Raksha Bandhan 2024: Stocks, MFs, gold coins to FDs. List of financial gifts you can give your sister this Rakhi

Rakhi 2024: Raksha Bandhan is a cherished Indian festival where sisters tie sacred ‘Rakhis’ around their brothers' wrists. Brothers respond with various gifts, from cash and jewellery to smartphones and clothes. This year, elevate the tradition by choosing financial gifts that ensure your sister’s security and prosperity, offering more than just material items but a path to her economic well-being.

"Introduce her to fundamental investment options such as stocks, bonds, mutual funds, and ETFs for long-term growth. Help her open a retirement account like a 401(k) or IRA and explain the benefits of tax-advantaged savings. Emphasize the importance of starting early, the power of compounding, and the concept of dollar-cost averaging. Teach her about risk management and periodic portfolio rebalancing, and consider consulting with a financial advisor. This Rakshabandhan, gift her financial knowledge and skills to build lasting wealth," advised Siddharth Maurya, Founder & Managing Director of Vibhavangal Anukulakara Private Limited.

Some thoughtful financial gift ideas you can give your sister on Raksha Bandhan 2024

1)Gifting cash on Rakhi: It is a classic and versatile gift that allows her to spend it as she wishes.

2)Gifting investment Fund on Rakhi: Contribute to a mutual fund or savings account in her name to help her with long-term financial goals.

3)Gifting stocks on Rakhi: Gifting stocks on Raksha Bandhan can be a thoughtful and forward-looking present, offering both financial potential and long-term value

4)Gifting Systematic Investment Plans on Rakhi: SIPs offer a disciplined approach to investing in Mutual Funds, making them an excellent Rakhi gift.

5)Gifting Gold/Silver Coins on Rakhi: Precious metal coins can be both a practical and valuable gift.

6)Gifting Fixed Deposits on Rakhi: FDs are a timeless and secure gift choice for Rakhi. They offer a guaranteed return on investment, making them a perfect way to contribute to your sister’s financial security and future planning. Gifting an FD provides her with a stable investment. This gesture not only helps in building her savings but also shows a commitment to her long-term well-being.

7) Gifting lump sum mutual fund investment on Rakhi: This gift allows her to benefit from a mutual fund's professional management and diversification, potentially enhancing her wealth over time.

8) Gift card: A gift card to her favourite store or online retailer allows her to choose what she wants.

Raksha Bandhan 2024: Date, timing shubh muhurat

As Raksha Bandhan approaches, India is sparkling with a stunning array of rakhis that will make this festive season unforgettable. Raksha Bandhan will be celebrated on Monday, August 19, 2024. According to a report in Livehindustan, the most auspicious time for tying Rakhis is from 1:30 PM to 9:07 PM on August 19, 2024.

Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.