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I am 20-years old, working

I am 20-years old, working in SBI as a clerk. My monthly income is around Rs 7,000,

I am 20-years old, working in SBI as a clerk. My monthly income is around Rs 7,000, out of which I can save Rs 2,000. I want to buy a bike (around Rs 70,000) as fast as possible. I can go for a moderate risk equity diversified fund. What fund should I choose? How should I apply for it?
- K Singh

Since it appears to be your very first investment and you want a moderately risky diversified fund, we suggest you start with a balanced fund. DSPBR Balanced, HDFC Prudence and FT India Balanced are three good options.

Start by investing Rs 2,000 every month in your scheme, in other words, a systematic investment plan (SIP). You can directly approach the offices of the fund house you select. Alternatively, you could approach your bank or any other mutual fund distributor.

This article was originally published on May 18, 2010.

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