Widely read:
Is it possible to switch from a tax-saving fund (ELSS) to a non-tax-saving fund of the same fund house? - Anonymous
No. Since ELSS (equity-linked savings scheme) comes with a lock-in period of three years, you can switch your investment to a non-ELSS fund only once the lock-in period has ended.
Moving funds from one scheme to another is called 'switching' and is offered by all fund houses. This allows you to shift your funds across schemes of the same AMC without routing the money through your bank account. As ELSS funds do not allow redemption before maturity, switching to a new scheme would not be possible.
The only exception to the above rule is if the investor passes away. In such a case, the nominee can redeem the investment after one year from the original investment date.
Also read: NPS still holds tax benefits for those under the new tax regime
This article was originally published on January 29, 2024.
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