Deduction upto a maximum of Rs. 15,000 (out of which Rs. 3,000 is specially dedicated to government securities) is allowed from the taxable income in respect of aggregate earnings from some specified sources. The schemes are :

1. Deposits with
• Banking Company or Co-operative Banks.
  
• Co-operative Societies.
  
• Approved financial corporations or public companies to provide long-term finance for industrial or agricultural development or for construction of purchase of residential houses; it may be noted that the 'Home Loan Account Scheme' of National Housing Bank is not covered by Sec. 80L but it enjoys the benefit of tax rebate u/s 88.
  
• Housing Boards.


2. Small Savings Schemes
• National Savings Certificates VIII th issue.
  
• Post Office Time and Recurring Deposits.
  
• National Savings Scheme, 1992.
  
• Post Office Monthly Income Scheme.


3. Notified debentures of co-operative societies or institutions or public sector companies.



4. Government Securities.