ELSS (Equity Linked Savings Scheme) are diversified open-ended equity fund schemes offered by AMC (Asset Management Companies) in India that have a tax benefit for the investors under the current Section 80C of Income Tax Act 1961. ELSS investments can be through a lump sum amount or SIP method. The investor can save taxes up to INR 1.5 lakh.
However, if the investor chooses to have SIP under the ELSS scheme, the investment will be different from other investments, and there will be a lock-in period of three years. The investor can withdraw the SIP funds after the completion of the lock-in period.
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