Gold Deposits

Another big positive for common investors was the government's Gold Monetization Scheme. Under the revised gold monetization scheme, banks will be used to take gold from individuals, open a gold deposit scheme in their names, and channelize the gold to the industry and jewellers, while the gold deposit customer will get some rate of interest on the gold deposited in the bank. When the customer needs the gold, he / she can get it from the bank, along with the interest due.

According to industry players, the basic idea behind this new scheme is similar to the one already in existence in Turkey, through which the country was able to channelize about 250 tonnes of gold, currently worth about Rs 67,000 crore, in three years. The scheme is expected to drive orderly recycling and enhance transparency in gold business. The existing scheme is aimed only at entities having large reserves of gold, like temples.

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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