Best Mutual Funds for Salaried Individuals 2023

The majority of India's population is living on a salary. Yes, that's right. A salaried person is one who earns a fixed income every month and has to manage their investment and expenses within the stipulated income.

If you are a salaried person then you know how difficult it can be to manage not only your expenses but also your family's expenses. Proper in-depth financial planning is very essential for you to maximize your returns, minimize tax burden and keep risk at an optimum level.

But how can you do all this? You can do it by channelizing your salary effectively. As you grow older, your financial needs increase and suddenly you realize that just a fixed amount of monthly income will not be able to fulfill all these requirements. You will need a proper investment plan which gives you ample money when needed and even completes your responsibility in your absence.

With proper investing, you can make your money grow and earn high returns. As you are earning a fixed monthly income, it is hard for you to have a lump sum amount in hand.

Therefore, a SIP plan will help you keep aside a small monthly amount, which in due course will help you achieve your financial goals.

In this blog, we have composed a list of the Best Investment Options for Salaried People along with the importance of Retirement Planning. 

Best Mutual Funds for Salaried Individuals 2023

Factors to Consider Before Investing in The Best Mutual Funds for Salaried People in 2023

• Financial Security

Building an investment portfolio can help you attain your financial goals, pay your financial debts and secure your future.

There are various investment options that you can invest in only after analyzing your risk appetite, amount of investment, and expected returns.

• Long-Term Capital Growth

Further, every investment option has its own pros and cons. Through investing, you allow your money to grow.

Over the long run, this will help you create wealth and offer returns on your investments. Investing helps you fight inflation in a better way. Maintaining a decent standard of living at a time when the cost of living is increasing at such a high pace cannot be done without a proper investment plan.

• High-Returns

Investing helps you meet your life's financial aspirations easily. Investment fetches you higher returns on your savings, both in the long run and within a faster period. This will help you achieve your financial goals faster.

• Tax Benefits

Investing also allows you to reduce taxable income. By investing in a proper tax saving instrument, you can claim exemptions up to Rs.1.5 lakh under section 80C of the Income Tax Act.

By looking at all these benefits, no one can deny the fact that investment is necessary and an essential tool to create wealth.

You may also want to read 3 Funds to Invest in When You Get Your Salary

Overview Of the Top Mutual Funds for Salaried People in 2023

1) INVESCO India Tax Plan Direct-Growth

INVESCO India Tax Plan Direct-Growth is an Equity Mutual Fund Scheme launched by INVESCO Mutual Fund and is a Good Money Investment idea.

The scheme aims to generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities. It intends to invest across market capitalization sectors utilizing a bottom-up approach.

2) SBI Bluechip Fund Direct-Growth

SBI BlueChip Direct Plan-Growth is an Equity Mutual Fund Scheme launched by SBI Mutual Fund and is a great Mutual Fund for Financial Planning for Salaried Employees.

The scheme seeks to provide investors with opportunities for long-term growth in capital through active management of investments in a diversified basket of large-cap equity stocks.

3) ICICI Prudential Regular Savings Fund Direct-Growth

ICICI Prudential Regular Savings Fund Direct-Growth is a Hybrid Mutual Fund Scheme launched by ICICI Prudential Mutual Fund and easily comes under the Top 10 Investment Plans.

The scheme seeks to generate long-term capital appreciation through investments in the money market and debt instruments.

4) UTI Short-Term Income Direct-Growth

UTI Short-Term Income Direct-Growth is a Debt Mutual Fund Scheme launched by UTI Mutual Fund.

The scheme seeks to generate reasonable income with low risk and a high level of liquidity from a portfolio of debt & money market instruments.

 5) Tata Digital India Fund Direct-Growth

Tata Digital India Fund Direct-Growth is an Equity Mutual Fund Scheme launched by Tata Mutual Fund.

The scheme seeks long-term capital appreciation by investing at least 80% of its net assets in equity/equity-related instruments of the companies in the Information Technology Sector in India.

Conclusion

This was the list of the 5 Best Mutual Funds for Salaried Individuals in 2023. We hope that this article helps you observe the best mutual funds that you could invest in if you are a salaried person and, with proper research, helps you in making the right financial decisions.

Happy Investing!

Disclaimer: This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory.

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Research Analyst - Bavadharini KS