Key things to know about tax saving mutual funds Updated : January 09, 2020 06:52 PM IST Under mutual funds, equity-linked savings schemes (ELSS) are specifically designed for tax savings. ELSS is an open ended equity linked saving scheme with a statutory lock-in of three years. ELSS offers tax deductions under the provisions of Section 80C. Published : January 09, 2020 06:52 PM IST