Kolkata: History has it that Mother’s Day was first observed in the US in 1907 by Anna Jarvis, who was inspired by her mother’s service as a community health advocate. This year Mother’s Day will be observed on Sunday, May 11 and you can consider a financial gift to your mother, which will also increase her financial security.
Every year, Mother’s Day is celebrated on the second Sunday of the month of May. The financial instruments that you can consider for gifting can be a health insurance policy, Public Provident Fund (PPF), Fixed Deposit (FD) and even lumpsums and SIP in mutual fund schemes. Let us have a close look at each of these.
Possible Mother’s Day gifts
Health insurance: The importance of a health insurance policy cannot be overestimated as the Covid 19 pandemic has spectacularly shown. Even if you mom has a health insurance policy, another one will only bolster her security. Even if the cover provided by the first insurance policy falls short, the second one can beef up her security.
Fixed deposit: There is hardly a senior citizen in this country who does not care about a Fixed Deposit (FD). You can gift your mom an FD with any amount that you are comfortable with. Most banks still offer a decent rate of interest (above 7%) on FDs for senior citizens. Though the interest income is taxable, the new TDS limits could allow her a relief.
Public Provident Fund: The PPF, or Public Provident Fund is a long-term tax-efficient instrument in the EEE category where one can invest any amount each year between Rs 500 and Rs 1.5 lakh. Currently, it offers 7.1% interest with maximum possible safety of capital.
Mutual fund: You can gift either a lumpsum amount in a performing mutual fund scheme or even an SIP (Systematic Investment Plan). You can determine the periodicity of investment of your choice — weekly, monthly, quarterly or even once in six months. You can contribute the first SIP or the SIPs for the first year, according to your convenience.
This year Mother’s Day is to be celebrated on Sunday, May 11, 2025. On this day one can consider expressing gratitude to mothers with financial instruments in addition to conventions such as cards, flowers and chocolates. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
