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Fathers Day 2021- Financial gifts for your Father

2021-06-18
3 Min Read
5 / 5.0
Author - Pawni Mishra
Fathers Day 2021- Financial gifts for your Father
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The third Sunday of June is not just another Sunday but a day when you need to make your Father feel special for all the love he has given you. All words are less for him because a father is the one who shows us a path as a guiding light. He is the one who introduces us to financial life for the first time. Inarguably, no gift can match our fathers efforts and sacrifices, but we can do our bit to make their life a bit comfortable.

This Fathers Day, along with all the love, here is a list of few financial gifts that you can present to your superhero:-

FD account: Open a fixed deposit account for your father, a gift of security wrapped with good returns. Most banks and NBFCs offer around 0.5%-1% higher interest rate on FD to senior citizens. The highest FD rate is 6.95% and there are a plethora of options available to choose from. Also, FDs with banks are covered under deposit insurance and hence, there is absolutely no risk of losing your savings for a deposit amount of up to Rs 5 lakh in any bank.

Here are the rates from the top 5 banks or NBFCs :-

Banks

Senior Citizen Interest rate

HDFC

6.00% - 6.50%

Bajaj Finance

5.90% - 6.75%

PNB Housing Finance

5.90% - 6.70%

SBI

3.40% - 6.20%

Axis Bank

2.50% - 6.25%

RD account: Similar to FD, banks have special recurring deposit (RD) schemes for senior citizens with higher rates as compared to general schemes. The benefit is that you can save a regular amount every month. You can deposit as less as ₹ 10 and there is no maximum limit. Also, once the tenure gets over you can renew the RD account as that up to maturity.

Senior citizens savings scheme (SCSS): Gift him assured returns by opening a Senior citizens savings scheme (SCSS) account. Under this scheme, a senior citizen gets guaranteed returns of 7.40% for 5 years. You can invest a maximum of Rs 15 lakh individually. You can also enjoy the benefit of tax saving, under Sec 80C of the Income Tax Act, as you can get tax exemptions upto ₹ 1.50 Lakh on your investments. However, there are no tax deductions on interest earned on the investment.

ELSS: Equity-linked saving scheme is the best type of investment for future financial stability. ELSS gives higher returns of over 15%, as per the reports it is considered the highest returning asset class in the investment market.

Pradhan Mantri Vaya Vandana Yojana: Pradhan Mantri Vaya Vandana Yojana is an insurance policy-cum- pension scheme backed by the government for senior citizens. Under this scheme, a person above 60 years get returns of over 7.40% for 10 years. It offers four pension payment options- monthly, quarterly, half-yearly and yearly, the pension is given for 10 years.

To make an informed decision, we advise you to do proper research so that your father gets a secured retirement. This small gesture can be a big relief to him in turbulent times.

Happy gifting!

About Author

Pawni Mishra
Writing was her hobby and few years later she made it her profession, so to enjoy work. She has been in this field for 3.5 years now and loving every bit of this content world. Currentlly, she is writing on financial topics and is loving every bits of it.

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