Please advice income tax saving method & please light on govt. investment centres like nationalised bank?

Government investments are safe but have low reward/return.
IRA and if employer is offering 401k are the best tax savings plans that I have seen. With IRA you can choose your own portfolio and if you are looking for a combination of safety and return try this: diversify into three classes of investment; stocks, bonds and money markets. Proportionality will vary on the length and desired security. Good Luck.

All nationalised banks do have tax saving deposit scheme. Deposits upto Rs. 1 lac is exempted from tax under this scheme within the overall exemption limit of Rs. 1 lac

outright investment under the bank fd,savings a/c .... dont get any tax benefit rather the interest income is taxable....
better options are insurance plans,ULIPs ,mutual funds
notably the govt wants to encourage investment in stocks
the short term cap gain is taxable u/s 115 only @ 10% given that one paid STT...
interestingly in the long term no capital gain from equity is taxable u/s 10.........if u got the appetite go on n have a ride

provide email so that i can send u a word doc answering all ur questions. as u want detail.