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3. Public Provident Funds (PPF)
The money will be locked in for 15 years and can be renewed after the expiration of the lock-in duration in periods of five years. Returns will be calculated based on compound interest at the rate of 7.1% p.a. It is possible to make a minimum yearly investment of Rs.500. Up to Rs.1.5 lakh can be invested per annum.
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Here are 10 Saving Schemes and Plans where you can Invest for a Secure Future:
Public Provident Funds (PPF) : PPF is a government-backed tax-free savings scheme. The equity deposited with your PPF account will get tax rebate under Section 80C of the Income Tax Act . The interest reaped from such savings is also tax-exempt. You can open a PPF account at the closest bank or post office. The money will be sealed in for 15 years and can be extended in blocks of five years after the lock-in period's culmination. Returns will be computed based on compound interest at the rate of 7.1% p.a. The lowest annual investment of Rs.500 should be deposited. An individual can deposit up to Rs.1.5 lakh per annum.