Tax Saving Schemes: If you are planning to save on taxes this financial year, investing before March 31, 2025, will be highly beneficial. Under the old tax regime, you can claim a tax deduction of up to ₹1.5 lakh under Section 80C. The government offers several safe and reliable investment options for this purpose, which not only provide tax benefits but also offer attractive returns.
Public Provident Fund (PPF)
The Public Provident Fund is one of the most reliable and secure tax-saving options for investors. Both the interest earned on the investment and the maturity amount are tax-free. The government offers an interest rate of 7.1% per quarter on this scheme. A minimum of ₹500 and a maximum of ₹1.5 lakh can be invested annually in a PPF account. This scheme proves beneficial for investors in the long term.
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Sukanya Samriddhi Yojana (SSY)
If your daughter is less than 10 years old, the Sukanya Samriddhi Yojana is an ideal investment option for you. It offers an interest rate of up to 8.2%, which is higher than PPF. The minimum investment is ₹250, and the maximum is ₹1.5 lakh annually. The interest earned on investments in this scheme is completely tax-free, allowing parents to securely save for their daughter’s future.
National Savings Certificate (NSC)
For those who want to invest without any risk, NSC is a safe option. It has a tenure of 5 years and an interest rate of 7.7%. The minimum investment starts from ₹1,000. Investing in NSC also provides a tax exemption under Section 80C.
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Senior Citizens Savings Scheme (SCSS)
For senior citizens, the Senior Citizens Savings Scheme is the safest and most profitable option. It offers an interest rate of 8.2%, and the minimum investment starts from ₹1,000, with a maximum limit of ₹30 lakh. The scheme has a lock-in period of 5 years, and investments are eligible for tax deductions up to ₹1.5 lakh.
Tax-Saving Fixed Deposits (FDs)
Tax benefits can also be availed by opening a fixed deposit with a bank for a period of 5 years. The interest rate varies from bank to bank. The lock-in period is 5 years, and the investment amount is eligible for tax deductions under Section 80C, but the interest earned is taxable.