This Raksha Bandhan gift your sister something different

Tomorrow we will be celebrating Raksha Bandhan. The festival of love and protection between brother and sisters. We all know that on this ceremonial day of sibling love, a sister knots a sacred thread, Rakhee, around her brother’s wrist and wishes the best for him. The brother in return promises to protect her through every situation of her life.

We find brothers searching for the best possible gift from the market to get the best for their beloved sister(s). Most of us usually get some accessories like, smartphones, jewellery, apparel, cosmetic kits, boxes of sweets or dry fruits etc. So, for this year let’s consider something different and unique gift for our sister, something unconventional but useful for her whole life. This year let’s give her a financial gift which can be remembered by her forever.

1. Open a bank account in her Name

Most of the time we give money to our sister. Instead of that let’s open a Saving Account her name and deposit the money in that account, not just in Raksha Bandhan but we can deposit in other occasions also. 

If the money is significant enough then we can invest in a term deposit also. By this she will earn interest; which can provide her a source of income, may be pocket money.  Further the bank’s debit card can empower her to use the money lying in the saving account as per her will.

2. Buy a Health Insurance for her

The ladies work tirelessly first with their biological family before marriage and continues to selflessly shower care and love on her in-laws later on. During this, she often ignores her own health while making things possible for everyone else. 

Considering today's lifestyle of long working hours, stress, lack of physical exercise, skipping meals, indulging in junk food etc, we are always at a risk of serious diseases. A critical illness cover is very much essential in today’s lifestyle.

So, let’s buy a health insurance in this Raksha Bandhan for our sister so that she is adequately insured. 

3. Gift Her a SIP 

Rather than just a onetime gift we can give a gift of life time. We can do this by gifting her a SIP or Systematic Investment Plan of a mutual fund scheme.

SIP is a contemporary and effective mode of investing in mutual funds. It allows us to invest a certain sum of money regularly—say monthly or quarterly—instead of all in one go, and helps us to simultaneously plan for many financial goals. We can start with a monthly SIP of as little as Rs 500 and can gradually increase the amount with a Step-up SIP facility. 

However we may need an expert’s guidance on selecting the right mutual fund(s) for SIP based on our investment time horizon and risk appetite.

This can be an effective medium to fulfil her dream’s to buy something of her choice later on like: to start her own business, buying jewellery or going for holidays etc. By this we can help her build that corpus systematically via SIPs. 

4. Gift her the favourite

Gold is always a favourite for the girls. So why not give the gift which she always wants to have it. However this Raksha Bandhan not in physical but in paper form.

Gold Bonds issued by the government, Gold ETFs and gold saving funds are smart as well as efficient ways to invest in gold. These can be easily liquidated as per the market price.

We all know that Gold is always considered as a safe haven and a saviour in times of economic volatility. The investment in gold can strengthen our sister’s financial security over the long-term, and it is, indeed, a very much deserving gift for her in this Rakhsha Bandhan.

By gifting these financial gifts to our sister we will not just make her happy but also add to her financial security and financial freedom.

So this Raksha Bandhan; let’s think differently and think wise!!