What are some good ways of investing 1.5 lakh to yield maximum returns

PPF

You have 3 years minimum experience in stock market???? (dont include people suggested to buy to you as experience) 

I mean pure 3 years minimum experience FIRST HAND by your own pick of buy (dont include sell part) -> this is because you need to know what to buy YOURSELF

then go with stock market 'mid cap any stock AS PER YOUR ANALYSIS:)

Side note: I opened demat in 2016 and then from 2019 I started MYSELF ON MY OWN FIRST HAND EXPERIENCE (never took suggestion from anyone)

so if you can bare minimum 3 years experience YOURSELF then you can take this risk on stock market

OR ELSE FORGET THIS:)

couple of months back Suryoday SFB was giving 9.01% for 5yr Tax saver FD as well where 1.5L would give 2.34L with an annualised yield of 11.23% but now its 8.25%

https://www.suryodaybank.com/deposits/tax-saver...

there is one and returns are 100% and taxfree and payment is always first and in cash @Ash-D paji will explain more as he is ceo @Snapz @Watcher @Rajkotian

Risk+Return wise : 

Stock > MF/Index Fund > FD / PPF

Choose as per your risk appetite. 

Mutual fund For Safe invest before election result

me

Since you mentioned tax benefit, might I suggest VPF incase you're a salaried employee. Other options a SCSS if you have a 60+ member in your family