Transcript: I have accounts in Canara Bank and SBI. Should I buy mutual funds from these banks? If yes, from which should I buy? I'm 50 years old, have no tax saving requirements and a 10-year horizon.
Your bank accounts have nothing to do with your mutual funds. For mutual fund investment, you need to have a bank account and a PAN card. This is necessary for KYC. Once you do your KYC with a fund, you don't have to do a KYC again for other funds. I recommend that you follow two investment rules:
- Pick a good balanced fund. Some examples include those by Canara Robeco, Tata and ICICI Prudential
- Don't invest in one go even if you have a lumpsum.