LAST UPDATED: Jan. 3, 2021, 6:07 p.m.
The year 2020 has passed. New Year 2021 has knocked. The past year cannot be said to be good in any sense, but the new year can be expected to be good. In such a situation, if you are thinking about doing something better for your family in the new year, then financial gifts can be special in this. It can be for children as well as parents. This can lead to financial support not only for the education of children, but also for parents.
Parents can be gifted a pension scheme for their old age this year. Apart from this, such schemes can be gifted to children so that they can get financial support for their future needs like education, business or marriage. So, let’s have a look on those policies, which in the new year you can give a nice gift to your loved ones.
Corona Armor Policy
Currently the biggest gift may be the corona armor policy. The corona epidemic that has raged around the world has not yet returned to track. Regarding its vaccine, still nothing can be said with certainty. In such a situation, on the new year, your family can be given a health policy related to corona, which can cover the expenses related to it.
Give financial confidence through FD
In the new year, you can give a gift of fixed deposits (FD) to your family. FD has long been a safe option to increase its capital. Families will get about 5 percent interest on investments made in FDs in banks. However, if it seems that interest is getting less in FD, then small finance banks can also consider FDs of banks. Small finance bank is getting about 7-8 per cent interest.
RD: Big returns from small savings
FD is a better investment option but its biggest drawback is that it has to deposit a lump sum. In such a situation, you can give a gift of Recurring Deposits (RD) to your family. In this, large returns can be obtained from small deposits. In this, banks are paying more than 5 percent interest on the investment made and the post office is paying 5.8 percent interest annually.
(Note: The facts given above are for information only. Be sure to contact your financial advisor before investing.)