns. This tax saver mutual fund scheme has given an average return of 23.40 percent every year for the last 3 years. This Income Tax Mutual Fund has turned Rs 1 lakh into around Rs 2.00 lakh in 3 years.
8. Nippon India ELSS Tax Saver Mutual Fund Scheme has been consistently delivering excellent returns. This tax saver mutual fund scheme has given an average return of 23.34 percent every year for the last 3 years. This Income Tax Mutual Fund has turned Rs 1 lakh into around Rs 2.00 lakh in 3 years.
9. Mahindra Manulife ELSS Tax Saver Mutual Fund Scheme has been consistently delivering strong returns. This tax saver mutual fund scheme has given an average return of 23.34 percent every year for the last 3 years. This Income Tax Mutual Fund has turned Rs 1 lakh into around Rs 2.00 lakh in 3 years.
10. Franklin India Taxshield Mutual Fund Scheme has been consistently delivering strong returns. This tax saver mutual fund scheme has given an average return of 23.00 percent every year for the last 3 years. This Income Tax Mutual Fund has turned Rs 1 lakh into around Rs 1.98 lakh in 3 years.

The returns of these mutual fund schemes have been calculated based on NAV as of November 27, 2023.

Note: Here the returns of mutual fund schemes are being mentioned. This is not investment advice. Before investing, definitely take advice from a financial advisor.