Where to invest to save tax in FY2023-24? Top 5 tax-saving investments for you

Rating: *****
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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Rating: *****
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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Rating: ****
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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Returns: 8.2% in January-March 2024
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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Returns: 8.2% in January-March 2024

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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