Best financial gifts for your sister this Raksha Bandhan

Must Read

The best gift a brother can give his sister is financial freedom. And what could be a better day than Raksha Bandhan to start or adding more to her financial independence. Here is a list of the top financial products that you can consider gifting your sister on the joyous festival of brother and sister. You can choose the product according to your and your sister’s comfort.

Savings Account: You can open a savings account for your sister. You can deposit the money you wish to give her, it will earn her interest and she can use this money when she needs it.

Fixed Deposit (FD) or Recurring Deposit (RD): As an alternative to opening a savings account, you can make a fixed deposit in your sister’s name. It will earn her a guaranteed and better interest rate than a savings account. Or, if you want to invest a small sum every month, you can do a recurring deposit (RD) with the bank for her.

Start an SIP: Systematic Investment Plan (SIP) in a mutual fund is a great gift for your sister. You can invest a fixed sum on a regular basis for your sister for as many years as you want. You can choose to invest via SIP in an equity or a debt fund, depending on your risk appetite. You must consult your financial advisor if you have limited or no knowledge of mutual funds.

Paper gold: Instead of gold jewellery, you can buy your sister paper gold. Most of us buy physical gold and treat it as an investment. But buying gold in physical form and investing in gold are not same. Costs such as the making charges which can go upto as high as 25% of the price and GST Oon gold jewellery are irrecoverable on resale. You can instead buy her Gold ETFs. Gold ETFs are listed on the exchanges and invest in physical gold. Each unit of a Gold ETF represents 1/2 gram of 24 karat physical gold. Gold ETFs provide ample liquidity as these can be sold on exchanges anytime.

Make sure you discuss with your financial planner if you have little knowledge of any of these financial products.

Subscribe to newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Source link


Assam’s Dibrugarh University Teacher Arrested For Sharing Porn Video: Police

During interrogation, the accused confessed to the crime. (Representational)Dibrugarh: An assistant professor in Assam's Dibrugarh University was arrested today for allegedly uploading pornographic content...

JK Tyres suspends operations in Mysuru temporarily

JK Tyres and Industries, one of the leading tyre manufacturers in the country, has suspended operations at its facilities in Mysuru after more than...

TDS Rule Amendment : IT Department seeks more disclosure in form

NEW DELHI : After introducing new TDS (tax deducted at source) rates for high-value cash withdrawals from banks, the income tax department has now...

Donald Trump Suspends H-1B, Other Visas Till Year End

Issuing the proclamation, Trump has ignored the mounting opposition to the order (File)Washington: US President Donald Trump has issued a proclamation to suspend issuing...

Northern districts put on high alert

Northern districts of the State have been put on alert for torrential rain on Sunday also. Idukki, Wayanad, and Malappuram can expect extremely heavy...


Please enter your comment!
Please enter your name here

Latest Articles