Interest Rate of Small Savings Schemes

The interest rate for Senior Citizens Savings Scheme (SCSS) has been enhanced to 9.3% from the existing 9.2%. The girl child has benefitted too, with an enhancement in interest rate of the Sukanya Samriddhi Yojana. The latter will earn now earn 9.2%. The rates of PPF and Kisan Vikas Patra and other small savings schemes have been left unchanged.

The Sukanya Samriddhi Yojana is the government's flagship scheme to promote savings for the girl child. Accounts for the child can be opened in banks and post offices, and half of the fund can be withdrawn for her higher education or marriage after she attains 18 years of age. An account can be opened for a girl of up to 10 years old. A maximum of `1.5 lakh can be deposited in a financial year.

Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1.ICICI Prudential Tax Plan

2.Reliance Tax Saver (ELSS) Fund

3.HDFC TaxSaver

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.IDFC Tax Advantage (ELSS) Fund

9.Axis Tax Saver Fund

10.BNP Paribas Long Term Equity Fund

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

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