Raksha Bandhan is a day to celebrate the sacred relationship between a brother and a sister. On Raksha Bandhan, a sister ties a rakhi on her brother's wrist, praying for his prosperity and happiness. This symbolizes the sister's love for her brother. Her brother gives her a gift in exchange, with a promise to protect her. Why not gift your sister a financial gift this Raksha Bandhan, which will be of great help, for many years. Let’s take a look at some of the financial gifts you can gift your beloved sister, this Raksha Bandhan.
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Instead of gifting your sister, cash this Raksha Bandhan, you can make a fixed deposit in her name. A Fixed deposit gives her financial security and earns a decent rate of interest on the money invested. A Fixed deposit also gives her liquidity (A fixed deposit can be broken prematurely, with a small penalty) and she can use this money in an emergency. Never forget to take a look at the interest offered by the bank, on the fixed deposit.
An SIP in a Mutual Fund is one of the unique gifts you can present your sister, this Raksha Bandhan. Your sister might have a dream of starting her own business, going on a foreign trip or something along these lines. To make her dream come true, investing money in a systematic manner, is very important. An SIP in a mutual fund can help her build a large corpus systematically. You can start investing in a systematic investment plan with an amount as low as Rs 500 or Rs 1000 a month. Don’t you think gifting your sister an SIP in a mutual fund, is a great way to celebrate this Raksha Bandhan?
You can buy a health insurance plan in your sister’s name, if she doesn't have one. You can also renew her existing health insurance plan, if she already has one. Buying a health insurance plan in your sister's name, will help you keep the promise which you had made, to take care of your sister for her entire life. Today, hospitalization costs a lot of money. So having a health insurance plan with adequate cover (sum assured), will help your sister get good timely medical treatment, without any hassles or worry about medical bills
One of the simplest gifts you can present your sister is a gift card. Many banks issue pre-loaded gift cards, ranging from Rs 500 to as high as Rs 50,000. Your sister will be very happy to receive a gift card from her beloved brother, if she is fond of shopping. These cards are usually affiliated to Visa or Mastercard and can be used for shopping at any outlet that accepts them.
Indians especially Indian women, are crazy for gold and it is a very popular investment in India. In fact, India is one of the largest importers of gold in the World. So, gifting your beloved sister a gold coin this Raksha Bandhan is a very good idea, as the value of the gold keeps increasing with time. Time to visit your bank and buy some gold coins?
This Raksha Bandhan you can help your sister manage her bank accounts, by introducing her to online banking. This will make her more independent and helps her save time, as she need not visit bank branches to carry out basic transactions. Teach her how to transfer money online, pay her bills and shop online using mobile applications and E-wallets.
Yes, gifting your sister a financial gift this Raksha Bandhan, can be a great way of expressing your duty towards her. Show her true brotherly love, this festive season. Be Wise, Get Rich.
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