Can I invest in ELSS mutual funds even if I do not need tax benefits?

Yes, you can invest in ELSS even if you do not need tax benefits. You can invest in same manner you do in other equity mutual funds.

Equity Linked Savings Scheme (ELSS):

1. ELSS is a dedicated mutual fund scheme that allows investors to save tax. It also provides an opportunity for long term capital appreciation.
2. An ELSS fund manager invests in a diversified portfolio, predominantly consisting of equity and equity related instruments that carry high-risk and have the potential to deliver high-returns.
3. Features of ELSS Funds:

• Multi cap funds
• Tax-saving
• Three-year lock-in period
• Can be held even after the completion of three years
• Offers dividend as well as growth options
• Tax Saving instrument

But the question is whether you should invest or not. ELSS, being a tax saver fund have 3 years of lock-in period. So, if you are not investing in these funds for tax saving purpose, then it will give you very low liquidity as you cannot redeem your money before 3 years. Also, if are ready to invest in such a long period of 3 years and more, than better performing Multi cap funds to invest in with the flexibility of anytime withdraw. So, choose wisely as per your investment goal.

If you want to invest in ELSS, these are popular ELSS for 2017:

• Reliance Tax Saver (ELSS) Fund 
• IDFC Tax Advantage (ELSS) Fund 
• Aditya Birla Sun Life Tax Relief 96

If you want to invest in other multi cap fund, these are some popular multi cap funds for 2017:

• Motilal Oswal MOSt Focused Multicap 35 Fund 
• Aditya Birla Sun Life Equity Fund
• Franklin India High Growth Companies Fund

Happy Investing!

Yes you can invest in ELSS whether you need or not need tax saving investments. ELSS are just another kind of open-ended Mutual Funds. These are mostly multi-cap equity funds that give good returns in growing market. 

Should you invest?

ELSS has 3 year lock-in period. Meaning, you cannot redeem your money before 3 years of investment. Also, you can find better performing Multi cap funds to invest in with the flexibility of anytime withdraw. Therefore I would say, don't invest in ELSS unless you are claiming the investment for tax benefits under section 80c.