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Article discusses Rate of Interest, Limit of Investment and Income Tax Benefit from Investment in 8 Most Popular Tax Saving Instruments in India i.e. 1,2,3 and 5 year Time Deposit, 5 Year National Savings Certificates VIII Issue (NSC), 5 Year Post office Recurring Deposit(RD), 15 year Public Provident Fund (PPF), Post office Saving Bank Account, 7 years Saving Bonds, 5 year Senior Citizen Savings Scheme, Sukanya Samriddhi Account. Tax benefit may be in the form of deduction U/s. 80C or Exemption of Interest from Tax.
Tax Saving Schemes Available for Assessment Year 2020-21 under Income Tax:
| Serial No. | Tax Saving Schemes | Rate of Interest | Limit of Investment | Exemption under Income Tax |
| 1. | 1,2,3 and 5 year Time Deposit |
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| 2. | 5 Year National Savings Certificates VIII Issue(NSC) |
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| 3. | 5 Year Post office Recurring Deposit(RD) |
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| 4. | 15 year Public Provident Fund(PPF) |
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| 5. | Post office Saving Bank Account | Interest @ 4% per annum. |
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| 6. | 7 years Saving Bonds |
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| 7. | 5 year Senior Citizen Savings Scheme |
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| 8. | Sukanya Samriddhi Account | Interest @ 8.4% per annum, compounded yearly. |
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Rahul Grover – info@raagconsultants.com
(Republished with Amendment)
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