IBPS PO General Awareness: Mutual Funds and Investment Schemes questions with solutions

Q1. An ELSS is a diversified equity mutual fund which has a majority of the corpus invested in equities. What is the meaning of "L" in ELSS?

1. Least
2. Linked
3. Lose
4. Level

Answer: Linked

ELSS stands for Equity-Linked Savings Scheme. Here, the letter "L" refers to "Linked" because the scheme is linked to equity investment and tax-saving benefits.