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Looking for tax-saving investment for FY23-24?
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Should you invest in NPS to save tax?
Returns: 8.16% in last five years
Lock-in period: Till retirement
Tip: The additional deduction offered by the scheme is very useful for those with surplus funds.
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How to save tax with ELSS
Returns: 18.24% in last five years
Lock-in period: 3 years
Tip: With equity markets on a roll, ELSS funds, especially large-cap oriented schemes, are expected to do well in the near term.
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Ulips: How to save tax
Returns: 8.15% in past five years
Lock-in period: 5 years
Tip: As the tax net spreads, these insurance-cum-investment plans are a tax-free haven. However, these are not as flexible as ELSS.
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Senior Citizen Savings Scheme
Lock-in period: 5 years
Tip: It’s the best way to save tax for senior citizens. A new rule that allows unlimited extensions makes it more attractive.
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Sukanya Samriddhi Yojana
Lock-in period: Till child is 18.
Tip: The recent hike in interest rate has made it an attractive option for parents with girl children. But it has a limited scope.
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