To experience the real advantage of mutual fund, consider putting money in a fund that will create wealth. Invest in a balanced fund like Canara Robeco Balanced or HDFC Balanced to experience the advantage of mutual fund investments. You can start with a one-time Rs 1,000 investment and follow it with Rs 500 by way of SIP in the same fund for the next one year or more and see how your money fares. Ideally, investment in equity schemes should be held for 3-5 years at least, but in case of balanced funds, you could retain it for a lower time frame. These funds have an equity and debt mix that is maintained by regular rebalance, which is suitable for first-time investors.