This year, the best gift for your sister would be financial security, something that lasts forever. Listed below are some of the options:
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.
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.
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.
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.
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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"The thumb rule for retirement planning is - the earlier you start, the more you save. However, with age, your priorities change too. So, you need to factor in the cost of living in the present vis- a -vis future."
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