Fixed deposit

Fixed deposits in your sister's name can be a good option as the amount invested will be safe and will give fixed returns at the end of the tenure. Short-term debt funds can also be considered as they are also highly liquid.

Mutual fund SIP

Start a mutual fund SIP in your sister's name with best-balanced funds. Mutual funds if invested smartly can help in creating a sizeable amount of wealth.

BlueChip stocks

Gifting bluechip stocks can create good wealth if considered for the long term. Bluechip stocks are some of the finest stocks in the country, which have generated wealth to shareholders over a period of time.

Health Insurance

What is better than taking care of her during illness. Best to buy a health insurance cover for your sister which will take care of her financial needs when it is most needed.

The insurance policy will take care of hospitalization, or any other medical expenses when needed.

Gold

If you are planning to buy gold jewelry, better to replace it with Gold ETF or Gold funds. Newly launched gold schemes by the government of India can also be considered.

PPF

Start a public provident fund, which will help her in future. PPF is one of the best tax saving instruments. Investment and interest on the instruments are tax-free in hands of the investor.

Personal Finance Books

It is never too late to acquire knowledge. One can gift basic books on money management and personal finance books to make her financially independent.

Gift cards

Best for individuals who are not good at making choices. The gift card can be purchased with starting amount of Rs 500 and maximum up to Rs 50,000.

This card is valid for a period of 1 year from the date of issue, which is marked on the face of the card. However, the Gift Card cannot be reloaded.