- ALSO READ
Health insurance plan
You can buy your sister a health insurance plan that will ensure financial safety in times of medical emergencies. A decent health insurance plan would cover the cost of hospitalisation, daycare procedures, room rent and domiciliary expenses. It would facilitate a cashless hospitalisation facility.
Digital gold or Gold ETF
Add bling to her life by purchasing digital gold. In India, three main companies offer digital gold: MMTC-PAMP India, Augmont Gold Ltd and Digital Gold India.
Alternatively, you can also purchase Gold ETFs, which are passive investment instruments based on gold prices and invest in gold bullion.
You can pick a mutual fund for your sister that has been performing well in the last couple of years and invest in it for her. An investor can invest in thousands of mutual fund schemes in India. Take your financial planner's advice before deciding on the best mutual fund to invest in.
You can gift stocks with long-term investment in focus. However, we suggest you discuss this with your financial planner if you are uncertain.
Fixed Deposit or Recurring Deposit
Finally, you can also give the traditional financial products: Fixed Deposit or Recurring Deposit. Brothers can fix the amount they plan to give their sister or open a recurring deposit account and make small payments every month for a certain period. A fixed deposit account earns a higher interest rate than a savings account.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Tue, August 09 2022. 14:48 IST