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Scheme |
Salient Features |
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6-year
National Savings Certificates VIII Issue
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- Compound
(half-yearly) interest @ 8 percent p.a. payable on
maturity
- No
limit on deposit; certificates are issued in denominations
of Rs. 100, Rs. 500, Rs. 1,000, Rs. 5,000 and Rs.
10,000
- Investment
and accrued interest qualify for deduction under
Section 80C
- Interest
Income is taxable
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15-year
Public Provident Fund
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- Compound
interest @ 8 percent every year but payable at the
time of maturity
- Minimum:
Rs. 500 and Maximum Rs. 70,000 in every financial
year
- Minimum
One Deposit every Year
- Interest
totally exempt u/s. 10(11); investment qualifies for
tax deduction under section 80C
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Post
Office Savings Bank Account
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- Interest
@ 3.5 percent p.a. credited annually
- Minimum
Rs. 20 and Maximum Rs. 50,000 for an individual and
Rs. 1,00,000 for two or more adults jointly in one
or more accounts. No limit on group/institutional
or official capacity accounts
- Interest
is taxable
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Life
Insurance Corporation or any other Insurance Company
providing Life Insurance
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- Various
Schemes announced by LIC and other Insurance Companies
like HDFC Life Insurance are potential investments
to cover Risk and also save in your Income Tax.
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Unit
Trust Of India
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- UTI
announces various Tax savings Schemes from time to
time which can be an avenue for savings in Tax. The
most popular scheme for this is ULIP.
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Infrastructure
Bonds/ Shares
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- These
qualify deduction U/S 80C
- Various
Government or Semi Government Companies or Financial
Institutions agencies announce the issue of such Shares/
Debentures/ Bonds from time to time.
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