PhonePe aids savings from fund investments

CHENNAI JUL 24

Through PhonePe one can invest in Tax Saving Funds in a few minutes and that too in a completely paperless manner and make use of the provision of the Section 80C of the Income Tax Act, one of the easiest ways to save tax, allows you to save up to Rs. 46,800 in tax every year, according to the company’s recent statement.

The statement adds that 80C has many options such as payment towards life insurance premium, PPF contribution, investments in five-year bank FD and investments in NSC. However, investment in Tax Saving Funds (ELSS) is one of the best ways to save tax.

Tax Saving Funds have the shortest lock-in period of just 3 years compared to 15 years for PPF and 5 years for Bank FD. Money has the potential to grow at a higher rate. For example, investments in Tax Saving Funds have grown by an average of about 13.28% per year for the last 10 years compared to 8.7% for PPF and 8% for Bank FDs.One can begin investing in Tax Saving Funds with as little as Rs. 500.

According to the Phone Pe company sources, in the PhonePe app click ‘My Money’ at the bottom and then click the ‘Tax Saving Funds’ icon. Enter the amount that you want to invest and select from the two and-picked funds.

Complete the one-time digital Know Your Customer requirement and make a payment from your UPI-linked bank account and get an instant receipt “PhonePe’s Tax Saving product is an excellent way for millions of Indians to quickly save thousands of rupees in just a matter of minutes.” said, Terence Lucien, Head – Mutual Funds, Phone Pe.

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