Kolkata:

Father’s Day was first celebrated in June 1910 in Spokane, Washington. According to reports, Sonora Smart Dodd was the person to introduce this concept in the honour of her father, William Jackson Smart, who was a veteran of the Civil War veteran and a single parent who had the gumption to raise as many as six children. It is celebrated on the third Sunday in June.

Possible Father’s Day gifts:

Health Insurance policy: To a senior citizen, or someone approaching the life of an “elder”, health concerns and the expenditure of healthcare can be quite unnerving. Healthcare inflation has been reported at an incredible 14%. Therefore, you can always gift your father a health insurance policy. If he is prone to certain critical illness, you can buy him a critical illness rider that will of special significance for him.

Even if he has one health insurance policy, the second one can bolster the sense of security along with the first one.

Fixed Deposit: In India it won’t be an exaggeration to say that fixed deposits and senior citizens are synonymous. It is difficult to locate a senior citizen in this land who will shy away from a fixed deposit.

You can buy an FD for your father with any amount that is not a tyranny on your pocket. After the 50-basis point rate cut by the Reserve Bank on June 6, major banks have started trimming their deposit rates. So it is high time you can lock in an “elevated” rate in one of the banks.

Mutual Fund: This is the age of high returns by mutual funds. It is quite possible that you can gift a lumpsum investment in a suitable mutual fund or even start an SIP (Systematic Investment Plan). You can also contribute the first SIP or the first few SIPs for him, according to your convenience.

Today, Sunday June 15 is Father’s Day. Every year you must be gifting your father flowers, books, pens, or chocolates. This year you could also think of a few financial instruments to make this Father’s day rather memorable.

The instruments that you could consider for gifting your dad can be a policy of health insurance, or Fixed Deposit (FD) and even lumpsums and SIP in mutual fund schemes. They can not only be a token of your affection but also be of significant use in day to day life. Let us have a close look at each of these.

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