How to Save Tax Under Section 80C of the Income Tax Act: Good return on savings, guaranteed security on capital, and also saving income tax – what can be better if all these features are combined in a scheme? If you are also looking for a savings scheme with such features, then you can approach the post office of the Government of India, where many such schemes are available. We are telling you about 5 such schemes, out of which you can choose the right scheme according to your need. All these schemes get the benefit of tax exemption under section 80C of the Income Tax Act.

Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana or SSY account can be opened in the name of the girl child. The age of the girl child should be less than 10 years at the time of opening the account. When the daughter turns 18, she becomes the owner of that account. Right now 7.6 percent interest is being received in SSY. This account can be opened by making a minimum deposit of Rs 250 and a maximum of Rs 1.5 lakh can be deposited in a year.

Public Provident Fund (PPF)
The purpose of the Public Provident Fund or PPF is to invest for a long time and collect corpus for retirement or any other long-term purpose. Apart from banks, PPF accounts can also be opened in post offices. Currently, interest is being received on PPF at an annual rate of 7.1 percent, which is compounded on an annual basis.

National Savings Certificate (NSC)
At least Rs 1000 can be deposited in National Savings Certificates ie NSC, while there is no limit on the maximum investment. National Savings Certificate matures in 5 years, on which interest is currently being received at the rate of 7 percent. Tax exemption is also available under 80C on investment in NSC. But at the time of maturity, interest is taxed according to the slab.

Senior Citizen Savings Scheme (SCSS)
Elders of 60 years or above can invest in Senior Citizen Savings Scheme (SCSS) through post office. Apart from these, those people who are above 55 years of age can also invest in it, who have retired. But for such people, it is necessary to invest in SCSS within one month of getting the retirement benefit. The minimum amount for investment in Senior Citizen Savings Scheme is Rs 1000, while the maximum limit of investment is Rs 15 lakh.