Mother’s Day allows showing our love in a materialistic way by gifting them not only with pastries and chocolates. Gift them financial independence this year.
Here are some financial gift ideas for you:
- Systematic Withdrawal Plans (SWP): In this Scheme, one can withdraw a fixed amount of money regularly if one invest a lump sum amount of Mutual Funds. It may be monthly, quarterly, half-yearly, or annually. This helps when someone wants to invest money like buying gold, or bonds.
- Choose a Mutual Fund Scheme: choose the plan you want to invest in and open an investment account.
- Select The Mode For Investment: If you want to invest under SWP you need to invest a lump sum amount of money.
- Set up SWP: you may instruct them to withdraw the money (monthly/ half yearly/annually) and transfer money to your bank account.
- Withdrawal Of Money: on a specified date, as mentioned in your plan, the provider (Platform from where investment will be done) will sell your mutual funds and credit to your bank account.
Other Investment Ways:
- Senior Citizen’s Saving Scheme: Here, if your mother is 60 years+, you may open a senior citizen’s saving account where you can invest money on a monthly/ half yearly/ annually for 5 years and after 5 years your mother can withdraw the amount with interest.
- Medical Insurance: This stands quite important for the future. Contact any agent or company providing medical insurance and help them to understand about your requirements verify them, and then you are good to go for Mediclaim.
- Gold Bonds: Yes don’t buy gold but buy gold bonds. Gold bonds are government-backed securities denomination in grams of gold. That means they are just substitutes for physical gold. The bond is issued by the Reserve Bank of India (RBI).
From childhood, we have seen parent making investments, but we forget about investing in them in their old age. As our moms grow older, let that be their time. As she has already journeyed halfway sacrificing to fulfill our needs. Now it is time to think about how we are going to pay her respect. So, what are your plans this time?
Author: Anushka Jaiswal
Anushka Jaiswal is pursuing a degree in journalism and Mass Communication. I am more interested in listening to the podcast rather than reading books. My hobbies include listening to music, journaling philosophical thoughts. From my school days I have taken a keen interest in debate competitions whether it is English or Hindi. I am not much indulged in the sports but I remain active in some of the co curricular activities like cycling, swimming, running, jogging and the like.
