Financial Gifts for Raksha Bandhan: On the occasion of Rakshabandhan, brother definitely gives some gift to his sister. Although many types of things can be gifted, but the gift of financial security and better future to sister can prove to be very important in today’s era. For this, there are many such financial products, which you can gift to your sister. These include from banking products to insurance products. Let us know about some such financial gifts, which you can gift to your sister on this Rakshabandhan.
savings bank account
If your sister does not have a savings account, you can give it to her by opening a savings account with a bank with a fixed amount. If desired, the account can be opened in the post office also. Some banks are offering separate savings accounts for women with some additional features. Such as Advantage Woman and Advantage Woman Aura Savings Account of ICICI Bank, Silk Woman Savings Account of Kotak Mahindra Bank.
Although the interest rate on the savings account is low right now, but it can become an option to keep the money in one place. If you want, you can take the facility of flexi account or sweep in facility on the savings account. Under this, if the amount exceeds a certain limit in the savings account, the excess amount gets converted into FD. Fixed interest is available for FD on that amount. Many banks offer the facility of sweep in the regular savings account itself, while in some, a separate savings account is opened for this.
FD or RD
If you do not want to choose a savings account, then you can get a fixed deposit FD for your sister. On this you will get more interest than the savings account. On the other hand, if you cannot deposit the lump sum amount, then you can get the recurring deposit RD done. The special thing about RD is that you can put an amount in it every month. You can compare the FD and RD rates of different banks and choose the bank and account according to your convenience.
Mutual Funds through SIP
You can also gift mutual funds to your sister and opt for Systematic Investment Plan (SIP) mode to invest in it. With the help of SIP, a fixed amount can be invested every month in mutual funds. You can invest in mutual funds for any number of years for your sister. You can choose equity or debt mutual funds through SIP based on your convenience and risk appetite. But keep in mind that before investing in mutual funds, know about it completely. If you want, you can take the advice of a financial advisor.
Nuvoco Vistas shares are selling at a discount in the gray market, fears of a weak listing – what should investors do?
The importance of health insurance has increased during the Corona crisis. Health insurance can handle the hefty amount spent on illness. Therefore, if you want, you can gift a good health insurance policy to your sister. On the instructions of IRDAI, now insurance companies have also launched a special Corona Kavach policy, which is giving a cover of 50 thousand rupees to 5 lakhs.