Have I chosen the right tax-saving mutual fund schemes?

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I have recently started two monthly SIPs in the following ELSS mutual funds:
Axis Long Term Equity Fund:Rs 3,000
ICICI Prudential Long Term Equity Fund: Rs 2,000

Are these mutual fund schemes good? Or should I invest in any other moderate risk funds for stable returns?
--Shubhm Jain

Puneet Oberoi, Founder, Excellent Investment Advisors, responds:

When we talk about investments in equity mutual funds, we need to have a horizon of at least seven years or more. If the horizon of your financial goals is less than five years, you may consider investing in conservative hybrid funds.

  • 17.28%Annualized Return for 3 year
  • >3 years Suggested Investment Horizon
  • 2.11 YearsTime taken to double money
  • 12.73%Annualized Return for 3 year
  • >3 years Suggested Investment Horizon
  • 5.2 YearsTime taken to double money
But if you have a longer investment horizon then you can stay invested in the ELSS funds you have mentioned.

My recommended ELSS or tax-saving mutual funds are:
Axis Long Term Equity Fund
Mirae Asset Tax Saver Fund
Kotak Tax Saver Regular Plan
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