2023 Raksha Bandhan: The festival of Raksha Bandhan celebrates the cherished bond between siblings. A tradition uniquely Indian, it is a time when the love that binds siblings together is reaffirmed. In addition to the traditional exchange of money, a trend that is gaining momentum is the gesture of giving financial gifts to the sister. This innovative approach not only shows consideration for their future, but also underlines the importance of thoughtful, meaningful gifts.
A New Era of Giving: From Trinkets to Financial Security
Raksha Bandhan has long been synonymous with beautifully decorated threads, sweets and souvenirs. However, a major shift is taking place as brothers recognize the practicality of financial gifts. These gifts are not just about monetary value; they symbolize a brother’s commitment to his sister’s well-being and aspirations, and his commitment to her financial well-being for her future.
Wide Range of Choices: Navigating the landscape of financial gifts
Today, a wide variety of financial gift options exist. These are diverse and cater to different preferences and circumstances.
Some of the most ideal gift options include:
1. SIP Together:
Start a mutual fund SIP together. Start a SIP with monthly contributions credited to Sister’s account on a regular basis. A sure way to remind her each month of her brother’s long-standing commitment.
2. Gold Bonds:
Have her subscribe to a Gold Sovereign Bond, or a SIP in a Gold Savings Mutual Fund. Gold that grows and doesn’t need a safe!
3. Provident Funds:
Start a PPF for her and show her the power of long-term retirement planning.
4. Love Deposit:
Place a fixed deposit with a bank or a company with an AAA rating for any emergency needs.
5. Open To The Stock Market:
Open a Demat account and gift an ETF to begin with.
6. Personal Insurance:
Give her a safe arm around her everywhere by making sure that she is not harmed financially in times of need. Plan and receive her first Health, Accident and Life coverage.
7. Mahila Samman savings certificate
Mahila Samman savings certificate through the nearest post office at an interest rate of 7.5% per annum for 2 years for up to 2 lakhs, without TDS.
But it’s not all about money when it comes to financial giving.
Empowerment through financial literacy
Aside from the immediate monetary impact, these gifts often carry an invaluable lesson in financial literacy. By introducing your sister to the world of investing and saving, the brothers not only show care, but also teach skills for a secure financial future.
A sign of independence: making dreams possible
Such forward-looking gifts resonate with the evolving role of women in Indian society. Sisters pursue more and more careers and dreams, and these financial gifts provide a stepping stone to fulfilling their ambitions.
Conversations that matter: embracing an open dialogue
The trend also encourages meaningful conversations about financial planning within families. Brothers and sisters openly discuss goals, aspirations, and strategies for achieving them, fostering a culture of shared responsibility.
Personalizing the gift: adding emotional value
While financial gifts exude pragmatism, adding a personal touch can increase emotional value. A heartfelt note accompanying the gift can express feelings that words alone may not convey.
A festive mix: balance between tradition and modernity
The emergence of financial gifts does not detract from the significance of traditional tokens exchanged during Raksha Bandhan. Rather, it adds a new layer of depth to the celebration, mixing time-honored rituals with contemporary sensibilities.
As Raksha Bandhan draws closer, brothers across the country are embracing the concept of financial giving, redefining the festival’s essence of love, care and protection. This trend embodies the spirit of evolving relationships, bridging the gap between tradition and modernity and strengthening sibling bonds through meaningful gestures that last well beyond the festivities.
-The author is Managing Director and Head of Distribution, Sundaram Finance Limited. Opinions expressed are personal.
disclaimer:The views expressed in this article are those of the author and do not represent the views of this publication.
