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Best Saving Plans in India 2023

Updated On Aug 21, 2023

In a world where financial stability and long-term planning have become paramount, finding the most effective savings scheme has never been more crucial. As we navigate the ever-evolving landscape of personal finance, we must seek reliable and rewarding avenues to grow our hard-earned money. Are you looking for the best saving plans in India for 2023? You have come to the right place. We are here to provide you with the most comprehensive and up-to-date information about the best saving plans in India for 2023. So, don't wait any longer and start your journey towards financial freedom today!

Best Savings Scheme in India in 2023

Listed below are some of the popular savings schemes in which you can invest in 2023:

  • National Savings Certificate

National Savings Certificate, also known as NSC, is a government-backed savings scheme that offers an attractive interest rate and serves as a secure long-term investment. It is an investment option available for Indian citizens who are looking to save tax and grow their money. The scheme has a maturity period of 5 years, and the minimum deposit is Rs 1000/- with additional deposits in multiples of Rs 100. There is no restriction on the maximum amount you can invest in NSC. The account is offered as a single holder where an adult can open it either for himself or on behalf of a minor, or a minor can open it once they reach the age of 10. NSC is an excellent choice for those looking for safe, secure, low-risk investments with guaranteed returns.

Best savings plan in India

  • Senior Citizen Savings Scheme

Senior Citizen Savings Scheme (SCSS) is a government initiative to promote financial security for senior citizens. It offers attractive interest rates, tax benefits and provides a safe and secure way for senior citizens to invest and get regular income. The minimum deposit for an SCSS account is Rs 1000/- and it can be opened in multiples of Rs 1000/- with a maximum deposit of Rs 30 lacs. An individual who has attained the age of 60 years or above on the account opening date or who has reached the age of 55 years or more but less than 60 years and has retired under Superannuation, VRS or Special VRS can open an account. Furthermore, retired Defence Services personnel (excluding Civilian Defence Employees) may open an account at the age of 50. SCSS has a tenure of 5 years with an option to extend it by 3 years after maturity. SCSS is one of the best investments for senior citizens to earn an additional income with high safety and low risk.

  • Recurring Deposits

A Recurring Deposit is a type of deposit by banks and other financial institutions to help individuals accumulate funds for their future needs. The main feature of this deposit is that the depositor has to make a regular instalment fixed at the time of opening the Recurring deposit account and can choose the tenure and amount for the deposit. The period of the deposit ranges from 12 months to 120 months, and the minimum deposit amount per month is Rs. 100/-; thereafter, it is in multiples of Rs. 10/-. Additionally, a penalty is charged for delayed payment of instalments. This deposit is a great way to plan for your future goals, as it can help you to save and grow your money.

  • Post Office Monthly Income Scheme (MIS)

Post Office Monthly Income Scheme (MIS) provides a good investment option to investors looking for assured returns with monthly income options. Not only does it offer a safe investment option, but it also offers an attractive rate of interest of 7.4% per annum, payable monthly. The maximum investment limit for a single account is Rs 9 lakh, and for a joint account is Rs 15 lakh. You will be able to open an account with a minimum deposit of Rs. 1000 in multiple of Rs. 1000. However, no deposit shall be withdrawn before 1 year from the date of deposit. The account may be closed on expiry of 5 years from the opening date by submitting the prescribed application form with passbook at the concerned Post Office. Thus, Post Office MIS Scheme proves to be a reliable investment option with tax benefits and assured returns.

  • KVP (Kisan Vikas Patra)

KVP, or Kisan Vikas Patra, is an initiative the Government of India introduced to incentivise investment among small and medium-income earners. It's a secure investment instrument with low risk and offers lucrative returns. Investment in KVP starts with a minimum amount of Rs 1000/- and then goes up in multiples of Rs 100. There is no maximum deposit limit. An adult can open a KVP as a single-holder type account for himself or on behalf of a minor. A minor can also open an account once he reaches the age of 10. KVP can be opened from any authorised Post Office and Bank. It also provides convenience as it can be transferred from one person to another and even from one post office to another. 

The most attractive feature of KVP is that the money doubles on maturity. This means that the deposit amount with interest compounded yearly returns double the initial amount at the maturity period. The maturity period is generally 8 and a half years. KVP is a great investment instrument for people looking for a secure and lucrative return. So, if you are looking for an ideal investment instrument, KVP is the right choice.

  • Public Provident Fund (PPF)

Public Provident Fund (PPF) is a government-backed investment scheme offering attractive returns, tax benefits and long-term security. It is an ideal investment option for those looking for a safe and secure avenue to save for long-term financial goals. It requires a minimum deposit of Rs 500/- and a maximum deposit of Rs 1,50,000/- per financial year. Moreover, one can avail loan facility from the 3rd financial year until the 6th financial year. One can start withdrawal in the 7th financial year, and the account will be matured upon completion of 15 financial years from the end of the year when the account was opened. However, it can be extended for a block of 5 years with further deposits after maturity. Therefore, PPF is one of the best options for anyone looking for a long-term, safe and secure investment with attractive returns.

  • Sukanya Samriddhi Yojana (SSY)

Sukanya Samriddhi Yojana (SSY) is a government-backed scheme for the welfare and security of a girl child. It allows you to save money for her future educational and marriage needs. 

The scheme allows you to make minimum deposits of Rs 250/- and a maximum of Rs 1.5 Lakh in a financial year. You can open an SSY account till the girl child is 10 years old. Only one account can be opened in the name of a girl child, and it can be opened either in post offices or authorised banks. Withdrawal from the account is allowed only for the higher education of the Account holder. In the case of marriage, the account can be prematurely closed. Overall, SSY is a great scheme by the government to ensure a secure future for girl children. It not only helps the parents save money for their daughters' education and marriage but also offers tax benefits. Thus, every parent should invest in the scheme to safeguard their child's future.


There are a number of best saving plans in India for you to consider in 2023. Each has its own set of features and benefits, so it is important to do your research before deciding which one is right for you. You should research different plans and compare their features to find the one that is best for you. Some of the best options include the Public Provident Fund, the National Savings Certificate, and the Fixed Deposit Account.


1. What is the minimum deposit amount required to open a National Savings Certificate (NSC) account? 

The minimum deposit amount required to open an NSC account is Rs 1000. Additional deposits can be made in multiples of Rs 100.

2. What is the maximum investment limit for a joint account in the Post Office Monthly Income Scheme (MIS)? 

The maximum investment limit for this account in this scheme is Rs 15 lakh.

3. Can a minor open a Kisan Vikas Patra (KVP) account? 

Yes, a minor can open a KVP account once they reach the age of 10. An adult can also open a KVP account on behalf of a minor.

4. What is the maturity period of the Senior Citizen Savings Scheme (SCSS)? 

The Senior Citizen Savings Scheme has a tenure of 5 years. After maturity, it can be extended for an additional 3 years.

5. Is there a penalty for delayed payment of instalments in a Recurring Deposit account? 

Yes, a penalty is charged for delayed payment of instalments in a Recurring Deposit account.

6. What is the interest rate offered by the Post Office Monthly Income Scheme (MIS)? 

The Post Office Monthly Income Scheme (MIS) offers an attractive interest rate of 7.4% per annum, payable monthly.

Also Read: 

PNB Senior Citizen Saving Scheme - PNB SCSS Details


This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.