Getting into the world of investing can be a thrilling and intimidating experience, especially if you’re starting with mutual funds. As we move into 2024, it’s more important than ever to find the right mutual funds for beginners who want a strong but affordable way to grow their money. Mutual funds are a great way for first-time investors to get up to speed on the complicated world of investing, with a portfolio managed by professionals that covers a wide variety of assets.

In this post, we’ll go through some of the top mutual funds for first-time investors in India and help you decide which ones are best for you.

Best Mutual Fund for Beginners 2024

SBI Equity Hybrid Fund

If you’re looking for a way to build wealth in a balanced way, SBI Equity Hybrid fund Direct Plan Growth is a great option to consider. The fund has been around since 1987, and it’s a testament to how careful investors have been in their investments.

SBI Equity Hybrid Fund is a great choice for investors who want to get the most out of their investments. It offers a balanced mix of growth and stability, so it’s a great way to make sure you’re getting the most out of both your equity and debt.

Canara Robeco Equity Tax Saver Fund

If you’re looking for a long-term way to grow your wealth while staying tax-efficient, Canara Robeco’s equity tax saver direct growth is the way to go. The fund emphasizes its stability and dedication to helping investors grow their wealth. 

If you’re just starting in the world of mutual funds, this plan can help you get your financial goals done in a smart and tax-friendly way. It’s a really important thing to think about if you’re an investor who wants to get the best of both economic and tax situations.

Also Read: Understanding The Different Types Of Quick Loans

Baroda BNP Paribas Aggressive Hybrid Fund

The Baroda Bank Aggressive Hybrid fund is one of the best hybrid mutual funds to invest in for those just starting. It’s got a lot of growth potential and is well-managed. This hybrid fund is a great way to get the most out of your investment. It’s a great way to make sure your money is well-rounded and you’re getting the most out of it. 

This scheme is a great option for investors who want to combine income generation, capital growth, and diversification. If you’re looking for a balanced investment strategy that can keep up with the ups and downs of the financial market, then you should check out the Baroda Bank Aggressive Hybrid Fund. It’s a great way to stay up-to-date with the latest market trends.

Mirae Asset Tax Saver Fund

The Mirae Asset Tax Saving Fund is all about making money in the long run. It’s been around since 2019 and it’s a modern way of looking at the financial market. If you’re looking for a way to plan your tax savings while also getting into the potential upsides of stocks, mutual funds for first-time investors are a great choice.

As investors get into the nitty-gritty of building wealth and making sure their taxes are taken care of, you can stay on track with your money by investing in the Mirae Asset Tax Saver Fund. It’s the perfect combination of financial success and tax savings.

Motilal Oswal ELSS Tax Saver Fund Direct-Growth

The main goal of this plan is to make money in the long run. This is done by investing in a mix of stocks and other investments. The goal of the fund is to get the most out of the assets through careful investment choices that match the long-term goals of the fund.

How Can I Pick the Best Indian Mutual Fund? 

Define Your Goals: Make sure you’re clear about what you want to do with your money, whether it’s to build up long-term financial security, make a steady stream of income, or something in between.

Assess Risk Tolerance: Figure out how comfortable you are with market swings so you can decide how much risk you’re willing to take on with your investments.

Research Historical Performance: Let’s take a look at how mutual funds have done in the past for those just starting. We want to make sure you’re getting good returns and managing your risk wisely.

Examine Fund Managers: Select funds managed by experts who have experience and know what they’re doing.

Diversification Matters: Choose funds with a balanced portfolio across different types of assets to spread out the risk and get more bang for your buck.

Important Things New Investors Should Understand About Investing in Mutual Funds

If you’re just starting with investing in mutual funds, it’s important to know the basics so you can make the best decisions:

Investment Objectives: Make sure you have a clear idea of what you want to do with your money – whether it’s growing your equity, making more money, or a combination of the two.

Risk Tolerance: Think about how much risk you’re willing to take and how much volatility you’re comfortable with.

Historical Performance: Take a look at how the fund has performed over time in different market cycles. If you see consistent returns and good risk management, it’s a good sign that the fund is in good hands.

Fund Manager Expertise: Look into the fund manager’s background and experience.

Diversification: Choose funds with a balanced portfolio across different types of assets to spread out the risk. A balanced portfolio increases your chances of making money while reducing the impact of market swings.

Liquidity: Think about how easy it is to buy or sell units in the fund. Having lots of liquidity gives you the freedom to manage your money.

How to Invest in 2024’s Top Mutual Funds

If you’re a beginner looking to invest in mutual funds in India in 2024, there are lots of options to choose from, each with its benefits.

Direct Plans: If you want to get the best bang for your buck, go for direct plans that let you invest directly with a mutual fund house instead of through an intermediary. This usually means lower fees, so you can get the most bang for your buck.

Online Platforms: Take advantage of online investment platforms that make it easy to research, choose, and manage mutual funds. These platforms usually have a lot of funds to choose from so it’s easy to compare.

Systematic Investment Plans (SIPs): If you’re looking for a more disciplined way to invest, SIPs might be a good option for you. With SIPs, you can invest in fixed amounts regularly, which helps with rupee cost averaging and helps reduce the impact of market fluctuations.

Financial Advisors: Talk to your financial advisor so they can give you the best investment advice and help you create a portfolio that fits your needs and wants.

Whether you’re looking for long-term gains, tax savings, or a more balanced strategy, beginner mutual funds have some unique benefits. If you want to get ahead financially, you need to think carefully about things like past performance, how you diversify your investments, and how well you manage your funds.