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All banks provide tax-saving fixed deposits (FDs) with a fixed rate of profit. And they also give taxpayers savings on income tax. The investment amount up to Rs 1,50,000 per financial year in a 5-year tax saver FD qualifies for taking away from total bold income.
You can have an 8.1% interest rate on investment in EPF, while it provides 7.1% for a PPF account. You can return the money from the account when resigning from your job. Otherwise, it is impossible to have the amount in PPF without meeting the definite time.
You can save money on the taxes by investing in NPS or any other pension scheme, as well as health insurance policies, including critical illness cover.
Some financial experts suggest you should take out some of your savings every month and invest them into mutual funds to grow well and earn good profits over time.