Best financial gifts to give to your loved ones

1. Best financial gifts to give to your loved ones Here, the goal is to avoid succumbing to materialism and instead search for a gift whose worth increases over time. Gifts are special at all times. Even more so if they are deliberate. When it comes to offering something unique to our loved ones, we typically go to great lengths. The best approach to demonstrate our concern, though, is to provide them with financial security by giving them items that will help them achieve their goals and aspirations. Yes, receiving a handbag, a car, or even the newest phone sounds appealing. These assets, however, are degrading and only have a short-term worth. After a few years, they will be thrown away, making the present worthless in terms of money. Here, the goal is to avoid succumbing to materialism and instead seek out a gift that will grow in value over time. Let us look at some of the top financial gift suggestions that could help your loved ones achieve their financial goals. 1.Open a bank account One of the best financial gift ideas is opening a bank account for your child, younger sibling, and other loved ones. The best thing is that the account holder need not necessarily be 18 years of age. You can open a basic savings account

2. in a bank for a minor as well, making this gift option available to a lot of people. This will help inculcate a saving habit in them from an early age. Moreover, they can see all the gift money multiplied by earning the interest on the savings account. To go the extra mile, you can collect all the funds in this bank account and invest it in a Smallcase for better returns! Wondering how to select a Smallcase for investing? Read our article on How To Select The Best Smallcase? 2.Create a Fixed Deposit A fixed deposit (FD) is another profitable financial gift because of all the advantages it offers. In the name of your loved one, you can make a lump sum fixed deposit. One of the best financial gift suggestions for short-term financial objectives and contingency benefits is this. Additionally, FDs offer a higher interest rate than savings accounts. FD interest is taxable; however, under section 80C of the Income Tax Act of 1961, you are allowed to deduct it. The fact that the earnings fall under the Exempt-Tax-Exempt category is the finest aspect. Additionally, FDs are risk-free investments that are safe. They are not market- driven, which is the main reason behind this. You receive a guaranteed sum of money at maturity, unlike with other investment strategies. 3.Invest in a Teji Mandi portfolio Teji Mandi offers two ready-made portfolios, curated by stock market experts after careful analysis and evaluation. The Teji Mandi Multiplier Portfolio is made of mid-cap and small-cap stocks. It has shown an approximate CAGR of 93%. These stocks are expected to show non-linear growth and can be a great investment to earn good returns. The Teji Mandi Flagship Portfolio consists of 15-20 handpicked stocks that are a mix of short-term bets and long-term winners. It has shown approximately 56% CAGR. 4.Buy health insurance A great approach to safeguarding your family, assets, and possessions is via insurance. Additionally, it is the most effective strategy to control risks, ensure the future, and promote saving. Above all, it will bring you some mental tranquillity. Wouldn't you want the same for the people you care about?

3. By paying their annual payments, you can provide your loved ones with all- inclusive health insurance coverage despite the growing expense of healthcare. One of the best cash present suggestions will be this. Along with protecting the beneficiary, it will also provide tax advantages that will increase your savings. Read more about financial gifts