North India Statesman
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PPF is a safe and long -term government savings scheme. This is especially true for those who do not want to take risks. Its lock-in period is 15 years. It provides tax exemption of up to Rs 1.5 lakh under Section 80C. Its interest rate is around 7.1% per year. The interest and maturity amount received on this investment is tax-free.
Equity Linked Savings Scheme (ELSS)
ELSS is a mutual fund scheme that invests most of its money in the stock market. Its lock-in period is three years and it gets tax exemption of up to Rs 1.5 lakh under Section 80C. Since it is subject to market fluctuations, it is ideal for those who are ready to take risks and want strong returns rather than just tax savings.
National pension scheme (NPS)
NPS National Pension Scheme (NPS) is a good way to save for retirement. Employees from both government and private sector can invest in it. On investing in this, you get a tax exemption of ₹ 1.5 lakh under Section 80C and an additional tax exemption of ₹ 50,000 under 80 CCD (1B). This scheme is good for retirement planning and also provides good tax benefits.
Senior civic savings scheme (sCSS)
The SCSS is specifically designed for people over 60 years of age. The scheme provides an annual return of 8.2%. Its lock-in period is five years. A maximum of ₹ 30 lakh can be invested in SCSS. It provides tax exemption under section 80C. This is a good option for safe investment and good returns for senior citizens.
National Savings Certificate (NSC)
NSC is a guaranteed government scheme, providing a fixed interest rate of about 7.7%. Its lock-in period is five years and it gets tax exemption of up to Rs 1.5 lakh under Section 80C. It is suitable for those who want safe returns without any risk.
All these schemes will not only help you save tax but will also help you to become financially strong in the long run. If you want to save tax with good returns, then you can invest in any of these schemes.
