Paytm Money -- an online investment platform -- allows users to invest in different schemes and save taxes.

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"Tax saving plays a significant role in obtaining financial goals. The sooner one start to align investments around tax plan, the better it is to manage tax liability," Paytm Money said in a statement.

Customers can invest in Equity Linked Saving Scheme (ELSS) and National Pension System (NPS) via Paytm Money and generate wealth while savings taxes, it added.

ELSS, a type of mutual fund, allows investors to save taxes up to Rs 1.5 lakh under Section 80C of the Income Tax (I-T) Act.

National Pension System (NPS), on the other hand, allows users to build a retirement corpus for future and save taxes in present. Investment of up to Rs 50,000 in NPS is also eligible for tax saving under Section 80CCD (1B) of the I-T Act.

"In addition to this, one can also explore a number of other investment ideas on Paytm Money. The risk assessment tool helps users in identifying the risk profile so that one can pick a suitable fund," Paytm Money said.

Paytm Money also shared insights on different kinds of mutual fund schemes. Let’s have a look at some of these:

Better than fixed deposit (FD)

These mutual funds have the potential to generate higher returns than a bank fixed deposit over an investment period of 1 year. There is no lock-in period in these scheme.

Index funds

These low-cost passive funds help in earning returns in line with popular benchmarks like Nifty 50 over the investment period of 3-5 years.

Invest in all types of companies

These mutual funds invest across companies of all sizes to give medium-to-high returns over a period of 5-7 years.

High risk for high return

These mutual funds invest in mid and small-sized companies to give relatively high returns over a period like 5-7 years.

Medium risk for medium return

These mutual funds invest in a mix of stocks and bonds to give equity-like returns over a period of 1-3 years.

Better than savings account

These low risk mutual funds can potentially help one in earning higher returns on surplus cash.

Invest in large companies

These funds invest in large companies with proven track records that make them ideal for long-term wealth creation needs.

High quality debt funds

These funds invest in high quality bonds of banks, corporates, and PSU. Investors can potentially earn higher post tax returns than a 5 year FD.