1. Equity-Linked Saving Schemes (ELSS): Maximize Returns, Minimize Tax
· Invest in ELSS mutual funds · Lock-in period of 3 years · Potential for higher returns compared to traditional options
2. Public Provident Fund (PPF): Steady and Safe
· Long-term investment with a lock-in period of 15 years · Tax-free interest and maturity amount · Ideal for risk-averse investors
3. National Pension System (NPS): Plan for Retirement, Save on Taxes
· Tier-I NPS contributions eligible for tax deduction · Mix of equity and debt options for a balanced portfolio · Long-term wealth creation with a focus on retirement planning
4. 5-Year Fixed Deposit (FD) Traditional yet Reliable
· Secure investment with fixed returns · Interest income qualifies for tax benefits · Flexible tenure options to suit your needs
5. Sukanya Samriddhi Yojana (SSY): Empowering the Girl Child
· Specifically designed for girl children · Tax-free interest and maturity amount · Long-term investment with a lock-in until the child turns 21
6. National Savings Certificate (NSC): Backed by the Government
· Fixed-interest investment with a lock-in of 5 or 10 years · Interest qualifies for tax deduction under Section 80C · Low-risk option for conservative investors
7. Unit-Linked Insurance Plans (ULIPs): Insurance with an Investment Edge
· Life insurance coverage combined with market-linked returns · Tax benefits on premium payments under Section 80C · Flexibility to choose between equity and debt funds
8. Employee Provident Fund (EPF): Building Financial Security
· Mandatory for salaried employees · Contributions eligible for tax benefits under Section 80C · Long-term savings for retirement with a tax-efficient structure
Conclusion
· Combine multiple tax-saving investments for a diversified portfolio · Assess your risk appetite and financial goals before making decisions Consult a financial advisor for personalized guidance