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5 Financial Gifts for Your Sister This Raksha Bandhan

5 Financial Gifts for Your Sister This Raksha Bandhan
November 05, 2018
Raksha Bandhan is one of the most joyous and happy festivals in India. It is a celebration of the beautiful brother sister bond. Sisters tie Rakhi to their brothers and they in turn promise to protect them for the rest of their lives. There's also exchange of gifts, where traditionally the Brother gives his sister a gift for her love and prayers for him.

This year, the best gift for your sister would be financial security, something that lasts forever. Listed below are some of the options:

1. Buy a Risk Cover-

The scenario today is very different than before. Our life and food both are fast. There are lifestyle diseases due to stress and so many other health issues. The best thing to do would be to buy your sister a health cover. You can also be a proposer of her Life insurance policy.

2. Start and SIP-

Systematic investment Plan is a mutual fund scheme. Mutual funds provide diversification, are professionally managed, investments can be small amounts, ensures liquidity, and are well regulated by the Securities and Exchange Board of India. For higher risk appetite, you can go for Equity mutual funds. Choose the best SIP to give your sister the best gift.

3. Paper Gold-

Gifting your sister gold may have high holding cost. You can opt for Gold ETF. Gold ETF is an instrument that represents an ownership of gold assets. Gold is held on your behalf by an appointed custodian for the ETF. When you buy a Gold ETF, you get a contract indicating your ownership in gold equivalent to the rupee amount of your investment. They are open-ended funds which track prices of gold, and each unit of gold in the fund that you can buy, is equal to 1 gram of gold. They are listed on the stock exchange so you will have to open a demat account for the same.  It has a high liquidity.

4. Savings account-

You can also 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.

5. Make a fixed deposit in her name-

Make a fixed deposit in your sister's name. it will provide her with the financial freedom she requires as it will earn her a better interest than a savings account and contribute to her income regularly.

Whether buying a health cover, a Unit Linked Investment Plan or Paper Gold, ensure you do your research and go for the best option. Your sister deserves financial security and freedom and Raksha Bandhan is a good time to gift her that. HDFC provides you with all the above options to make your Raksha Bandhan special.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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