My mother is 65 years old and has a few lacs as savings in her bank account. She can put aside this money as she does not need it for the next 3-5 years. Her main objectives are tax savings and growth. Is it advisable for her to put this money in one of the tax saving schemes you have recommended earlier? It will not be in regular installments but a lump sum amount since she does not have a regular income. I personally invest in stocks and I have no experience with mutual funds. Thank you.
1 Answers
As her age, I would not advise to invest into equity linked investments as they are not that safe.
Five year tax saving fixed deposit would be best option at this moment. She can get more than 10% rate of interest on such investment.
BTW, if she does not have regular income, why she need to invest for tax saving purposes.
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