Irrespective of their income, people in India seem to have a thing for investment. People invest money for their different definite future needs such child’s education, foreign travel plans, and retirement. Therefore, if you haven’t started already, here are some of the best investment options you can start with.

  1. Public Provident Fund: The first and foremost is PPF schemes, also known as Public Provident Funds. These investment schemes allow people to invest a small portion of their income on a weekly/ monthly/ half-yearly and annual basis and earn the applicable interest. The money that you invest keeps on growing exponentially and you get a huge corpus once you retire. The best and most advantageous part, you can claim the invested sum as deduction as per section 80C. Though the maximum deduction available is capped at Rs 1.5 lacs per annum.

  1. Fixed Deposit: The second option in the list is Fixed Deposit even though it’s one of the safest and most practical investment scheme offering in India. The scheme let’s people invest a lump-sum amount in any bank or NBFC they prefer and earn decent returns. Also, this investment scheme too is in accordance with section 80C. Therefore, you can claim the invested sum as deduction.

  1. MIS or SIP: You can invest in SIP or MIS schemes offered by banks and other investment consultants. Though, get clarity on which one of the two to investment scheme you’re going to invest in. The MIS scheme is offered by banks and the SIP scheme is offered by different investment firms.