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Is ICICI Prudential Equity & Debt Fund an ELSS fund?

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Last Updated: Feb 17, 2020, 03.28 PM IST
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I want to know whether ICICI Prudential Equity & Debt Fund (Growth) is a tax-saving mutual fund. I am investing Rs 1,000 every month in the scheme.
-Janardhan


ICICI Prudential Equity & Debt Fund is an aggressive hybrid scheme. These schemes invest in a mix of equity (65-80%) and debt (20-35%). They are considered ideal for new investors and extra cautious equity investors because of their portfolio mix. The debt part of the portfolio acts as a cushion when the stock market gets into a volatile phase. Mutual fund advisors also believe that regular rebalancing by these schemes to maintain the portfolio mix help them to maximise returns. However, investments in these schemes do not qualify for tax deduction under Section 80C of the Income Tax Act.

ELSS or equity linked saving scheme qualify for tax deductions under Section 80C. These schemes come with a mandatory lock-in period of three years. They invest mostly in stocks. So, you should invest in them only if you have a high risk appetite and an investment horizon of five to seven years.

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(If you have any mutual fund queries, message us on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.)

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