Best mutual funds for a new investor

I am new to mutual funds and I need some help. I have no goal as such but want to invest some money in mutual funds. A few days ago, I have started SIPs of Rs 1,000 per month and bought three mutual funds:
SBI Blue Chip Fund – Direct Plan – Growth
ABSL Equity Fund – Growth-Direct
ICICI Prudential Bluechip Fund – Direct – Growth
I have also invested Rs 10,000 in Aditya Birla Sun Life Tax Relief’96 Fund.
Please suggest if all these funds are okay? Also suggest me how can I invest more amount to save tax for this year? I can invest some extra amount which is parked in bank savings account to create more wealth safely and securely.
–Harish Sharma

If you are new to mutual funds and do not understand much about investing, you should seek the help of a mutual fund advisor or financial planner in your locality before proceeding further. You would require regular help and assistance (and a bit hand-holding) in the beginning. So, it is better to stick to a seasoned advisor. Once you learn the tricks and become confident, you may start investing on your own.

As for your current investments, you have not given the rationale for picking up these schemes. We typically ask investors to choose schemes based on their goals, investment horizon and risk profile. You have chosen two largecap scheme and a multicap scheme for starting SIPs. Largecap schemes are ideal for conservative equity mutual fund investors looking to create wealth without much volatility. Multicap schemes are recommended to investors with moderate risk profile. Please make sure that these schemes are in line with your risk profile.

You have also chosen a tax saving scheme or ELSS. These schemes come with a mandatory lock-in period of three years, and they help you to save taxes of up to Rs 1.5 lakh under Section 80C.

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