Here's How You Can Gift Online This Diwali

“A gift consists not in what is done or given, but in the intention of the giver or doer.” -- Lucius Annaeus Seneca (a Roman Stoic philosopher, statesman, dramatist, and humourist of Latin literature).

Diwali is just a week from now. The mythology surrounding Diwali, the festival of lights, varies regionally and between traditional cultures. The folklore ubiquitously conveys joy, celebrations, importance of knowledge, introspection, self-improvement, knowing and seeking the right path.

Essentially, Diwali symbolises the victory of good over evil; light over darkness; hope over despair; and knowledge over ignorance. As every year, Diwali is celebrated with fervour and fanfare among friends and family, amid spectacular fireworks, dazzling oil lamps, lanterns, rangoli, and so on. The ebullience on the streets filled with light and an exchange of sweets and gifts creates an enthralling atmosphere. It is the happiest holiday for most folks.

And this Diwali, ensure the gifts you give to your loved ones are thoughtful; a gift that will touch their hearts and illuminate their lives.

Those of you who are far away from home, settled abroad or in another state or city to make a living can transfer money as a Diwali gift to parents and loved ones. And these days, with online channels available, remitting money is hassle-free and safe.

For Non-Resident Indian (NRIs), Axis Bank has several modes of money transfers.
Some of the avenues are highlighted here:

• Transfer via Automated Clearing House (one of the easiest routes for NRIs settled in the US to remit money to India)
• Online Remittance (another easy way to send money from any non-US country to any Indian Bank account)
• Wire Transfer (an electronic form of transfer made across the world from one sender to the beneficiary)
• Foreign Currency Cheques/DDs (facilitates your loved ones to visit any Axis bank branch in India to credit the equivalent amount of the foreign currency cheque/DD issued)
• Through exchange houses (you can choose either to transfer via a partnered exchange house such as MoneyGram Payment Systems Inc. or Xoom Corporation, or transact within the 82,000 bank branches within the bank’s RTGS/NEFT/IMPS network)
• Overseas Branches (you can visit the subsidiary branch and instantaneously credit to any Axis Bank account in India and other bank accounts within 24 hours)

This Diwali, even resident Indians, i.e. those of you who are based in India, can opt for Axis Bank’s internet banking to transfer money to their loved ones. Besides, for those of you who are looking at gifting in kind,Axis Bank’s internet banking channel has some fantastic offers on apparels, holiday packages, home appliances, furniture, etc.

If you use a smart phone,Axis Bank’s mobile app is super convenient. You can use it to organise your Diwali travel plans, shop for a variety of products, transfer money to your loved ones, and much more! Likewise, Axis Pay Unified Payment Interface (or UPI) app can aid you in online gifting this Diwali. It is extremely easy to use, with which you can link any bank account to send or receive payments instantly and securely, with just your name. And when you shop online, opt to use ‘Axis Pay’ instead of opting for cash on delivery. Your money will be transferred on a real-time basis with the UPI app.

Whatever route you choose, your intent to send money across or gift on time should go uninterrupted.

Here are some other innovative ways to gift your loved ones this Diwali:

• Gift a Holiday or a Dinner – using a debit card/credit card
  • Parents make numerous sacrifices, so that their children see a bright future and lead a comfortable standard of living. Therefore, when you become a financially independent adult, consciously do your bit to make your parents happy in return. One such way is gifting or funding a holiday to a place they always wanted to travel and explore. The holiday will be memorable and a manifestation of your morals, principles, and respect for your parents.
  • Likewise, you can purchase a dinner package for your loved ones. All you need to do is swipe your debit card or credit card. These days, there are some fabulous offers on credit cards for dining, and you can get an even better deal by contacting the restaurant of your choice and making all the arrangements. Make sure you get the best deal.
• Gift Card – a smart choice
  • This Diwali if you are unsure of what your loved ones may prefer, a Gift Card can be a smart choice. These are prepaid cards offered by banks and widely accepted today at merchandise outlets and online shopping portals. You need not worry about the security of the money as it comes with a unique PIN, plus it’s easy to handle as opposed to doling out cash. But remember that gift cards usually come with a validity of one year from the date of issue, and cash withdrawals aren’t permitted nor are they reloadable.
  • A gift card provides them with the liberty to buy what they like from a select store. Axis Bank has an e-gift card (also known virtual card) that allows your loved ones to instantly receive a gift from anywhere. And, it can be used at online merchants in India who accept a Visa card. The gift card comes with denominations ranging from Rs 500 to Rs 50,000 and is activated within hours.
• Add-on Credit Cards
  • Add-on credit card is a good choice to gift within family members. For your wife, dependent siblings, dependent parents, and grown-up children an add-on credit card, perhaps with a smaller limit, can prove handy.
  • But when you gift them one, subtly explain how to use it thoughtfully to avoid falling into a debt trap. A credit card will introduce them to credit management and its importance for a healthy better credit score (which reflects credit behaviour and credit worthiness).
• Consider gifting Gold
  • On  Dhanteras or Dhanatrayodashi, which is the first day of Diwali, there can be no other better gift than gold. It can be gifted in various forms: coins, bars jewellery, gold Exchange Traded Funds, (ETFs) and gold saving funds. This ‘Dhan’ will bring good luck to your loved ones. In fact, the word Dhanteras itself denotes wealth and prosperity. Remember, gold is not a mere commodity, but a precious yellow metal that illustrates traits of being a safe haven in times of economic crisis. It can add to the financial security of the recipient and is an effective portfolio diversifier.
• Aid someone’s Education, Healthcare
  • At times, certain money-oriented yet valuable experiences, such as quality education, a hobby class, exclusive health check-up packages, etc. are priceless. If you can gift them with these, or aid them in any way, it would be a noteworthy gesture; an exceptional act of kindness.
• Buying Medical Insurance
  • As you know, cost of healthcare is on a rise. And today’s lifestyle invites more risk to one’s financial health. So, if you can gift your loved ones a health insurance cover by paying his/her premium, it would be a valuable gift.
  • Financially independent adults can consider paying the health insurance premiums for their parents. By doing so, especially in the case of dependent parents, entitles you for a tax deduction under Section 80D of the Income-tax Act, 1961.
• Investments
  • Investing in productive investment avenues in favour of your loved ones can enhance their financial wellbeing and will be a fulfilling experience for you, the giver. SIP or Systematic Investment Plan in a mutual fund scheme(s) is a promising mode of investing in mutual funds systematically for your loved ones, which can contribute to their long-term financial goals.
  • Similarly, consider a Recurring Deposit (RD) for someone who is risk averse. This will add to his/her financial security, earn a fixed and better rate of return vis-à-vis a savings account. However, make sure you explain to the recipient that although the interest earned on the RD may not be subject to tax deduction at source (TDS), the interest is taxable. A lump sum investment can also be done in a bank Fixed Deposit (also known as term deposit) in the name of the person of your choice. Be wise to select a reputed bank with a sound financial standing before parking money.

Remember, your gift represents your thoughts, intentions, and feelings towards your loved ones. So, make sure your gift is a remarkable gesture. Be the positive change in the life of your loved ones and touch their hearts.

Happy Gifting!

Wish you a Very Happy & a Prosperous Diwali.

Disclaimer: This article has been authored by PersonalFN, a Mumbai based Financial Planning and Mutual Fund research firm known for offering unbiased and honest opinion on investing. Axis bank doesn't influence any views of the author in any way. Axis Bank & PersonalFN shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.