Tax Saving Products
Equity Linked Saving Scheme (ELSS): ELSS are a type of mutual fund that invests primarily in stocks. ELSS come with a lock-in period of 3 years, but they offer the potential for high returns. They are also one of the few tax-saving options that offer the potential for capital appreciation.
National Pension Scheme (NPS): NPS is a voluntary pension scheme launched by the Government of India. NPS contributions are tax-deductible up to a certain limit. NPS is a good option for investors who are looking to build a corpus for their retirement.
Public Provident Fund (PPF): This is a long-term savings scheme offered by the Indian government. PPF accounts come with tax benefits and offer attractive interest rates.
Employee Provident Fund (EPF): EPF is a retirement savings scheme for salaried employees in India. EPF contributions are tax-deductible up to a certain limit. EPF is a good option for employees who are looking to save for their retirement.
Unit Linked Insurance Plan (ULIP): ULIPs are investment-cum-insurance products that offer tax-saving benefits. ULIPs invest in a mix of stocks, bonds, and other assets. ULIPs can be a good option for investors who are looking for a combination of investment and insurance coverage.
Senior Citizen Savings Scheme (SCSS): SCSS is a government savings scheme for senior citizens. SCSS accounts offer high interest rates and are tax-deductible up to a certain limit. SCSS is a good option for senior citizens who are looking for a safe and guaranteed way to earn income on their savings.
Sukanya Samriddhi Yojana (SSY): SSY is a government savings scheme for girl child. SSY accounts offer high interest rates and are tax-deductible up to a certain limit. SSY is a good option for parents who are looking to save for their daughter's future.
Tax-Saving Fixed Deposits (FDs): Tax-saving FDs are fixed deposits offered by banks that come with tax benefits. Tax-saving FDs typically have a lock-in period of 5 years. They are a good option for investors who are looking for a safe and guaranteed way to save money for the short term.