Index fund
It is a type of mutual fund whose portfolio of stocks tracks an exchange index like the Sensex. So it is a passively managed fund with stocks in the same proportion as the index it's tracking and has a low operating cost and low portfolio turnover. However, it may not reflect the same returns as the index due to what is known as `tracking error'. This is because these funds also have a certain percentage of cash and other assets for liquidity.
Exchange traded fund
These are also mutual funds that track an index, commodity or bonds and have stocks in the same weightage as those in the index it tracks. However, the main difference is that these can be traded on the stock exchange during the day like other stocks and, hence, one needs a demat account to operate these. ETFs typically have higher daily liquidity and are more transparent.
Top 10 Tax Saver Mutual Funds for 2018
Best 10 ELSS Mutual Funds to invest in India for 2018
1. DSP BlackRock Tax Saver Fund
2. Invesco India Tax Plan
3. Tata India Tax Savings Fund
4. ICICI Prudential Long Term Equity Fund
5. Birla Sun Life Tax Relief 96
6. Franklin India TaxShield
7. Reliance Tax Saver (ELSS) Fund
8. BNP Paribas Long Term Equity Fund
9. Axis Tax Saver Fund
10. Birla Sun Life Tax Plan
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