MFs to PPF: How to start off your newborn's investment journey

Parents need to begin investing early for their children's financial goals, be it higher education or marriage

An individual's investment journey starts right from the cradle, say financial planners: So, while childbirth is an exciting time for parents, despite the hardship and expenses, it is also time for them to chart financial goals that align with the child's future, particularly higher education and marriage.

Parents can start investing for these long-term goals immediately after childbirth. They can do so using their own bank accounts or start a new one for the child. These days, many parents prefer to open separate accounts for their children and invest in them-investments that can be accessed by the children after they turn 18 years of age.

Other than investments, it is also important for parents to add newborns to their healthcare policies This will help them meet the expenses of any emergency medical procedure the child may need.

Here is how new parents can start investing today for their child's fut financial needs.

Proofs: Aadhaar and PAN

A birth certificate is essential to obtain Aadhaar ID or PAN for the newborn. Enrolling for Aadhaar ID is easy and can be done at any of the permanent Aadhaar centres. The details available on a parent's Aadhaar phone number, email id and address-are added to the newborn's Aadhaar. Only the newborns picture is taken during enrolment, while the biometrics information is captured after the child attains the age of five.

For PAN card, parents need to submit an application (form 49A) to the NSDL (National Securities Depository to NSDL's Pune office along with supporting documents. These documents include address, identity and date of birth proof of the newborn.

Start with a bank account

Parents can use their own bank account or open a bank account in the child's name. A minor bank account a joint account wherein.