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elss mutual funds for nri

Invest in the best mutual funds recommended by Scripbox that are scientifically and algorithmically selected that best suit your needs. Let’s take a look at the top mutual funds to invest this year. Be it long-term, short-term, tax saving or your emergency needs. We have you covered.

Scripbox algorithm recommends 2-4 funds for investment for an investment asset class such as large cap, diversified, liquid etc. When you invest for an objective, the algorithm suggests the appropriate asset class and funds.

ABOUT ELSS MUTUAL FUNDS

ELSS mutual funds are open-ended equity mutual funds. They invest the majority of their assets in equity and equity-related instruments. ELSS funds help save tax and also provide an opportunity to grow the investment. These mutual funds are approved as tax saving funds to boost the habit of long term investment and saving.

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Funds recommended by Scripbox for 2021

Mirae Asset Tax Saver Fund (G)

Mirae Asset Tax Saver Fund (G)

Tax Saving

Recommended

Top Ranked

₹ 5,647 Cr

Fund Size

16.9%

3Y returns

Motilal Oswal Long Term Equity Fund (G)

Motilal Oswal Long Term Equity Fund (G)

Tax Saving

Recommended

Top Ranked

₹ 1,885 Cr

Fund Size

8%

3Y returns

NRI Mutual Funds Questions & Answers

Frequently asked questions

Can NRI invest in ELSS?

ELSS is a Unit Linked Insurance Plan which is not a restricted plan. An NRI is eligible to invest in, provided that the NRI updates their KYC prior to investing in the funds. Unlike Indian residents, NRIs might not be able to benefit from tax savings on this scheme in the same way.

How do I start ELSS?

In order to start ELSS, you need to study first your taxable income and your tax slab so that you can decide which scheme suits you more, after that you can easily start it online be accessing the ELSS website and fill the details of your bank account and your desired ELSS Plan

Is it worth investing in ELSS for an NRI?

Equity-linked saving schemes (ELSS) is eligible for a tax deduction under Section 80C of the Income Tax Act, 1961. An investor can claim an investment of up to ₹ 1.50 lakh as a deduction from taxable income in India. 

This deduction is available to both Indian residents and NRIs. If an NRI has a taxable income from house property or other sources in India, then he/she can invest in ELSS and claim tax benefits.

Can ELSS be stopped?

ELSS can be stopped in the same way you can stop any SIP according to specific terms. If you started ELSS online you can stop it in the same way by accessing the website and request to cancel your current ELSS plan.