Where should I invest Rs 5,000 per month for five years?

I am 26 year bachelor. I am going to join my first job from next month . I can save Rs 5,000 per month. Where should I invest my money for next five years. I am not in hurry of planning my family soon.
-- Shanu Kumar

Raghvendra Nath, MD, Ladderup Wealth Management, responds:

Planning about savings and investments at an early age is an excellent thought. As you are young and don’t have much dependency you could have a higher allocation towards equity. However, since your investment horizon is five years, you need to have a balanced allocation towards fixed income securities as well. Exposure to fixed income would act as a defence against equity market volatility in your portfolio. To start with your investments you can initiate an SIP in balanced mutual funds which would invest in equity and debt securities. I would recommend you start with an SIP of Rs 2,500 each in ICICI Prudential Equity and Debt Fund and Reliance Equity Hybrid Fund.