Lifestyle
Here are the top seven investment options.
PPF is a long-term savings scheme with a 15-year tenure. It offers tax deductions on contributions, and the interest earned and the maturity amount are tax-free.
ELSS funds are mutual funds that invest primarily in equities. They have a lock-in period of three years and offer the potential for high returns.
NSC is a fixed-income investment scheme with a 5-year tenure. Interest is compounded annually but is taxable. However, it can be reinvested and claimed under Section 80C.
Contributions made by an employee to the EPF are eligible for tax deductions. The interest earned and the maturity amount are also tax-free, provided certain conditions are met.
NPS is a retirement investment. NPS contributions are tax-deductible under Section 80C and Rs 50,000 under 80CCD(1B).
These are bank fixed deposits with a lock-in period of five years. The investment amount is eligible for tax deductions, but the interest earned is taxable.
SSY is a savings scheme for the girl child with a tenure of 21 years or until the girl marries after turning 18. Contributions, interest earned & maturity amounts are all tax-free.