Steganography is an important area of research in recent years involving a number of applications. It is the science of embedding information into the cover image viz., text, video, and image (payload) without causing statistically significant modification to the cover image. The modern secure image steganography presents a challenging task of transferring the embedded information to the destination without being detected. This paper deals with hiding text in an image file using Least Significant Bit (LSB) based Steganography, Discrete Cosine Transform (DCT) based Steganography and Discrete Wavelet Transform (DWT) based steganography. The LSB algorithm is implemented in spatial domain in which the payload bits are embedded into the least significant bits of cover image to derive the stego-image whereas DCT & DWT algorithm are implemented in frequency domain in which the stego -image is transformed from spatial domain to the frequency domain and the payload bits are embedded into the frequency components of the cover image. The performance and comparison of these three techniques is evaluated on the basis of the parameters MSE, PSNR, Capacity & Robustness.