Father’s Day is approaching, which means you just have a few days to purchase a gift for your dad. There are numerous traditional approaches, but if you want to give your father something that will actually benefit him in the long run, consider a money gift. Our financial habits are shaped by our fathers. Why not give dad the best financial gift this Father’s Day?

Make a retirement investment for him

The majority of Indian middle-class parents do not plan for their retirement because they devote their entire lives to raising their children. It’s never too late, though, to get your parents into the habit of investing. You can start a Systematic Investment Plan (SIP) in mutual funds for him this Father’s Day, which will provide a disciplined and long-term investment approach to help him build wealth over time. Most of these plans have liquid stocks that can get your father money in a pinch or in an emergency. SIPs might also help your father accumulate wealth for his retirement.

Purchase high-dividend stocks for him

Investing in dividend-paying firms is a terrific method to protect your money against capital loss. Because blue-chip firms are more likely to pay a greater dividend, most of these stocks are solid bets.

You might also purchase him a stock with a high dividend yield. Look for companies with a dividend yield of 5% or higher to provide him with a second source of income in the form of dividends. This way, you’ll get income from potential appreciation as well as a high-divided pay-out as a bonus.

Make him a fixed deposit account

Interest rates at a number of public and private institutions have lately been altered. If your father is a senior citizen, he can earn an extra 50 basis points (0.5 percent) on his FDs. Fixed deposits are one of the safest investment options, and most elders choose to keep their money safe and grow it over time throughout retirement.

Open an account with the Senior Citizens’ Savings Scheme

Dads over the age of 60 can begin investing in the Senior Citizen’s Saving Scheme, a safe, government-backed retirement benefits programme. It has a five-year term and provides guaranteed returns. The current interest rate is 7.4 percent, which is greater than most banks’ fixed-rate deposit rates.

Vaya Vandana Yojana of Prime Minister

The Pradhan Mantri Vaya Vandana Yojana is another government-backed retirement benefits programme. It has a ten-year term and is designed to give consistent income to retirees. The monthly option provides guaranteed returns after ten years, and the principal amount accumulated is returned to the policyholder.