This Raksha Bandhan, Give Your Siblings A Financial Gift For A Better Future

This Raksha Bandhan, Give Your Siblings A Financial Gift For A Better Future

It is Raksha Bandhan tomorrow and this festival marks the commencement of the festive season in India. All over the country and even abroad where the Indian diaspora resides, the festival is of enormous importance. Sisters tie rakhi to their brothers and those who don’t have brothers, tie them to their sisters or pets even, sweets are shared, sisters get gifts and lots of pictures are taken! Well, mostly gifts include materialistic things like a phone or watches and even jewellery, apparel items and whatnot.

But given the times we are living in where being financially independent is far more important, siblings should rather gif each other financial gifts. These gifts were will be more useful in the future to your bhaiyaas and behenaas instead of a fancy wristwatch or some cash which will get spent as fast as it is received mostly. So, here are a few financial gifts, in no particular order of importance, that you can gift your siblings.

Stocks

While gifting sticks, you gift the ones of blue chip companies which are better in terms of long-term investments. You can also gift SIPs of blue chip companies, index funds and electronic traded funds. All of these are safe for long-term investments.

Insurance

The pandemic taught us one thing for sure – that life is unpredictable and in such times having life insurance is very important. You can buy health insurance in their name which will be of more use in times of sickness and illness.

Digital Gold

Digital gold is a better option than gifting physical gold because the former is safer. Your siblings do not have to worry about it getting robbed. Digital gold is safe in their portfolios and can enjoy its benefits as well.

Fixed Deposits

FDs are one of the best gifts you can give your siblings. Just invest a sum in an FD in their name, and your sibling can enjoy a good return amount on it after a few years!

Also read: Ladies, Take Charge Of Your Finances With The 30:30:30:10 Rule Of Saving. Here’s All You Need To Know

Open A Savings Account

You can start savings account for your siblings and deposit a sum in the account beforehand. The amount will gain interest in the bank over time which will come useful to them when they need it.

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Kinjal Panchal

Kinjal is an avid reader who drools over fictional men but is a hardcore realist. Don’t do anything to make her give you the ‘bombastic side eye’!

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