Tax Saving Schemes: Invest in these 5 Schemes to Save Your Tax

5 Best Tax Saving Schemes

Public Provident Fund (PPF)

Government-backed long-term savings plan with tax advantages, compounded returns, and a 15-year lock-in period that can be extended.

Sukanya Samriddhi Yojana

Specially created for the future of a girl child, it offers tax benefits, compounded returns, and flexible contributions with a maturity period of 21 years.

National Pension System (NPS)

Long-term voluntary retirement savings with tax advantages, market-linked returns, and investment flexibility.

Senior Citizen Saving Scheme (SCSS)

The plan offers fixed returns, tax benefits, and a 5-year term that can be extended for an additional three years.

Equity Linked Saving Scheme (ELSS)

Mutual funds with tax advantages that are primarily invested in equities and have a three-year lock-in period.

Fixed Deposit

Traditional savings option; interest is taxable; fixed interest rates, multiple tenures, and flexibility in choosing how often interest is paid out.