Raksha Bandhan is one of the most popular festivals celebrated across India. It is a celebration of bonding between brothers and sisters. This festival is traditionally important but reflects our family values and how brothers and sisters pray for each other’s well-being. This one-day festival is celebrated with sisters tying Rakhi to their brothers. In return, brothers give some gifts or money to their sisters and vow to protect them from all the troubles of the world.
Earlier the gift used to be symbolic, but with the passage of time and growing prosperity, the tradition of giving gifts has also undergone a sea change. These days, in fact, many brothers don’t want to give hard cash or token gifts to their sisters. Instead they look for some unique or alternate gifts to give to their loved ones. One such gift being financial gifts.
Adhil Shetty, CEO, Bankbazaar.com, explains, “Financial gifts are the best you can give to your beloved sister. It will help her grow her money and open up more avenues for her to diversify her income. Such gifts are also meaningful as they will keep on giving through her life, which other gifts may not.”
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Here we take a look at some of the financial gifts which may be more useful for everyone:
Savings Account: Open a savings account for your sister if she does not own it already. You can deposit some money in her account, and she will earn interest on it. She can also use the money whenever she needs it.
Start SIP For Your Sister: This could be one of the most relevant financial gifts you can give your sister, and she can continue earning returns on the investment. Mutual funds offer diversification and provide healthy returns in the long run. Choose the best SIP as a gift for your sister or sisters.
Gold ETF: Gift your sister Gold ETF. These are funds which invest in gold and can be bought and sold. It represents ownership of gold assets. These are a great investment choice if buying physical gold is inconvenient.
Fixed Deposit: You can make a fixed deposit in the name of your sister. It will provide your sister with financial freedom and give her higher interest than a savings account. She can also use this money as an emergency fund.
Life or Health Insurance: Health is real wealth. If you are concerned for your sister and want to cover her life and health, you can buy her life or health insurance. Before buying her insurance, you must check her requirements.
Raksha Bandhan is the best time to give these useful financial gifts to your sister. However, going through all the pros and cons of these products is advisable before you plan to buy them. Your sister should have easy access to these products, and the financial gift should not become unmanageable for her.