How do I avail Tax benefits when investing in ELSS funds?

To avail tax benefits, you will receive your investment statements from the Mutual Fund company directly on your registered email ID

Do ELSS funds have a lock in period ?

ELSS Funds have a lock-in period of 3 years from the date of investment. In case of a SIP, each instalment would be locked in for 3 years

How do I choose the right ELSS fund to invest in ?

To choose the top performing ELSS fund, refer our report here at https://www.dbs.com/digibank/in/dbs-funds/dbsfundinformation.html

ELSS (Tax Saving Mutual Funds)

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Equity Linked Saving Scheme (ELSS) or a tax saving mutual fund schemes helps investors to save taxes under Section 80C of the Income Tax Act 1961. The investments in ELSS are subject to a lock-in period of 3 years and qualify for a tax deduction of up to Rs 1.5 lakh. ELSS is one of the best options to save taxes and create wealth in the long term. What’s more, you can avoid the hassles of last-minute tax planning by investing in Equity Linked Saving Scheme (ELSS) via a monthly SIP & end up saving up to Rs. 46,800* in taxes per annum.

Key Benefits

Maximum potential tax saving of Rs. 46,800* per annum
Enjoy higher returns by investing in a portfolio of Equity Linked Instruments
Shortest lock-in period among all 80C investments – of just three years
Ease of investment - You can invest your money via a systematic investment plan (SIP) or as a lump sum
Lower tax on gains – only long-term capital gains above Rs 1 lakh are taxed at 10%

Top performing** funds as per Morningstar

Scheme Name	Morningstar^TM Rating	Returns in 2 Years	Returns in 3 Years	Returns in 5 Years
ICICI Pru Long Term Eq (Tax Sav) Gr	****	8.17%	13.00%	14.80%
Kotak Taxsaver Reg Gr	****	6.70%	14.87%	17.20%
Franklin India Taxshield Gr	****	6.94%	10.75%	15.61%

(ELSS schemes with fund performace, annualized return as per the Morningstar report as on 2^nd May 2019. For the complete report, click here)

To know more about investing in ELSS Mutual Funds funds refer our blog articles here : www.dbs.com/digibank/in/learn/articles/mutual-fund-that-helps-you-save-tax

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Save Taxes With Mutual Funds

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How to Apply for ELSS

For digibank users

Using the digibank mobile app
- Launch the app on your smartphone
- Log in and tap “Mutual Funds” in the navigation menu
- Follow instructions to complete verification
- Start investing!

Using the digibank ibanking website
- Log in and select “Mutual Funds” in the navigation menu
- Follow instructions to complete verification
- Start investing!

New to digibank?

Download the digibank mobile app on your smartphone
Launch the app and sign up for a full digibank Savings Account
Log in and tap “Mutual Funds” in the navigation menu
Follow instructions to complete verification
Start investing!

Frequently Asked Questions

Disclaimers

*Actual tax benefit will vary from person to person. Tax benefit shown here is calculated at the highest tax slab rate of 31.2% including education cess of 4% on the maximum allowable deduction of Rs. 1,50,000 under Section 80C of the Income Tax Act,1961.

**The information herein is prepared and furnished by Morningstar. The fund report is for your reference and information only. Specifically, such content/report is not intended nor shall it be construed as financial, tax or other advice or as an offer, solicitation or recommendation of securities or other financial products. DBS shall have no liability for any direct, special, indirect, consequential, incidental damages or any other loss or damages of any kind arising from any use of this content/report here in (including any error, omission or misstatement therein, negligent or otherwise) or further communication thereof.