Raksha Bandhan is festival where brother will protect and care for their sisters. If your sister or brother do not hold bank account. It is time to open an account in their name. But in However, Raksha Bandhan day is sentimental. And it is important for families and siblings. It is common sight to see brothers and sisters to get gifts. Here you can see below four financial gift options. Hence, check best gold mutual fund in India.
Bank account and deposit
If your siblings do not hold bank account. You can open account for siblings in their name. Bank account is first step to financial. As your wish you can deposit money in this account. And also you can invest in term deposit. Because, it provide them additional income and also earn interest.
They can use money their money by using bank debit card. In this way, you will be inculcating financial discipline. Hence, you can introduce your sibling’s online banking services and cashless transactions. See investing in unit linked insurance plans
SIP gift for siblings
To fulfill your siblings dream SIP in mutual fund scheme is good option. You can help them for future use by gifting SIP. Therefore you can help them to build their corpus for future by SIP. Because, it is long term plan. Hence, you can start monthly SIP for your sister or brother.
You can invest Rs 500 minimum for every month and keep your sibling as nominee. Moreover, you can inform them fund folio account number and product details. However, SIP can grow into large financial resource for your loved one.
You can buy medi claim for your siblings
It is better to understand each other. They also have strong challenges in terms of financial. However, Mediclaim is smart way to express your love and care on your siblings. Probably, you can buy mediclaim policy or health insurance as gift.
Additionally, your brother may be dedicating his life to look after parents. Even after his marriage he will care for you. And your sister may be hard to fulfill your dreams ignoring health. So it is our duty to fence our siblings. Mediclaim is handy to buy. Hence, health insurance policy will act as umbrella and protect them.
Paper Gold bond
Another gift is paper gold. It is last long and store value for your siblings. If you want to give gifts you can buy paper gold. So paper gold is beautiful gift for siblings. Therefore physical gold is problem. But paper gold forms like gold exchange, traded funds, and sovereign gold bonds.
For gifting purpose they are extremely convenient for investment. You do not worry about physical gold like bar or coins. Because, there is no jewelers in paper gold. In addition, there is no making charge. And you will allow exiting method. But you get gains directly to their bank account. You can invest in Gold ETFs mutual funds. You can track actual gold price and benefit from upward movement in Gold ETFs.
Additional benefit of interest offer in Gold bonds. As you can see financial gifts is nice way to express your love and care for siblings. Hence, you can give these gifts for Raksha Bandhan for life time.
Finally, check what sovereign gold bond scheme is? However, you can see best Gold ETF in India (Not posted). In addition, you can see how to buy gold ETF. For better understand check what is Gold ETF and how does it work. Hence, check e Gold vs. gold ETF.