The history of the Raksha Bandhan festival goes back thousands of years and is embellished with myriad cultural context. Raksha Bandhan in Sanskrit represents a tie or knot of protection that a sibling promises his sister. On this auspicious day, sisters ritualistically tie a Rakhi on their brothers’ wrists and wish for their prosperity and well-being. In turn, the brother vows to protect and take care of his sister under all circumstances.
The ritual of tying a rakhi is an immersive experience which, among other things, instills a sense of responsibility from an early age. On this day, a brother doesn’t just bestow gifts on his sister, but also resolves to pray for her success and progress. The experience holds the promise of deepening the relationship and also provide a sense of mutual trust and inter-dependence. Further, it is one of those few happy events which upkeep the familial bond. Consequently, Raksha Bandhan is celebrated even between cousins, far off relatives, and furthermore non-biological brothers and sisters, regardless of cast, creed, and religion.
About the return gift one can give to a sister this year. The typical things one imagines are handbag, watch, jewelry, clothes, box of mithai, chocolates, or dry fruits. However, for the desire to safeguard her from a monetary perspectivefgis and promise her financial security, here are a few things you ought to consider:
Purchase Insurance Plan (Term/Health plan)
Considering the present lifestyle including long working hours, stress, lack of physical exercise, skipped meals, unhealthy diet, and so forth, the threat of an unexpected ailment is always present. Just so as to guarantee the wellbeing and security of your sister, you can consider paying health insurance premiums on her behalf.
Buying a health Insurance for her will make sure that her hospitalization expenses are taken care of and she is protected from expensive hospital bills and medical treatment, in case the need arises. You could help your sibling mindfully shortlist an appropriate plan and offer a cash gift to help purchase it!
Begin a SIP — help her plan for her financial goals!
SIP or Systematic Investment Plan is a promising financial instrument when it comes to savings. It is essential to remember that choosing the best mutual fund is critical as these can prove worthy thanks to effective portfolio multiplier capability in the long run. Just as you have financial goals, so does your sister. And as a dutiful brother, you can help her fulfil some of them, contributing to a sense of financial security.
Open a Savings Bank account for her
On the off chance that your sister doesn't hold a bank account, open one in her name with a good bank. The cash you wish to
gift can be deposited in this savings account. This will offer her liquid cash and also help her earn interest. Perhaps deposit some pocket money and give her the independence of using the money as she desires. Likewise acquaint her with net and mobile banking which brings along the simplicity and convenience of banking.
Start a Fixed Deposit in her name
Apart from opening a bank savings account, you might consider starting a Fixed Deposit with a bank for your sister. This will add to her long-term monetary security thanks to better rate of interest as compared to savings account. This will provide her with a secured corpus in the future.
Give her a Gift Card
A Gift card is a prepaid card offered by banks and widely accepted at merchandise outlets and online shopping portals. The gift card comes with denomination ranging from Rs 500 to Rs 50,000 and is activated within hours and in case of e-gift card, almost instantly!
At Last!!
These insightful financial gifts for your sister won't just be cherished, but even add to her financial security and independence, which, as a caring brother you would constantly desire.
These financial instruments help your sister to protect, save and invest in a safe and secure manner. Your sister doesn’t need to depend on borrowings in the midst of an emergency, thanks to your efforts to help her become financially independent now and in the future . After all, this bond is about supporting each other’s progress for a lifetime!
The author, Ashish Misra, is Chief Operating Officer, Retail Banking at Fincare SFB
