What do I give my daughter, my first born, on the day she turns 10? Double digits!
I want it to be something special, something that she will use and remember. Not just another gizmo, toy or dress. Not something to use and discard. I want something of lasting value, something to delight her and instruct her. Something that will set her apart. Something that will teach her life skills.
One of the things I am considering is a savings bank account. ICICI has what it calls “Young Star Savings Account” which comes with Debit Card, personalized cheque book, Internet Banking, limits on daily withdrawal and spends etc.
I would transfer a fixed sum of money into this account every month and she would operate it. Pay her schools fees out of it using her own cheques. Withdraw money from the ATM for her own use. Use some of the money to buy investment instruments like NSC, Fixed Deposits or even mutual funds. She already has her own PPF account and maybe she can deposit into that out of this account too.
Essentially introduce her to the concept of money and how to manage it.
What do you think?
The other gift idea is her own mobile phone. Something she has been hinting at for some time 
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