I have just started working and want to invest in mutual funds. I do not have a lot of knowledge about it. I can invest Rs 3,000 pm in mutual funds. I am looking for long term growth. Which funds should I go for?
You are on the right track when considering SIP investments in mutual funds for long-term growth. We can understand your apprehension in getting started and would suggest you start investing in a balanced fund to experience mutual fund investing and understand how your investments grow over the next six months. You can start investing in funds such as HDFC Prudence or Reliance Regular Savings Balanced fund.
Once you have experienced the way systematic investing works; you can consider moving to a large-cap fund such as Franklin India Bluechip or IDFC Imperial Equity Plan. Both these funds have a proven track record and history to safely invest in. However, make sure that you track the performance of your investments at least once a year.