I have a demat account. How do I invest in ELSS?
- Amiya
You don't need a demat account to invest in a mutual fund. You can buy mutual funds, including Equity Linked Savings Schemes (ELSS), through an AMFI-certified mutual fund advisor or directly through a fund house's website. If you need help with your investments, you should seek the help of an advisor. If you can manage your investments on your own, you can invest directly with a mutual fund and save on the commissions.You can also buy a mutual fund scheme through a broker on stock exchanges. Earlier, a demat account was necessary to buy through an exchange. However, you can now transact in mutual funds on exchanges via a registered adviser or a broker without opening a demat account.
Investments in Equity Linked Savings Schemes (ELSSs) qualify for a tax deduction of up to ₹1.5 lakh under Section 80C of the Income Tax Act. These schemes have a lock-in period of three years and they invest mostly in stocks.
Here is a list of our best ELSSs.
This article was originally published on January 05, 2016.
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