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I was looking up for good Balanced Funds to help a friend and thought of putting this up for my own reference.
Balanced mutual funds invest in both equity and debt. Here is the list of some of the good – balanced mutual funds in India, based on the 5 year returns.
Balanced mutual funds are treated as equity funds for tax purposes when the fund allocates at least 65% into equities on an annual average fund amount.
There are various kinds of  Mutual funds for Investors to choose from. Balanced Mutual Funds is one category where there is a mix of Equities and Debt. These mutual funds take care of the asset allocation between equities and debt for the Investor.

Fund	5 Year Return (%)	Inception Date	Expense Ratio
HDFC Prudence	17.02	Jan-94	1.82%
HDFC Children’s Gift-Inv	12.08	Feb-01	2.10%
HDFC Balanced	13.7	Aug-00	2.15%
Reliance Regular Savings Balanced	16.06	May-05	2.22%
Birla Sun Life 95	15.54	Feb-95	2.33%
Canara Robeco Balance	11.57	Jan-93	2.39%
DSPBR Balanced	14.13	May-99	2.08%
Tata Balanced	12.75	Oct-95	2.50%
FT India Balanced	11.85	Dec-99	2.35%
Principal Conservative Growth	13.32	Aug-01	2.50%

(Source: Valueresearchonline.com)