An Equity Linked Savings Scheme (ELSS) is an open-ended mutual equity fund that not only helps you save cash, but also gives you the chance to grow your capital. It applies under section 80C of the Indian Income Tax Act for tax exemptions. Suitable for investors who want to save money for at least 3 years and seek additional income tax saving benefits apart from higher expectations of returns. Such investors should also be prepared for the possibility of modest declines in their holdings and a 3-year lock-in duration at the same time.