how to invest in balanced advantage fund with monthly dividend paid out to me

Ashish, the term “dividends” in mutual funds is misleading. Mutual funds don’t offer dividends. They either sell your units or book profits and give money to you. That’s called a dividend. The term “dividend” was renamed as " "Reinvestment of Income Distribution cum capital withdrawal option

And these “distributions” aren’t guaranteed. The AMC can choose not distribute them too. Moreover, dividends are tax-inefficient, they are taxed as per your income slab.

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