Equity-linked Savings Schemes
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ELSS returns depend on the fluctuations in the equity market. It also hinges on the stocks that the particular fund has invested in. ELSS works well for those seeking to invest in the equity market; sans risk cover. ELSS can be open-ended or close-ended.
Investing in ELSS through systematic investment plan (SIP) goes a long way in using the power of compounding. It enables combining low risk with good returns and tax benefits. You can make use of SIP to create wealth over a period of time. It inculcates monthly savings. You get a higher yield on account of the tax savings too. ELSS investment can be done on monthly, quarterly or annual basis.