Christmas is an opportunity to bring a smile to someone's face by becoming their Santa Claus. While people generally gift chocolates, sweets, dry fruits, cards, X-mas tree, one can be a little different this Christmas by giving financial gifts which can add value in the loved one’s life.
Here are some of the financial gifts one can try:
As per the current scenario, buying a health insurance policy for someone can serve as one of the best financial gifts. While advancements in medical science have increased life expectancy, medical costs have skyrocketed too.
Having health insurance means the loved ones will not have to worry about the best medical care when needed without getting their savings drained.
Fixed Deposit (FD)
Fixed deposit is an ideal option for anyone who is not keen on investing in market-linked avenues. Being the safest investment, this can be a good gift. One can easily open a fixed deposit account online.
FDs are offered by commercial banks, small finance banks and non-banking financial companies (NBFCs).
Mutual Funds (MFs)
Mutual fund via Systematic Investment Plan (SIP) route allows one to periodically save money in a structured manner with an opportunity to earn returns. Hence, it’s a good idea to gift a mutual fund SIP to loved ones, say experts.
These days, it has become very easy to go online and invest in mutual funds. One can give a start by offering to pay the first few installments of the SIP.
According to financial experts, gifting shares/stocks is also a decent idea.
Quality shares can give good returns. To gift shares, however, the receiver must have a Demat account.
This Christmas, instead of gifting physical gold, one can consider gifting gold in the form of gold ETFs and/or a gold saving fund.
Gold ETF, however, requires a demat account where the gold almost equivalent of physical are deposited in an electronic form.
Gift cards are prepaid cards offered by banks and widely accepted at different merchandise outlets and online shopping portals. One can buy gift cards and add the money value as per the choice and gift anyone.
Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.