What is the best type of long-term savings account for me?

The best type of longterm savings account for you depends on your personal financial goals, risk tolerance, and investment timeline. Here are a few popular options to consider:

1. Public Provident Fund (PPF): PPF is a popular longterm savings scheme in India that offers taxfree returns and has a lockin period of 15 years. You can invest between Rs. 500 to Rs. 1.5 lakh per year, and the interest rate is revised every quarter.

2. National Pension System (NPS): NPS is a governmentbacked retirement savings scheme that allows you to contribute a portion of your income to a pension account. The scheme offers tax benefits and has a lockin period until you reach the age of 60.

3. Equity Linked Saving Scheme (ELSS): ELSS is a type of mutual fund that invests primarily in equity and equityrelated instruments. ELSS offers tax benefits and has a lockin period of three years.

4. Fixed Deposits (FDs): FDs are a popular investment option in India that offer guaranteed returns. FDs have different tenures ranging from a few months to several years, and the interest rates vary accordingly.

Before selecting a longterm savings account, it is important to research and compare the different options available, taking into account factors such as fees, liquidity, tax benefits, and historical performance. It is also advisable to consult a financial advisor to help you make an informed decision based on your personal financial situation.