Investments in equity-linked savings scheme (ELSS) offers tax benefit. An ELSS is popular under section 80C and offers tax deductions of up to Rs 1,50,000 each financial year. With an ELSS investment, you may effectively save tax up to Rs 46,800 annually. However, ELSS investments are subject to a lock-in period their years from the purchase date.
You can create an investment account with an AMC to start a SIP into an ELSS fund of your choice. On creation, you must undergo KYC verification. Upon successful verification, you can link your investment account with your bank account and start the investment.