Move Over Gold: 3 Alternate Investments to Make This Diwali The yellow metal may not be the best choice for investment this Diwali

As the festive season kicks in, it's that time of the year when jewelers will try to lure you with the best offers especially on gold. Diwali is considered an auspicious occasion for investments and metals like gold and copper are popular choices. But as millennial move away from traditional investments patterns, gold may not be the best choice for investment this diwali.

Moreover, selling of ornamental gold, the most popular form most Indians own the yellow metal in, is not that easy. Most jewelers deduct anywhere between 15 to 20% of the value and when it comes to gold coins, even banks can't help you as RBI guidelines forbid them from buying back the metal, even if they are the ones who sold it in the first place.

Here are three alternate investments you can make during this festive season:

Bitcoins

Investing in crypto currency can be a risk sure, especially when regulations on such currency are not clear from the government's side. But the RBI and the finance ministry has acknowledged the need to formalize this sector and even announced plans to launch its own crypto currency, indicating that virtual currencies are on a bullish run.

"Millennials don't want to invest it traditional sectors anymore and bitcoin is one such domain that's picked up significantly. The growth in this type of investment is much more than what people can see in their lifetime from other investments, if planned the right way," says Saurabh Agarwal of Zebpay, India's leading bitcoin exchange platform.

But like any unknown territory, investor need to be cautious as bitcoins are still a relatively new form of investment, where returns are never guaranteed.

" It's a highly volatile terrain and some standalone success stories of phenomenal growth does not mean everyone will have the same luck. The best way to try your luck is to allocate a small amount, probably the minimal and then invest more later by judging the prospects," says Agarwal.

SIP In Equity Schemes

This Diwali make it a point to invest in a sound financial plan for the future instead of just investing to mark the occasion. One of the best ways to do this, is to mark the commencement of a new Systematic Investment Plan better known as SIP.

An SIP helps you invest a small amount on a recurring basis in mutual fund schemes and is perfect for salaried individuals. The best part is that SIPs don't require large amount of investments, so those of who are nervous about shelling out a sizeable chunk of your income need to be worried.

Pick Stocks During Mahurat Trading

Stock market investments may not be everyone's cup of tea, but given that we all tend to loosen our pockets for casual bets during Diwali, why not bet on something that can get you high returns. Sure, it's a high risk high return game but if the returns click, you are all for gain.

BSE and NSE would both be trading for an hour on 19 October, and trade would begin at 6:30 pm, which will be preceded by a pre-opening session at 6:15 pm.