Top 6 Saving Plans Which Makes Your Life Easier in 2022


08 Mar 2021 | 5 min read

Best Saving Plans Offered 

There are some saving schemes offered by the government, financial companies, and banks to encourage investors to invest more and high returns. The following are the top 6 saving plans 2022: 

Saving Plans 

Current Interest Rate

National Saving certificate 


Senior Citizen Saving scheme 


Recurring Deposits


Post Office Monthly Income Scheme (MIS)


Public Provident Fund (PPF) 


Kisan Vikas Patra (KVP)


Employee Provident Fund 


Pradhan Mantri Jan Dhan Yojana 

2% above base rate not more than 12%

National Savings Certificate 

The National Savings Certificate (NSC) is a fixed income saving plan is that can open with any post office available in India. This savings plan is an initiative of the Government of India and encourages investors, mainly those who fall under small or mid-income categories, to invest while saving tax. For fixed return and low-risk investment, National Savings Certificate is a prior choice of people for small to medium investments and also for tax-saving options.  

Eligibility Criteria of National Savings Certificate 

  • The minimum age of the applicant is 18 years. 
  • NSCs are available with two fixed maturity are 5 years and 10 years. 
  • The applicant can invest up to Rs. 1,50,000 p.a. in this savings plan.
  • The current annual interest rate for 5-year schemes is 7.9% and for the 10-years scheme, it is 8.8%. 
  • Anyone can invest in this scheme in saving plans, except Hindu Undivided Families (HUFs), trusts, and non-resident Indians. 
  • The minimum investment is as low as Rs. 100.
  • There are two types of saving plans used originally: the NSC VIII and the NSC IX issue. 

Documents Required for National Saving Certificate 

For obtaining the National Saving Certificate, you will have to submit certain documents at the post office: 

  • Complete the KYC process. 
  • It can be easy to transfer the certificate from one post office to another. 
  • Till maturity, you will receive the entire amount of the maturity value. 
  • There is no TDS on NSC payouts, the investor will have to pay the tax applicable to it. 
  • Premature withdrawal is not possible. 

Senior Citizen Saving Scheme 

The senior citizen savings plan offers its investors with high security, regular income, and is an excellent tax-saving investment plan. If you are planning for retirement, most individuals hesitate to invest funds in equities since they prove to be risky. Apart from this, there are schemes with an extended maturity period that don’t offer income regularly. For all those retirees looking for less risky products and focusing on minimizing tax, the senior citizen saving scheme is a prior option. The Senior Citizen Saving Scheme is available through post offices and certified banks across India. 

Eligibility Criteria of Senior Citizen Saving Scheme 

The eligibility of the investors for this savings plan is individuals who have this eligibility check: 

  • Individuals must be minimum of 55 years to 60 years for Voluntary Retirement Scheme or Superannuation can also invest. 
  • The amount should be made within a month after receiving the benefits of retirement. 
  • Retired Defence Personnel aged between 50 years or above. 
  • HUFs and NRIs cannot buy this saving plan for their use. 
  • The maximum amount an individual can invest in this savings plan is Rs. 15 lakhs either single or joint account. 
  • The tenure is 5 years up to 8 years. 
  • Tax deduction up to Rs. 1,50,000 

Documents Required for Senior Citizen Saving Scheme

  • For an amount below Rs. 1 lakh, it is going to be cash, and more than that, it should be a cheque. 
  • You need to submit essential documents for identity proof, age proof, and address proof. 
  • Two passport size photographs are required to submit. 
  • A form has to be filled in for opening an account. 

Recurring Deposits (RD)

A recurring deposit or an RD is a term deposit offered by banks to their customers to save their money. This saving plan is meant for those who can regularly deposit money and want a huge fund in return at the time of maturity. This will help you to choose the time period and also the amount and number of monthly deposits they want to make, according to their suitable choice. 

Eligibility Criteria of Recurring Deposits 

  • The minimum amount to open an account of Recurring Deposits is Rs. 500 while the minimum amount for post office RD is only Rs. 10. 
  • The interest that is earned on bank RDs differs according to the bank that you select and is sensitive to market fluctuations. 
  • The minimum amount for post office recurring deposits offers a fixed rate of interest of 8.4%. 
  • The tenure of a recurring deposit varies from 7 days up to 10 years. 
  • This plan allows higher rates of interest for senior citizens. 
  • This plan is also used as collateral for taking loans. 
  • Any individual is eligible to open an RD account. 

Documents Required for Recurring Deposits 

  • You must submit name proof with age proof above 10 years. 
  • Any commercial or government organization is also allowed to open a recurring deposit account. 
  • The applicant needs the documents for address proof and identity proof, and passport-sized photographs to open an account. 

Post Office Monthly Income Scheme (MIS)

The Post Office Monthly Income Scheme is a savings plan where you invest some amount for which an interest amount will be paid monthly. As a low-risk monthly income scheme, this savings plan may help to generate income. The investment fund is completely safe until it matures since the scheme has been launched by the government. When the maturity period of the savings plan is reached, you can either withdraw the amount or invest in the Post Office Monthly Income Scheme (MIS). 

Eligibility Criteria of Post Office Monthly Income Scheme 

  • The individual must be an Indian citizen. 
  • The individual must be above 10 years of age to open this account. 
  • The applicant can be opened for an individual but all the account must be opened should have the maximum amount of Rs. 4,50,000. 
  • For minors, the invested amount should not be more than Rs. 3,00,000. 

Kisan Vikas Patra (KVP)

This saving plan by the Indian Post Office doubles whatever money invested in a tenure period of 8 years four months. This scheme is the minimum investment for this savings plan is Rs. 1,000. The savings plans, which were initially only meant for the farmers, helps the long-term savings among the people. Now, it is available to everyone. 

Eligibility Criteria of Kisan Vikas Patra 

  • Individuals must be Indian citizens. 
  • The applicant should be above 18 years of age. 
  • The individual can buy a Kisan Vikas Patra Certificate from the local Post Office. 
  • The saving plans are not subjected to market fluctuations and offer guaranteed returns. 
  • The current annual return for KVP is 8.67% and varies every year. ‘
  • The applicants can redeem money before the maturity ends. 
  • The lock-in period of thirty months helps an individual to withdraw money at intervals of 6 months. 
  • KVP certificates can be used as collateral to avail loans for individuals. 

Atal Pension Yojana 

Atal Pension Yojana is a government-initiated savings scheme, this plan is specifically designed for the welfare of the weaker section of the society. This scheme is applicable for any individuals who are working in the unorganized sectors and valid for those who require financial support from the government-sponsored welfare program. This scheme serves as a lucrative pension plan for the post-retirement years of the individuals. 

Eligibility Criteria of Atal Pension Yojana 

  • Individuals should have a minimum age of 18 years up to 40 years. 
  • The interest rate of the scheme is very low and it has to be paid for the minimum tenure of 20 years. 
  • It is essential for the applicant to hold an active savings bank account. 


With the help of the above saving plans, it can be easy to compare and select the scheme and make your savings in different ways. You can also check the eligibility criteria and essential documents according to your requirement. In this blog, you can check National Savings Certificate, Atal Pension Yojana, Kisan Vikas Patra (KVP), Post Office Monthly Income Scheme (MIS), and Recurring Deposits (RD). For more details, you can visit the official site of the banks offering saving plans at an attractive interest rate.

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