Mutual funds are emerging as the most preferred option for investing in the stock market. The number of people investing in mutual funds is continuously increasing. Right now, when the market is showing a great rally, investors are getting attracted towards mutual funds to avail the excellent returns of the market.
Tax saving mutual funds
Now There are many types of mutual funds available in the market. Investors can choose the suitable scheme as per their choice. Among these, tax saving mutual funds are becoming a particularly attractive option. In this, investors not only get the benefit of higher returns, they also get the opportunity of tax saving. These tax saving mutual funds are also known as ELSS funds.
Stock market made many records
If we talk about the year 2023, this year will not only be for the stock market. Not only has this proved to be historic, tax saving funds have also given excellent returns during this year. If we look at the market, 2023 has proved to be the year of many new records. During the year, both Nifty and Sensex continuously recorded new high levels. While Nifty was successful in crossing the level of 21 thousand points for the first time, Sensex saw a peak of 70 thousand points.
Returns 3 times more than the benchmark
Tax Saving Fund. We are also not lagging behind in this race. During 2023, top tax saving mutual funds have given excellent returns of up to 45 percent to their subscribers. This is many times higher than the benchmark Sensex and Nifty. Sensex and Nifty have given returns of 13.71 percent and 14.89 percent respectively so far this year.
Return (YTD) of top-10 tax saving funds in 2023:
- Sundaram Long Term Tax Advantage Fund: 44.36%
- SBI Long Term Equity Fund: 34.91%
- ITI ELSS Tax Saver Fund: 34.67%
- SBI Long Term Advantage Fund: 34.23%
- Motilal Oswal ELSS Tax Saver Fund: 34.05%
- Bank of India Tax Advantage Fund: 32.18% /strong>
- HDFC ELSS Tax Saver: 30.39%
- Bank of India Midcap Tax Fund: 30.36%
Disclaimer: The information provided here is being given for information only. It is important to mention here that investing in the market is subject to market risks. As an investor, always consult an expert before investing money. ABPLive.com never advises anyone to invest any money.
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