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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.
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.
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