Saving Tax Tips: To avoid financial crunch after old age or retirement, you should start investing from today itself. By investing in small amounts of time, you can accumulate a big fund for the future. However, tax has to be paid on the amount received on maturity, which reduces the value of the total amount.
Voluntary Provident Fund: Employees can invest up to 100% of their salary in VPF. However, unlike EPF, the company does not contribute any share in it. Keep in mind that it is mandatory for the employee to have an EPF account, but there is no restriction on investing in VPF.
Public Provident Fund: You can invest Rs 500 to Rs 1.5 lakh annually in PPF account. This account can be easily opened in the post office. The maturity of PPF account is 15 years. At present 7.1% interest is being given on it.
Equity Linked Savings Scheme: ELSS is an equity based mutual fund, in which 80% is invested in stock market and 20% in debt. Its lock-in period is 3 years. You can start investing in ELSS with just Rs 500. At the same time, there is no limit on maximum investment.
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