ELSS Mutual Funds in India
Updated September 2026 · 86 active funds · data from AMFI NAVs · benchmark: NIFTY 500 TRI
ELSS (Equity Linked Savings Scheme) funds are diversified equity funds with a tax twist: they must invest at least 80% in equity (typically across all market caps, similar to a flexi-cap mandate) and carry a statutory three-year lock-in, the shortest of any Section 80C instrument. Investments qualify for a deduction of up to Rs 1.5 lakh per year under Section 80C of the old tax regime, making ELSS the only mainstream equity category that combines market-linked growth with a direct tax saving. Because the underlying portfolio is broad equity, the risk-return profile resembles a flexi or multi-cap fund - meaningful volatility and drawdowns, rewarded over a long horizon. Many investors use ELSS to meet 80C goals while staying invested in equity rather than parking money in lower-return tax instruments. The default benchmark on FindMF is the NIFTY 500 TRI, reflecting the typical all-cap mandate. FindMF computes trailing returns, CAGR, volatility, Sharpe, Sortino, drawdown and alpha/beta against the NIFTY 500 TRI from AMFI daily NAVs using a disclosed methodology, so you can compare tax-savers on performance and risk - not just on the deduction they offer.
Who it suits: Old-regime taxpayers who want to claim a Section 80C deduction while taking equity exposure and can lock funds for at least three years.
75% of the 57 funds here with a computed alpha beat their benchmark over the measured window (positive alpha). Past performance is not indicative; this is analysis, not advice.
| # | Scheme | 1Y | 3Y | 5Y | Sharpe | Max DD | TER | AUM |
|---|---|---|---|---|---|---|---|---|
| 1 | Motilal Oswal ELSS Tax Saver Fund Motilal Oswal | +8.63% | +21.45% | +16.93% | 0.78 | -27.7% | 2.30% | ₹4.2K Cr |
| 2 | SBI Long Term Advantage Fund - Series V SBI | +2.21% | +20.68% | +15.10% | 0.79 | -16.2% | 0.97% | ₹37 Cr |
| 3 | SBI Long Term Advantage Fund Series V SBI | +1.89% | +20.26% | +14.68% | 0.76 | -16.4% | 0.97% | ₹324 Cr |
| 4 | ITI ELSS Tax Saver Fund ITI | +4.62% | +17.40% | +13.08% | 0.54 | -22.8% | 0.73% | ₹412 Cr |
| 5 | JM ELSS Tax Saver Fund (Direct) JM Financial | +8.76% | +16.63% | +13.72% | 0.71 | -20.9% | 1.09% | ₹39 Cr |
| 6 | HSBC ELSS Tax saver Fund HSBC | +4.74% | +16.20% | - | 0.68 | -19.2% | 1.21% | ₹3.9K Cr |
| 7 | WhiteOak Capital ELSS Tax Saver Fund WhiteOak Capital | +3.18% | +15.99% | - | 0.77 | -16.4% | 0.87% | ₹435 Cr |
| 8 | SBI Long Term Advantage Fund - Series III SBI | -2.61% | +15.70% | - | 0.61 | -20.8% | - | ₹64 Cr |
| 9 | JM ELSS Tax Saver Fund (Regular) JM Financial | +7.31% | +15.18% | +12.45% | 0.64 | -21.3% | 1.09% | ₹176 Cr |
| 10 | quant ELSS Tax Saver Fund quant | +11.37% | +15.08% | +15.04% | 0.71 | -25.8% | 0.93% | ₹11.9K Cr |
| 11 | BARODA BNP PARIBAS ELSS Tax Saver Fund Baroda BNP Paribas | +4.08% | +15.01% | - | 0.55 | -17.3% | 1.60% | ₹899 Cr |
| 12 | BANK OF INDIA Mid Cap Tax Fund Series 1 Bank of India | +9.94% | +14.68% | +11.56% | 0.57 | -25.0% | 0.88% | ₹59 Cr |
| 13 | Sundaram Long Term Tax Advantage Fund Series II Sundaram | +5.88% | +14.12% | - | 0.51 | -15.0% | - | ₹12 Cr |
| 14 | Sundaram Long Term Tax Advantage Fund Series I Sundaram | +8.09% | +13.65% | - | 0.70 | -14.4% | - | - |
| 15 | BANK OF INDIA Midcap Tax Fund Series 2 Bank of India | +5.88% | +13.62% | +10.66% | 0.53 | -24.1% | - | ₹30 Cr |
| 16 | Sundaram Long Term Tax Advantage Fund Series IV Sundaram | +8.29% | +13.40% | +16.62% | 0.89 | -22.1% | 2.73% | ₹21 Cr |
| 17 | Edelweiss ELSS Tax Saver Fund Edelweiss | +4.03% | +13.23% | +11.28% | 0.63 | -18.5% | 1.17% | ₹434 Cr |
| 18 | Sundaram Long Term Tax Advantage Fund Series III Sundaram | +8.83% | +13.23% | +16.55% | 0.87 | -22.7% | 1.35% | ₹32 Cr |
| 19 | SBI ELSS Tax Saver FUND SBI | -3.53% | +13.19% | +14.18% | 0.76 | -16.7% | 1.13% | ₹31.4K Cr |
| 20 | Navi ELSS Tax Saver Fund Navi | +7.64% | +13.03% | - | 0.38 | -19.7% | - | ₹50 Cr |
Ranked by trailing return (3Y where available, else 1Y) on funds with at least one year of history. Returns, Sharpe, drawdown and TER are computed independently from AMFI NAVs - see methodology. No paid placement.
Frequently asked questions
How are ELSS funds taxed, and how does the 80C benefit work?
ELSS investments qualify for a Section 80C deduction of up to Rs 1.5 lakh per year (old regime only). On redemption, equity taxation applies: because of the three-year lock-in, gains are always long-term, taxed at 12.5% on the amount above Rs 1.25 lakh per financial year. The new tax regime does not offer the 80C deduction.
How does the ELSS lock-in work?
Every unit is locked for three years from its purchase date. With a SIP, each installment locks separately, so units bought in different months become free on a rolling basis. The three-year lock-in is the shortest among Section 80C options like PPF or tax-saving FDs.
What is a reasonable expense ratio for an ELSS fund, and how do I compare them?
Direct-plan TERs are typically mid-range for diversified equity. Since all ELSS funds share an all-cap mandate and the same tax benefit, differentiate on long-run alpha versus the NIFTY 500 TRI, Sharpe, drawdown and TER - all available on FindMF, computed from AMFI NAVs.
Can I withdraw from an ELSS fund before three years?
No. Unlike other equity funds, ELSS units cannot be redeemed before completing three years from the date of each purchase. Factor this illiquidity in before investing; FindMF's long-run return and drawdown data can help you assess whether the lock-in fits your goals.