Looking for unique rakhi gifts? Here are 6 financial presents you could pick from

Raksha Bandhan 2023: Raksha Bandhan is just around the corner, and brothers across the country are looking for perfect Rakhi gifts to show their love and appreciation for their sisters. While traditional gifts like jewellery and clothes are always appreciated, this year, experts suggest brothers to consider giving their sisters financial presents that will help them secure their financial future.

Here are 6 financial gifts that brothers can give their sisters on Raksha Bandhan

Systematic Investment Plan (SIP)

 An SIP is a way to invest in mutual funds over a period of time. This can help sisters save for their long-term goals, such as retirement or a child's education.

"SIPs are a practical way to help your sister achieve her goals – from travelling to starting a business. Starting with just Rs. 500 a month, using the 'Step-up SIP service' can gradually build a strong financial base," said Sooraj Singh Gurjar, Founder and MD, Get Together Finance.

"The right mutual fund choice, coupled with consistent contributions, can pave the way for long-term financial success," Gurjar added.

Thoughtful financial rakhi gifts | Image credit: Shutterstock

Health insurance policy

A health insurance policy can help protect sisters from unforeseen medical expenses. This is especially important for sisters who are self-employed or do not have access to employer-sponsored health insurance.

"Escalating hospitalisation costs can erode savings and investment gains. A comprehensive health insurance plan, starting with at least Rs 5 lakh coverage and cashless treatment, acts as a financial buffer during health-related uncertainties. Initiating coverage early secures substantial protection at a lower cost. Critical illness coverage and pre-and post-hospitalisation benefits should be prioritised, ensuring a well-rounded insurance choice for your sibling's needs," said Amit Gupta, MD, SAG Infotech.

Thoughtful financial rakhi gifts | Image credit: Shutterstock

Savings bank account or Demat account

A savings bank account or Demat account can help sisters save money and invest in stocks or other financial instruments.

"Setting up a Demat account or savings bank account in your sister's name is a practical step. Begin with the minimum deposit required, and explore the benefits of women's account offerings. Ensure you have her KYC documents ready for the bank's process, and if you're opening the account in person, her presence is necessary," Gupta added.
 

Digital gold

Digital gold is a convenient and affordable way to invest in gold. This is a good option for sisters who want to own gold but do not have the space to store it physically.

"Minimise the burden of physical gold's high holding costs. Opt for smarter alternatives like investing on her behalf in gold ETFs or gold savings accounts. Gold Exchange-Traded Funds (ETFs) and gold Mutual Funds (MFs) emerge as practical and effective avenues for gold investment," said Ravi Singh, Market Expert.

Thoughtful financial rakhi gifts | Image credit: Shutterstock

Debt instruments

Debt instruments, such as fixed deposits (FDs) and recurring deposits (RDs), can help sisters earn a fixed return on their investment. This is a good option for sisters who are looking for a safe and secure investment.
Financial experts say that in Fixed Deposits (FDs), you commit a lump sum for a fixed tenure, whereas Recurring Deposits (RDs) are more suitable for those who lack an immediate lump sum and prefer regular monthly contributions.

Stocks

Stocks can offer the potential for higher returns than other investment options, but they also carry more risk. Brothers should carefully consider their sister's investment goals and risk tolerance before gifting stocks.