Bank of India ELSS Tax Saver Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Bank of India ELSS Tax Saver Fund Direct Growth Plan has a NAV of ₹195.10 as of 03 Sep 2026 and an AUM of ₹1,395 Cr. Its 1-year, 3-year and 5-year returns are 6.09%, 13.92% and 11.72%, and it carries a High Risk profile.

Our view is that this ELSS may suit investors who can stay with equity risk for a full lock-in period and beyond. The fund has kept pace with a broad market benchmark over longer periods, while the recent 1-year figure is stronger than the benchmark but still well below the 3-year pace, which points to some short-term softness after a better medium-term run.

Quick facts

The fund is managed by Alok Singh.

Source data date: as of 03 Sep 2026

Performance

The recent pattern is mixed, but not weak across the board. Over 1 month, the fund stayed close to flat and fell less than the benchmark, which suggests some stability in a choppy stretch. Over 3 months, it improved more than the benchmark, and the 1-year return is clearly ahead of the index even though the absolute figure is modest compared with the stronger medium-term numbers.

The longer lens is more useful here. The 3-year return of 13.92% is well above the benchmark’s 5.74%, and the 5-year return of 11.72% also stays ahead of the benchmark’s 6.27%. That tells us the fund has been able to compound better than the broad market over full market cycles, even if the pace has not been smooth.

The return pattern also shows why this should not be read as a low-volatility ELSS. The 1-year figure is much lower than the 3-year number, so recent performance has cooled relative to the better multi-year track record. Even so, the fund has not lost its longer-term edge versus the benchmark, which keeps the overall picture constructive.

Source data date: as of 03 Sep 2026

Peer comparison

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the 1-year view, the fund trails the strongest peer figures in this set, but it is still ahead of some peers and above the benchmark. The 3-year and 5-year numbers are steadier than the short-term result and remain competitive, though several peers have shown stronger medium-term and long-term returns. That creates a split picture: the fund looks less compelling over one year, yet its multi-year record still holds up reasonably well in the peer set.

Source data date: as of 03 Sep 2026

Portfolio: where your money goes

The top 10 holdings account for approximately 40.42% of the portfolio.

To see all holdings, visit the Bank of India ELSS Tax Saver Fund Direct Growth Plan page

The largest holding is TREPS at 10.22%, which is meaningful because it is much larger than each of the stock positions listed below it. After that, the weights step down fairly quickly: State Bank of India is 5.26%, ICICI Bank Limited is 4.53%, and the tenth holding, NTPC Limited, is 2.59%.

That gap suggests the portfolio is not evenly spread across the top names. The biggest positions may have greater influence on short-term fund behaviour, while the long tail of 49 disclosed holdings can still add diversification beyond the visible top 10. With the displayed holdings accounting for 40.42% of the portfolio, the fund appears to combine a few larger bets with a wider underlying spread.

Because TREPS is the largest item in the disclosed list, part of the portfolio is held in cash and cash equivalents. That can moderate day-to-day movement at the margin, but the fund still remains an equity ELSS with a High Risk profile, so the stock book is still likely to matter for return outcomes.

Source data date: as of 03 Sep 2026

Who should invest

This fund may suit investors who can accept equity-market swings and want ELSS exposure with a three-year lock-in. The High Risk tag fits that profile, and the return pattern shows why patience matters: the fund has a stronger 3-year and 5-year record than its 1-year figure, and it has stayed ahead of the benchmark over those longer periods.

Our view is that the better fit is a medium- to long-term investor who can tolerate uneven short-term results in exchange for the possibility of stronger multi-year compounding. The portfolio also includes a meaningful cash-equivalent position alongside equity holdings, which may soften some moves but does not change the fund’s equity nature. The main trade-off is simple: better long-term upside potential, but with noticeable short-term variability.

Tax and exit load

Exit load: No exit load after the holding period.

Source data date: as of 03 Sep 2026

Frequently asked questions

What is the current NAV of Bank of India ELSS Tax Saver Fund Direct Growth Plan?

The current NAV is ₹195.10 as of 03 Sep 2026.

How has the fund performed over 1 year, 3 years and 5 years?

Its 1-year return is 6.09%, its 3-year return is 13.92%, and its 5-year return is 11.72%.

How does the fund compare with the benchmark?

It is ahead of the Nifty 50 over 1 year, 3 years and 5 years. The gap is widest over 3 years and remains positive over 5 years.

How does it compare with the peer funds listed here?

Its 1-year return is below the strongest peer figures in this set, while its 3-year and 5-year returns remain competitive but not the strongest among the listed peers.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

Who manages the fund, and what is the exit load?

The fund is managed by Alok Singh. There is no exit load after the holding period.

Bottom line

Bank of India ELSS Tax Saver Fund Direct Growth Plan shows a clear difference between its recent and longer-term profile. The 1-year return has slowed, but the 3-year and 5-year numbers still stay ahead of the benchmark, which keeps the overall picture balanced. The portfolio has a noticeable top holding in TREPS and a spread of equity positions after that, so it is not a plain one-bet fund. For investors who can accept High Risk equity exposure and hold through the ELSS lock-in, it remains a sensible long-term review candidate.

Published on 4 September 2026 at 2:01 PM IST