Top 5 Investment Options for Saving Your Tax in India

by priyanka roshan | july 2, 2024

Maximizing your tax savings while building a secure financial future is essential. Here are the top five tax-saving schemes in India for 2024 that can help you achieve both:

Employee Provident Fund (EPF)

EPF offers tax deductions under Section 80C, making it essential for salaried individuals.

Public Provident Fund (PPF)

PPF provides tax deductions under Section 80C, attractive interest rates, and tax-free returns.

Equity Linked Savings Scheme (ELSS)

ELSS funds offer equity market returns and tax savings with deductions under Section 80C and a shorter lock-in period.

National Pension System (NPS)

NPS is a voluntary retirement scheme with tax benefits under Section 80CCD(1) and additional deductions under Section 80CCD(1B).

Tax-Saving Fixed Deposits (FDs)

Tax-saving FDs provide assured returns with a 5-year lock-in period and tax deductions under Section 80C.