We did a quick comparision of RGESS with the top tax saving schemes available in India and the result is:-

 

RGESS

ELSS

PPF

Eligibility

Annual Income less than Rs.10 Rs.12 Lakhs

None

None

Lock-in Period

1+2

3 years

15 Years

Tax Benefits

50% (80 CCG)

100% (80 C)

100% (80 C)

Maximum Investment for Deduction

Rs.50,000

Rs.100,000

Rs.100,000

Minimum Investment

N/A

Rs.500 to Rs.5000

Rs.500

Need for DEMAT

Yes

No

No

Equity Linked

Yes

Yes

No

Annual Return

Market Based

Market Based

8.8%

Interest Earned

Non Taxable

Non Taxable

Non Taxable

Risk

Medium to High

Medium to High

Low

Note: You need a PAN Card, Bank Account or optionally DEMAT account for equity linked schemes with all the schemes compared above.