Savings is a no risk option and comes with fixed or variable returns. Govt of India has introduced many savings options for tax payers to save taxes. Under Section 80C, Income Tax Act, you can buy saving certificates, open Fixed Deposits, operate various types of Savings Accounts. There are multiple option available for senior citizens, girl child, post retirement plans for employees, Govt Bonds, Govt Saving certificates etc. Sukanya Samriddhi Scheme, Senior Citizen Savings Scheme etc.