Sir, I am 61 yrs. old. I want to start SIP of 1000 pm for 3 yrs., in which I can start, so i can get max. return?
Ans: Systematic Investment Plan is the best way to build a corpus. This also instils discipline in investing.
When going for a mutual fund, 3 years is short duration. Always invest for a longer term, say 5 - 7 years or may be even longer to make best use of the market fluctuations.
Choice of Mutual fund depends on the purpose and risk appetite.
If you are old and are a dependent (Low risk appetite): At this point it is better to stick to debt funds/hybrid funds. These are less prone to the market fluctuations since their exposure to equities is very minimal.
There are other schemes as well other than MFs:
1.Senior Citizens Savings Scheme (SCSS) -8.20% p.a. ; Rs. 1,000(Min Investment)
2.Post Office Monthly Income Scheme (POMIS) - 7.40% p.a. ; Rs. 1,500(Min Investment)