Tax Saving Options / Schemes
At a Glance

The table below shows salient features of popular tax saving options / schemes available. You may compare and select the option / scheme best suitable for you keeping in view the returns, tax benefits, liquidity, tenure etc.

The deposit accounts offered by banks fall broadly under following categories :

OptionReturnsTenureTax BenefitsLiquidity
PPF8.70% p.a.15 yearsu/s 80C
Interest is NOT taxable
Loan and Withdrawals available
NSC (VIII) issue8.50% p.a.5 yearsu/s 80C
Interest is taxable
Loan from banks.
NSC (IX) issue8.80% p.a.10 yearsu/s 80C
Interest is taxable
Loan from banks.
Bank Tax Saving Time DepositVaries from bank to bank5 yearsu/s 80C
Interest is taxable
Nil
Post Office Term Deposit
(For 5 years)
8.50% p.a.5 yearsu/s 80C
Interest is taxable
Nil
Post Office Senior Citizen Saving Scheme9.20% p.a.5 yearsu/s 80C
Interest is taxable
Nil
Sukanya Samriddhi Account9.2% p.a.21 years or marriage of the girl child, whichever is earlieru/s 80C
Interest is NOT taxable
Withdrawal for higher education
Life InsuranceRelated to Market Movement
Returns are usually lower than other options
Minimum 3 yearsu/s 80C
Amount payable on maturity of policy is not taxable.
Loan from banks
Eligible Mutual FundsBears market RiskMin. lock in period of 3 yearsYes u/s 80C
Dividend is exempted in the hands of investors.
Nil
Health InsuranceNot ApplicableNot applicableUpto ₹ 20,000/- for senior citizen and ₹ 15,000/- for others u/s 80DNot applicable
Home LoansNot ApplicableNot ApplicableLoan repayments u/s 80C.
Accrued interest u/s 24.
Not applicable

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