Know the details about the How To Invest In ELSS Through Upstox Procedure Charges Returns, ELSS Investment from Upstox Procedure Online Details
Investing in ELSS through Upstox: A Comprehensive Guide
Equity Linked Savings Schemes (ELSS) are a popular investment choice for individuals looking to save taxes and earn reasonable returns Investing in ELSS through Upstox is a straightforward process. Here’s a step-by-step guide, along with some additional information on charges, returns, forecasts, and more.
How To Invest In ELSS Through Upstox Procedure Charges Returns
Step-by-Step Procedure
Step 1: Open a Demat Account
The first step is to open a Demat account with Upstox. This account will be used to hold your mutual fund units.
Step 2: Link Your Bank Account
After opening your Demat account, the next step is to link it with your bank account. The funds for your ELSS investments will be deducted automatically from this linked account.
Step 3: Visit the Mutual Fund Section
Once your bank account is linked, log into the Upstox app and go to the Mutual Fund section
Step 4: Choose Your ELSS Funds
In the Mutual Fund section, you can select the ELSS funds you wish to invest in. You can customize the amount and frequency of your investments.
Step 5: Place Your Order
After choosing your ELSS funds, you can place your Mutual Fund order.
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Charges, Returns, and Forecast
The charges for investing in ELSS through Upstox are minimal, making it a cost-effective investment option. The returns on your investment will depend on the performance of the ELSS funds you choose.
Forecasting the exact returns from ELSS is challenging due to market volatility. However, historically, ELSS funds have provided decent returns over the long term.
Things to Know
- ELSS funds primarily invest in stocks of listed companies.
- ELSS funds qualify for tax savings under Section 80C of the Income Tax Act.
- The minimum investment required to start investing in ELSS through Upstox is low, making it accessible to many investors.
- Investment in the securities market is subject to market risks. Please go through your own due diligence before investing.
Frequently Asked Questions
Q: What are ELSS Funds?
A: Equity Linked Savings Schemes (ELSS) are mutual funds that invest a major portion of their corpus into equity or equity-related instruments. They are also known as tax-saving schemes.
Q: Can I invest in ELSS via Upstox?
A: Yes, you can open a trading account with Upstox and start investing in ELSS.
Q: What are the tax benefits of investing in ELSS?
A: By investing in ELSS, you can claim annual tax deductions on investments up to Rs.1.5 lakh under Section 80C.
Investing in ELSS through Upstox is a simple and hassle-free process. With careful planning, research, and the added benefit of tax savings, it can be a great way to grow your wealth.
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