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(BCOM (H)-1604)


“Investment Avenues Available with AXIS

Bank and Customer perception in Current
economic Scenario”

Towards partial fulfillment of

Bachelor of Commerce (Honours)
(BBD University, Lucknow)

Guided By: Submitted by:

Mr. Shankar Singh Akhand Singh

Roll No. 1160678009

Session 2018-2019
School of Management
Babu Banarasi Das University
Sector I, Dr. Akhilesh Das Nagar, Faizabad Road, Lucknow (U.P.) India

I do hereby declare that all the work presented in the research report entitled

“Investment Avenues Available with AXIS Bank and Customer perception in

Current economic Scenario” is carried out and being submitted at the school of

management for the award of Bachelor of Commerce (Honours), is an authentic

record of Akhand Singh. The work is carried out under the guidance of Mr.

Shankar Singh(faculty guide). It hasn‟t been submitted at any other place for

any other academic purpose.

(Akhand Singh)


Before I get into the thick of the things I would like to add a few heartfelt words for

the people who were part of this research report in numerous ways and people who

gave unending support right from the stage the project was started, appreciated and

encouraged when being depressed.

In this context I would like to express my gratitude towards my parents and family

members who have constantly supported and played a pivotal role in shaping my


I owe my sincere gratitude towards faculty guide Mr. Shankar Singh of BBDU,

LUCKNOW for extending the support towards the completion of the Research


And finally I would like to thank my friends for their unending support.

(Akhand Singh)


Research Report is an important part of the Management studies. It bears immense

important in the field of Business Management. It offers the student to explore the

valuable treasure of experience and an exposure to real work culture followed by the

industries and thereby helping the students to bridge gap between the theories

explained in the book and their practical implementations.

Research plays an important role in future building of an individual so that we can

understand the real world in which he has to work in future. The theories greatly

enhance our knowledge and provide opportunities to blend theoretical with the

practical knowledge where researcher gets familiar with certain aspect of research. I

feel proud to get myself to do research at topic “Investment Avenues Available with

AXIS Bank and Customer perception in Current economic Scenario”.


Declaration ii

Acknowledgement iii

Preface iv

Sr. Topic Page no.

1. Introduction
2. Company Profile
3. Objectives of the study

4. Research Methodology

5. Limitations

6. Data Analysis

7. Findings

8. SWOT Analysis

9. Recommendation

10. Conclusion

11. Bibliography

12. Annexure




The money one earns is partly spent and the rest is saved for meeting future expenses,

instead of keeping savings idle one may like to use savings in order to get returns on it

in the future, this is called as investment. In an economic sense, an investment is the

purchase of goods that are not consumed today but are used in the future to create

wealth. In finance, an investment is a monetary asset purchased with the idea that the

asset will provide income in the future or appreciate and be sold at a higher price.

Mere earning will not help one to secure the future, so it becomes important to invest.

One of the important reasons why one needs to invest wisely is to meet the cost of

Inflation. Inflation is the rate at which the cost of living increases. The cost of living is

simply what it costs to buy the goods and services you need to live. Inflation causes

money to lose value because it will not buy the same amount of a good or a service in

the future as it does now or did in the past. The sooner one starts investing the better.

By investing early one allow one‟s investments more time to grow, whereby the

concept of compounding increases one‟s income, by accumulating the principal and

the interest or dividend earned on it, year after year.

The dictionary meaning of investment is to commit money in order to earn a financial

return or to make use of the money for future benefits or advantages. People commit

money to investments with expectations to increase their future wealth by investing

money to spend in future years. For example, if you invest Rs. 1000 today and earn

10% over the next year, you will have Rs.1100 one year from today.

An investment can be described as perfect if it satisfies all the needs of all investors.

So, the starting point in searching for the perfect investment would be to examine

investor needs. If all those needs are met by the investment, then that investment can

be termed the perfect investment. Most investors and advisors spend a great deal of

time understanding the merits of the thousands of investments available in India.

Little time, however, is spent understanding the needs of the investor and ensuring

that the most appropriate investments are selected for him.

Before making any investment, one must ensure to:

 Obtain written documents explaining the investment

 Read and understand such documents

 Verify the legitimacy of the investment

 Find out the costs and benefits associated with the investment

 Assess the risk-return profile of the investment

 Know the liquidity and safety aspects of the investment

 Ascertain if it is appropriate for your specific goals

 Compare these details with other investment opportunities available

 Examine if it fits in with other investments you are considering or you have

already made

 Deal only through an authorized intermediary

 Seek all clarifications about the intermediary and the investment

 Explore the options available to you if something were to go wrong, and then, if

satisfied, make the investment.


Investing money is a stepping stone to manage spending habits and prepare for the

future expenses. Most people recognize the need to put their money away for events

or circumstances that may occur in future. People invest money to manage their

personal finances some of them invest to plan for retirement, while others invest to

accumulate wealth. Each one has a different need and each of them expect something

from their money in future.

By and large, most investors have eight common needs from their investments:

i. Security of original capital

ii. Wealth accumulation

iii. Tax Advantages

iv. Life cover

v. Income


Figure 1.1: Various investment alternatives

Source: Investment analysis and portfolio management

Author: Prasanna Chandra

Figure 1.1 shows various investment alternatives which are explained below. One can

invest money in different types of Investment instruments. These instruments can be

financial or non-financial in nature. There are many factors that affect one‟s choice of

investment. Millions of Indians buy fixed deposits, post office savings certificates,

stocks, bonds or mutual funds, purchase gold, silver, or make similar investments.

They all have a reason for investing their money. Some people want to supplement

their retirement income when they reach the age of 60, while others want to become

millionaires before the age of 40. We will look at various factors that affect our choice

of an investment alternative, let us first understand the basics of some of the popular

investment avenues.

Non marketable Financial Assets: A good portion of financial assets is represented

by non-marketable financial assets. These can be classified into the following broad


 Bank Deposits: The simplest of investment avenues, by opening a bank account

and depositing money in it one can make a bank deposit. There are various kinds

of bank accounts: current account, savings account and fixed deposit account. The

interest rate on fixed deposits varies with the term of the deposit. In general, it is

lower for fixed deposits of shorter term and higher for fixed deposits of longer

term. Bank deposits enjoy exceptionally high liquidity.

 Post Office Savings Account: A post office savings account is similar to a

savings bank account. The interest rate is 6 percent per annum.

 Post Office Time Deposits (POTDs): Similar to fixed deposits of commercial

banks, POTD can be made in multiplies of 50 without any limit. The interest rates

on POTDs are, in general, slightly higher than those on bank deposits. The interest

is calculated half-yearly and paid annually.

 Monthly Income Scheme of the Post Office (MISPO): A popular scheme of the

post office, the MISPO is meant to provide regular monthly income to the

depositors. The term of the scheme is 6 years. The minimum amount of

investment is 1,000. The maximum investment can be 3, 00,000 in a single

account or 6, 00,000 in a joint account. The interest rate is 8.0 percent per annum,

payable monthly. A bonus of 10 percent is payable on maturity.

 Kisan Vikas Patra (KVP): A scheme of the post office, for which the minimum

amount of investment is 1,000. There is no maximum limit. The investment

doubles in 8 years and 7 months. Hence the compound interest rate works out to

8.4 percent. There is a withdrawal facility after 2 ½ years.

 National Savings Certificate: Issued at the post offices, National Savings

Certificate comes in denominations of 100, 500, 1,000, 5,000 and 10,000. It has a

term of 6 years. Over this period Rs. 100 becomes Rs. 160.1. Hence the

compound rate of return works out to 8.16 percent.

 Company Deposits: Many companies, large and small, solicit fixed deposits from

the public. Fixed deposits mobilized by manufacturing companies are regulated by

the Company Law Board and fixed deposits mobilized by finance company (more

precisely non-banking finance companies) are regulated by the Reserve Bank of

India. The interest rates on company deposits are higher than those on bank fixed

deposits, but so is risk.

 Employee Provident Fund Scheme : A major vehicle of savings for salaried

employees, where each employee has a separate provident fund account in which

both the employer and employee are required to contribute a certain minimum

amount on a monthly basis.

 Public Provident Fund Scheme: One of the most attractive investment avenues

available in India. Individuals and HUFs can participate in this scheme. A PPF

account may be opened at any branch of State Bank of India or its subsidiaries or

at specified branches of the other public sector banks. The subscriber to a PPF

account is required to make a minimum deposit of 100 per year. The maximum

permissible deposit per year is 70,000. PPF deposits currently earn a compound

interest rate of 8.0 percent per annum, which is totally exempt from taxes.

1.3.2 Bonds: Bonds are fixed income instruments which are issued for the purpose of

raising capital. Both private entities, such as companies, financial institutions, and the

central or state government and other government institutions use this instrument as a

means of garnering funds. Bonds issued by the Government carry the lowest level of

risk but could deliver fair returns. Many people invest in bonds with an objective of

earning certain amount of interest on their deposits and/or to save tax. Bonds are

considered to be a less risky investment option and are generally preferred by risk-

averse investors. Bond prices are also subject to market risk. Bonds may be classified

into the following categories:

 Government securities: Debt securities issued by the central government state

government and quasi government agencies are referred as gilt edge securities. It

has maturities ranging from 3-20 years and carry interest rate that usually vary

between 7 to 10 percent.

 Debentures of private sector companies: Debentures are viewed as a mixture of

having a shareholding and a fixed interest loan. Debenture holders are normally

entitled to a return equivalent to a fixed percentage of their initial investment. The

security inherent in debentures makes them a safer investment than shares.

 Preference shares: Investing in shares is safer and dividends are assured every


 Savings bonds

Mutual funds: A mutual fund allows a group of people to pool their money together

and have it professionally managed, in keeping with a predetermined investment

objective. This investment avenue is popular because of its cost-efficiency, risk-

diversification, professional management and sound regulation. There are three broad

types of mutual fund schemes classified on basis of investment objective:

 Equity schemes: The aim of growth funds is to provide capital appreciation over

the medium to long- term. Such schemes normally invest a major part of their

corpus in equities. Such funds have comparatively high risks. These schemes

provide different options to the investors like dividend option, capital

appreciation, etc. and the investors may choose an option depending on their

preferences. Growth schemes are good for investors having a long-term outlook

seeking appreciation over a period of time.

 Debt schemes: The aim of income funds is to provide regular and steady income

to investors. Such schemes generally invest in fixed income securities such as

bonds, corporate debentures, Government securities and money market

instruments. Such funds are less risky compared to equity schemes. These funds

are not affected because of fluctuations in equity markets. However, opportunities

of capital appreciation are also limited in such funds. The NAVs of such funds are

affected because of change in interest rates in the country. If the interest rates fall,

NAVs of such funds are likely to increase in the short run and vice versa.

However, long term investors may not bother about these fluctuations.

 Balanced schemes: The aim of balanced funds is to provide both growth and

regular income as such schemes invest both in equities and fixed income securities

in the proportion indicated in their offer documents. These are appropriate for

investors looking for moderate growth. They generally invest 40-60% in equity

and debt instruments. These funds are also affected because of fluctuations in

share prices in the stock markets. However, NAVs of such funds are likely to be

less volatile compared to pure equity funds.

Real Estate: Residential real estate is more than just an investment. There are more

ways than ever before to profit from real estate investment. Real estate is a great

investment option. It can generate an ongoing income source. It can also rise in value

overtime and prove a good investment in the cash value of the home or land. Many

advisors warn against borrowing money to purchase investments. The best way to do

this is to save up and pay cash for the home. One should be able to afford the

payments on the property when the property is vacant, otherwise the property may

end up being a burden instead of helping to build wealth.

1.3.5 Equity Shares: Equities are a type of security that represents the ownership in a

company. Equities are traded (bought and sold) in stock markets. Alternatively, they

can be purchased via the Initial Public Offering (IPO) route, i.e. directly from the

company. Investing in equities is a good long-term investment option as the returns on

equities over a long time horizon are generally higher than most other investment

avenues. However, along with the possibility of greater returns comes greater risk.

1.3.6 Money market instruments: The money market is the market in which short

term funds are borrowed and lent. These instruments can be broadly classified as:

 Treasury Bills: These are the lowest risk category instruments for the short term.

RBI issues treasury bills [T-bills] at a prefixed day and for a fixed amount. There

are 4 types of treasury bills: 14-day T-bill, 91-day T-bill, 182-day T-bill and 364-

day T-bill.

 Certificates of Deposits: After treasury bills, the next lowest risk category

investment option is certificate of deposit (CD) issued by banks and financial

Institution (FI). A CD is a negotiable promissory note, secure and short term, of

up to a year, in nature. Although RBI allows CDs up to one-year maturity, the

maturity most quoted in the market is for 90 days.

 Commercial Papers: Commercial papers are negotiable short-term unsecured

promissory notes with fixed maturities, issued by well-rated organizations. These

are generally sold on discount basis. Organizations can issue CPs either directly or

through banks or merchant banks. These instruments are normally issued for

30/45/60/90/120/180/270/364 days.

 Commercial Bills: Bills of exchange are negotiable instruments drawn by the

seller or drawer of the goods on the buyer or drawee of the good for the value of

the goods delivered. These are called as trade bills and when they are accepted by

commercial banks they are called as commercial bills. If the bill is payable at a

future date and the seller needs money during the currency of the bill then the

seller may approach the bank for discounting the bill.

Life insurance policies: Insurance is a form of risk management that is primarily

used to hedge the risk of a contingent loss. Insurance is defined as the equitable

transfer of the risk of a loss, from one entity to another, in exchange for a premium.

An insurer is a company that sells insurance; insured or the policyholder is a person or

entity buying the insurance. The insurance rate is a factor that is used to determine the

amount which is to be charged for a certain amount of insurance coverage, and is

called the premium. It can be classified as:

 Money-back Insurance: Money-back Insurance schemes are used as investment

avenues as they offer partial cash-back at certain intervals. This money can be

utilized for children‟s education, marriage, etc.

 Endowment Insurance: These are term policies. Investors have to pay the

premiums for a particular term, and at maturity the accrued bonus and other

benefits are returned to the policyholder if he survives at maturity.

1.3.8 Bullion Market: Precious metals like gold and silver had been a safe haven for

Indian investors since ages. Besides jewellery these metals are used for investment

purposes also. Since last 1 year, both Gold and Silver have highly appreciated in value

both in the domestic as well as the international markets. In addition to its attributes as

a store of value, the case for investing in gold revolves around the role it can play as a

portfolio diversifier.

Financial Derivatives: Derivatives are contracts and can be used as an underlying

asset. Various types of Derivatives are:

 Forwards: A forward contract is a customized contract between two entities,

where settlement takes place on a specific date in the future at today‟s pre-agreed


 Futures: A futures contract is an agreement between two parties to buy or sell an

asset at a certain time in the future at a certain price. Futures contracts are special

types of forward contracts in the sense that the former are standardized exchange

traded contracts

 Options: Options are of two types - calls and puts. Calls give the buyer the right

but not the obligation to buy a given quantity of the underlying asset, at a given

price on or before a given future date. Puts give the buyer the right, but not the

obligation to sell a given quantity of the underlying asset at a given price on or

before a given date.

 Swaps: Swaps are private agreements between two parties to exchange cash flows

in the future according to a prearranged formula. They can be regarded as

portfolios of forward contracts. E.g. Currency swaps, interest swaps.


Table 1.1: Summary evaluation of various investment avenues

Source: Investment analysis and portfolio management

Author: Prasanna Chandra

Table 1.1 shows the evaluation of various investment avenues. From this table we can

say that risk, liquidity and return are the so called factors which are considered before

making an investment. But there is a trade off between risk and return. Higher the risk

higher is the return. Lower the risk and lower is the return. The decision of which

mode of investment to choose largely depends upon the investors necessity and the

factors which according to him is the most vital one.

People with more security concern choose fixed investment like bank deposits and

investments in government securities and various post office savings. The main

reason for choosing such an investment mode is that the amount invested in the above

stated securities seems to be very secure and hence they seemed to be more preferred

one where security is the prime concern.

People whom returns are most important are ready to take risk to earn fairer risk. The

preferred mode of investment over here is equity shares and mutual fund. The risk

factor in these modes of investment is basically the returns are basically performance

based. If the company performs well the investors can accept fairer returns but if the

company fails to perform then there can be a threat to the invested amount. Hence the

returns are very volatile with the changes in the market conditions.


Investment can be said to be an art. Many people invest money without knowing what

they are doing. Only a few people really understand the art of investing money. They

invest according to certain principles. There are also certain factors that affect the

investment decisions. All these are done mainly to increase the return on the

investment and also to keep the risk to a minimum. The various factors that affect the

investment decisions are given below.

For evaluating an investment avenue, the following attributes are relevant.

a) Rate of Return: The rate of return on an investment for a period (which is usually

a period of one year) is defined as follows:

Rate of return = Annual income + (Ending price – Beginning price)

Beginning price

Yield: Yield is the annual rate of return for any investment and is expressed as a

percentage. With stocks, yield can refer to the rate of income generated from a stock

in the form of regular dividends. This is often represented in percentage form,

calculated as the annual dividend payments divided by the stock's current share price.

Current yield= Annual cash inflows

Market price

Capital Appreciation: It‟s the rise in the market price of an asset. Capital

appreciation is one of two major ways for investors to profit from an investment in a

company. The other is through dividend income.

b) Risk: The risk of investment refers to the variability of its rate of return.

A simple measure of dispersion is the range of values, which is simply the difference

between the highest and the lowest values.

Figure 1.2: Relationship between Expected Return and Risk

Figure 1.2 shows the relationship between expected return and risk. From this figure it

is clear that with higher risk the returns also increases while it decrease as the risk

decreases. High variance indicates high degree of risk and low variance indicates

lesser risk. Expected returns increases when investors is willing to take risk.

Other measures commonly used in finance are as follows:

 Variance: This is the mean of the squares of deviations of individual returns around

their average values

 Standard deviation: This is the square root of variance

 Beta: This reflects how volatile the return from an investment is, in response to

market swings.

 Risk = Actual Return – Expected Returns

If, Actual Return = Expected Return = Risk Free Investment

If, Actual Return > or < Expected Return is risky investment

c) Marketability: An investment is highly marketable or liquid if:

 it can be transacted quickly

 the transaction cost is low; and

 the price change between two successive transactions is negligible.

The liquidity of a market may be judged in terms of its depth, breadth, and resilience.

Depth refers to the existence of buy as well as sells orders around the current market

price. Breadth implies the presence of such orders in substantial volume. Resilience

means that new orders emerge in response to price changes. Generally, equity shares

of well established companies enjoy high marketability and equity shares of small

companies in their formative years have low marketability. High marketability is a

desirable characteristic and low marketability is an undesirable one.

d) Tax Shelter: Tax benefits are of the following three kinds:

 Initial Tax Benefit: An initial tax benefit refers to the tax relief enjoyed at the time of

making the investment.

 Continuing Tax Benefit: A continuing tax benefits represent the tax shield associated

with the periodic returns from the investment.

 Terminal Tax Benefits: A terminal tax benefit refers to relief from taxation when an

investment is realized or liquidated.

e) Convenience: Convenience broadly refers to the ease with which the investment can

be made and looked after.

The degree of convenience associated with investments varies widely. At one end of

the spectrum is the deposit in a savings bank account that can be made readily and

that does not require any maintenance effort. At the other end of the spectrum is the

purchase of a property that may involved a lot of procedural and legal hassles at the

time of acquisitions and a great deal of maintenance effort subsequently.


The stock market is thronged by investors pursuing diverse investment strategies

which may be subsumed under four broad approaches:

i. Fundamental Approach: The basic tenets of the fundamental approach, which is

perhaps most commonly advocated by investment professionals, are as follows:

 There is an intrinsic value of a security, which depends upon underlying economic

(fundamental) factors. The intrinsic value can be established by a penetrating analysis

of the fundamental factors relating to the company, industry, and economy.

 At any given point of time, there are some securities for which the existing market

price will differ from the intrinsic value. Sooner or later, of course, the market price

will fall in line with the intrinsic value.

 Superior returns can be earned by buying under-valued securities (securities whose

intrinsic value exceeds the market price) and selling over-valued securities (securities

whose intrinsic value is less than the market price).

ii. Psychological Approach: The psychological approach is based on the premise that

stock prices are guided by emotion rather than reason. Stock prices are believed to be

influenced by the psychological mood of investors. When greed and euphoria sweep

the market, prices rise to dizzy heights. On the other hand, when fear and despair

envelop the market, prices fall to abysmally low levels.

Since psychic values appear to be more important than intrinsic values, the

psychological approach suggests that it is more profitable to analyze how investors

tend to behave as the market is swept by waves of optimism and pessimism, which

seem to alternate. The psychological approach has been described vividly as the

„castles in the air‟ theory Burton G. Malkiel.

Those who subscribe to the psychological approach or the „castles in the air‟

theory generally use some form of technical analysis which is concerned with a study

of internal market data, with a view to developing trading rules aimed at profit

making. The basic premise of technical analysis is that there are certain persistent and

recurring patterns of price movements, which can be discerned by analyzing market

data. Technical analysts use a variety of tools like bar chart, point and figure chart,

moving average analysis, breadth of market analysis, etc.

iii. Academic Approach: Over the last five decades or so, the academic community has

studied various aspects of the capital market, particularly in the advanced countries,

with the help of fairly sophisticated methods of investigation.

 Stock markets are reasonably efficient in reacting quickly and rationally to the flow of

information. Hence, stock prices reflect intrinsic value fairly well. Put differently,

Market price = Intrinsic value

 Stock price behaviour corresponds to a random walk. This means that successive

price changes are independent. As a result, past price behaviour cannot be used to

predict future price behaviour.

 In the capital market, there is a positive relationship between risk and return. More

specifically, the expected return from a security is linearly related to its systematic


iv. Eclectic Approach: The eclectic approach draws on all the three different approaches

discussed above. The basic premises of the eclectic approach are as follows:

 Fundamental analysis is helpful in establishing basic standards and benchmarks.

However, since there are uncertainties associated with fundamental analysis,

exclusive reliance on fundamental analysis should be avoided. Equally important,

excessive refinement and complexity in fundamental analysis must be viewed with


 Technical analysis is useful in broadly gauging the prevailing mood of investors and

the relative strengths of supply and demand forces. However, since the mood of

investors can vary unpredictably excessive reliance on technical indicators can be

hazardous. More important, complicated technical systems should ordinarily be

regarded as suspect because they often represent figments of imagination rather than

tools of proven usefulness.

 The market is neither as well-ordered as the academic approach suggest, nor as

speculative as the psychological approach indicates. While it is characterized by some

inefficiencies and imperfection, it seems to react reasonably efficiently and rationally

to the flow of information. Likewise, despite many instances of mispriced securities,

there appears to be a fairly strong correlation between risk and return.

 Level of return often necessitates the assumption of a higher level of risk.


Investments always do not generate wealth sometimes it fail do so because of

some conditions. The reason for this failure is either the market condition or some

mistakes made by the investors. We cannot control market condition but errors made

by investors could be avoided. Investors appear to be prone to the errors in managing

their investments. Some of the errors made by investors are discussed below:

Inadequate Comprehension of Return and Risk

Many investors have unrealistic and exaggerated expectations from

investments, in particular from equity shares and convertible debentures. One often

comes across investors who say that they hope to earn a return of 25 to 30 percent per

year with virtually no risk exposure or even double their investment in a year or so.

They have apparently been misled by one or more of the following; (a) tall and

unjustified claims made by people with vested interests;

(b) Exceptional performance of some portfolio they have seen or managed, which

may be attributable mostly to fortuitous factors; and

(c) Promises made by tipsters, operators, and others. In most of the cases, such

expectations reflect investor inexperience and gullibility.

Vaguely Formulated Investment Policy

Often investors do not clearly spell out their risk disposition and investment

policy. This tends to create confusion and impairs the quality of investment decisions.

Ironically, conservative investors turn aggressive when the bull market is near its peak

in the hope of reaping a bonanza; likewise, in the wake of sharp losses inflicted by a

bear market, aggressive investors turn unduly cautions and overlook opportunities

before them. Ragnar D. Naess put it this way: “The fear of losing capital when prices

are low and declining, and the greed for more capital gains when prices are rising, are

probably, more than any other factors, responsible for poor performance. “if you

know what your risk attitude is and why you are investing, you will learn how to

invest well. A well articulated investment policy, adhered to consistently over a

period of time, saves a great deal of disappointment.

Naive Extrapolation of the Past

Investors generally believe in a simple extrapolation of past trends and events

and do not effectively incorporate changes into expectations. As Arthur Zeikel says:

“People generally, and investors particularly, fail to appreciate the working of

countervailing forces; change and momentum are largely misunderstood concepts.

Most investors tend to cling to the course to which they are currently committed,

especially at turning point.”

` The apparent comfort provided by extrapolating too far, however, is

dangerous. As Peter Bernstein says: “Momentum causes things to run further and

longer than we anticipate. They very familiarity of a force in motion reduces our

ability to see when it is losing its momentum. Indeed, that is why extrapolating the

present into the future so frequently turns out to be the genesis of an embarrassing


Cursory Decision Making

Investment decision making is characterized by a great deal of cursoriness.

Investors tend to:

 Base their decisions on partial evidence, unreliable hearsay, or casual tips given by

brokers, friends, and others.

 Cavalierly brush aside several of investment risk (market risk, business risk, and

interest rate risk) as greed overpowers them.

 Uncritically follow others because of the temptation to ride the bandwagon or lack of

confidence in their own judgment.

Untimely entries and exits

Investors tend to follow an irrational start and stop approach to the market

characterized by untimely entries (after a market advance has long been underway)

and exit (after a long period of stagnation and decline).

High costs

Investors trade excessively and spend a lot on investment management. A

good proportion of investors indulge in day trading in the hope of making quick

profits. However more often transaction cost wipes out whatever profits they may

generate from frequent trading.

Over-Diversification and Under-Diversification

Many individuals have portfolios consisting of thirty to sixty, or even more,

different stocks. Managing such portfolios is an unwieldy task and as R.J.Jenrette put

it: Over-diversification is probably the greatest enemy of portfolio performance. Most

of the portfolios we look at have too many names. As a result, the impact of a good

idea is negligible.”

Perhaps as common as over-diversification is under-diversification. Many

individuals do not apparently understand the principle of diversification and its

benefit in term of risk reduction. A number of individual portfolios seem to be highly

under-diversified, carrying an avoidable risk exposure.

Wrong Attitude towards Losses and Profits

An investor has an aversion to admit his mistake and cut losses short. If the

price falls, contrary to his expectation at the time of purchase, he somehow hopes that

it will rebound and he can break even. Surprisingly, such a belief persists even when

the prospects look dismal and there may be a greater possibility of a further decline. If

the price recovers due to favourable conditions, there is a tendency to dispose of the

share when its price more or less equals the original purchase price, even though there

may be a fair chance of further increases. The psychological relief experienced by an

investor from recovering losses seems to motivate such behaviour. This means the

tendency is to let the losses run and cut profits short, rather than to cut the losses short

and let the profits run.


Risk is uncertainty of the income /capital appreciation or loss or both. Every

investment (equity, debt, property, etc.) carries an element of risk that is unique to it.

Though risk cannot be totally eliminated, it can be managed by undertaking

effective risk management. To manage risk, one first need to identify different kinds

of risks involved in investing and then take appropriate steps to reduce it.

Risk and return share a direct relationship with one another. Therefore, an

investment which carries negligible risk, will offer a low return (viz. bonds issued by

the Reserve Bank of India) while an investment which carries a higher risk, also

offers the potential of higher returns (stocks).All investments are a „trade off‟ between

risk and returns. Let us first discuss the types of risks.

Types of Risks

All investments carry their unique set of risks. Though there are several types

of risks, the important ones are - market risk, credit risk, interest rate risk, inflation

risk, currency risk and liquidity risk. These are briefly explained below:

a) Market Risk: A share may rise or fall depending on the fortunes of the company, the

industry it is in, or in response to investor sentiment.

b) Credit Risk: This risk is attributed to debt investments wherein the borrower may

default on interest and/or principal repayment.

c) Interest Rate Risk: When interest rates rise, fixed income investments lose value.

This is because the investor will continue to earn the same (lower) interest rate until

the investment matures while market interest rates have already gone up. In order to

compensate for a lower interest rate compared to the market rate, the fixed income

investment will thus have to be priced at a lower rate.

d) Inflation Risk: Rising inflation will erode the value of your income and asset. Due to

inflation, the cost of products and services will rise and consequently, your future

income and assets will be worth less than what they are worth today.

e) Currency Risk: Changes in exchange rates between currencies could lead to decline

in value of your investments. With Indian investors now being allowed to invest in

other countries, you will now be exposed to currency risk i.e. a fall in the value of the

currency in which you are investing vis-à-vis your home currency i.e. the Rupee.

f) Liquidity Risk: Certain investments carry the risk of poor liquidity either due to the

nature of the asset or regulatory reasons. For example, property is inherently an

illiquid investment as it cannot be sold as simply as selling stocks. Certain

investments like the Reserve Bank of India bonds are not transferable till maturity.

Investments in Equity Linked Savings Schemes are illiquid for a period of 3 years and

in case you redeem from such schemes, your tax benefit is withdrawn.

Risk Management

Once different kinds of risks associated with investments are identified

appropriate steps can be taken to reduce these risks. Some of these steps are:

a) Diversification: Most types of risks can be managed by diversifying your

investments across asset classes (stocks, bonds, properties etc.), industry, currencies

etc. Diversification spreads the risk and reduces the adverse impact that any one

investment might have on a portfolio.

b) Research and Monitor: Rigorous research and continuous monitoring will help in

controlling the market and credit risk of your investments. This will caution

beforehand to avoid an investment and alert in case the risk is increasing on an

investment already undertaken.

Risk Tolerance Level: Risk includes the possibility of losing money. However, extra

considerations should be made in addition to the safety of the principal and the

potential for growth. These considerations include the likelihood of achieving the

financial goals you have established. Additionally, one should consider whether

he/she is willing and able to accept a higher level of risk in order to achieve further


Before starting on the setting of the investment portfolio, every investor

should establish his/her risk tolerance level. Only after this he/she is ready to build

strategies for the accomplishment of his/her financial goals. The higher the degree of

risk involved in the investment portfolio the greater the chances of higher returns and


The setting of the risk tolerance level is very subjective issue. However,

younger investors can afford more risk taking since they have more time to fix the

losses. On the other hand older investors should apply more conservative approach

since they have less time in front of them. But, they should keep in mind that they

greatly decrease their chances of faster achieving their financial goals.

A portfolio that carries more bonds is considered more conservative and risk

averse. However, the one that includes a greater percentage of stocks is more risk

taking with higher potential of rewards. Many financial experts recommend the

diversification between investments with different degrees of risk. This is a good idea

since your portfolio will benefit from the rises and falls of the different investments

and will alleviate the potential of losing money.

Risk Personalities: Based on the risk capacity and risk tolerance, risk appetite

can be decided. This is the level of risk that one is ready to bear. Broadly risk

personalities can be categorised at 3 levels – Conservative, Balanced and Aggressive.

Each risk personality has a different objective which it aims to achieve through the

investment portfolio. These personalities are explained below:

 Conservative personality: For investors having this personality preservation of the

capital invested is the ultimate goal, even if it means compromising on the returns.

 Balanced personality: People with this type of personality wish to strike a balance

between high-risk and low-risk investments.

 Aggressive personality: Investors with such personality do not wish to compromise

at all on the returns, even if their capital erodes.




Axis Bank

Industry Banking, Financial services

Founded 1993 (as UTI Bank)

Headquarters Mumbai, Maharashtra, India

Key people Shikha Sharma (MD & CEO) Sanjiv Misra (Chairman)

Credit cards, consumer banking, corporate banking, finance

Products and insurance, investment banking, mortgage loans, private

banking, private equity, wealth management

Revenue 414.0925 billion (US$6.2 billion) (2018)

Net income 83.5759 billion (US$1.2 billion) (2018)

Total assets 5.25468 trillion (US$78 billion) (2018)

Total equity 4.7657 billion (US$71 million)

Number of employees 42,420 (March 2018)


Axis Bank Limited is the third largest private sector bank in India. Axis Bank's stake

holders include prominent national and international entities. As of 31 Dec. 2013,

approximately 43% of the shares are owned by Foreign Institutional Investors.

Promoters (UTI, LIC and GIC), who collectively held approx. 34% of the shares, are

all entities owned and controlled by the Government of India. The remaining 23%

shares are owned by corporate bodies, financial institutions and individual investors

among others. The bank offers financial services to customer agent covering Large

and Mid-Sized Corporates, MSME, Agriculture and Retail Businesses. Axis Bank

has its registered office at Ahmedabad.


Indian Business: As of 12 Aug 2016, the bank had a network of 3,120 branches and

extension counters and 12,922 ATMs. Axis Bank has the largest ATM network

among private banks in Indiaand it operates an ATM at one of the world‟s highest

sites at Thegu, Sikkim at a height of 4,023 meters (13,200 ft) above sea level.

International Business: The Bank has eight international offices with branches at

Singapore, Hong Kong, Dubai (at the DIFC), Shanghai, Colombo and representative

offices at Dubai and Abu Dhabi, which focus on corporate lending, trade finance,

syndication, investment banking and liability businesses. In addition to the above, the

Bank has a presence in UK with its wholly owned subsidiary Axis Bank UK Limited.

The total assets of the overseas branches were US$7.86 billion.


As of 2014, Axis Bank operates in four segments: treasury operations, retail banking,

corporate banking, and wholesale banking.

Treasury operations

The Bank‟s treasury operation services include investments in sovereign and

corporate debt, equity and mutual funds, trading operations, derivative trading and

foreign exchange operations on the account, and for customers and central funding.

ads efv

Retail banking

In the retail banking category, the bank offers services such as lending to

individuals/small businesses subject to the orientation, product and granularity

criterion, along with liability products, card services, Internet banking, automated

teller machines (ATM) services, depository, financial advisory services, and Non-

resident Indian (NRI) services. Axis bank is a participant in RBI's NEFT enabled

participating banks list.

Corporate/wholesale banking

The Bank offers to corporate and other organisations services including corporate

relationship not included under retail banking, corporate advisory services,

placements and syndication, management of public issues, project appraisals, capital

market related services and cash management services.

NRI services

Products and services for NRIs that facilitate investments in India.

Business banking

The Bank collects income and other direct taxes through its 214 authorised branches

at 137 locations and central excise and service taxes (including e-Payments) through

56 authorised branches at 14 locations.

Investment banking

Bank‟s Investment Banking business comprises activities related to Equity Capital

Markets, Mergers and Acquisitions and Private Equity Advisory. The bank is a SEBI-

registered Category I Merchant Banker and has been active in advising Indian

companies in raising equity through IPOs, QIPs, and Rights issues etc. During the

financial year ended 31 March 2012, Axis Bank undertook 9 transactions including 5

IPOs and 2 Open Offers.

Lending to small and medium enterprises

Axis Bank SME business is segmented in three groups: Small Enterprises, Medium

Enterprises and Supply Chain Finance. Under the Small Business Group a subgroup

for financing micro enterprises is also set up. Axis bank is the first Indian Bank

having TCDC cards in 11 currencies.

Agriculture banking

759 branches of the Bank provide banking services, including agricultural loans, to

farmers. As on 31 March 2013, the Bank‟s outstanding loans in the agricultural sector

was INR 148 billion, constituting 7.5% of its total advances.

Advisory Services have been developed to advise public and private sector clients on

capital structuring and funding options with a view to help the clients to help them

reduce the cost of funds. The Group has also been active in advising the central and

various state governments or their agencies in privatisation and bid process

management. The Group has successfully worked on some of the benchmark

transactions in infrastructure development & manufacturing sector covering an entire

range of projects across roads, railways, airports, urban infrastructure maritime,

power, oil and gas, petrochemicals, cement, sugar, textiles, steel & allied sectors, auto

ancillaries, paper, Information Technology (IT), etc.

Ping Pay was unveiled between 21–25 May 2015, which is a multi-social payment

solution that let customers to transfer funds using their smart phones to both Axis

Bank accounts and other banks' account holders.


UTI Bank opened its registered office in Ahmedabad and corporate office in Mumbai

in December 1993. The first branch was inaugurated on 2 April 1994 in Ahmedabad

by Dr. Manmohan Singh, the Finance Minister of India. UTI Bank began its

operations in 1993, after the Government of India allowed new private banks to be

established. The Bank was promoted in 1993 jointly by the Administrator of the Unit

Trust of India (UTI-I), Life Insurance Corporation of India (LIC), General Insurance

Corporation, National Insurance Company, The New India Assurance Company, The

Oriental Insurance Corporation and United India Insurance Company.

In 2001 UTI Bank agreed to merge with and amalgamate Global Trust Bank, but the

Reserve Bank of India (RBI) withheld approval and nothing came of this. In 2004 the

RBI put Global Trust into moratorium and supervised its merger into Oriental Bank of


UTI Bank opened its first overseas branch in 2006 Singapore. That same year it

opened a representative office in Shanghai, China.

UTI Bank opened a branch in the Dubai International Financial Centre in 2007. That

same year it began branch operations in Hong Kong. The next year it opened a

representative office in Dubai.

Axis Bank opened a branch in Colombo in October 2011, as a Licensed Commercial

Bank supervised by the Central Bank of Sri Lanka. Also in 2011, Axis Bank opened a

representative offices in Abu Dhabi.

In 2013, Axis Bank's subsidiary, Axis Bank UK commenced banking operations. Axis

Bank UK has a branch in London.

As on 31 March 2013, Axis Bank had 37,901 employees(Axis Bank Recruitment), out

of which 7,117 employees were women (19%). The bank incurred INR 26.7 billion on

employee benefits during the FY 2012-13.The average age of an Axis Bank employee

is 29 years.The attrition rate in Axis Bank is approx. 9% per year.


The Business Gaurav SME Awards: In 2011 centres and SME cells each across the

country, taking the total number to 32 SME Centres. The Bank also organised the

'Business Gaurav SME Awards' in association with Dun & Bradstreet to recognise

and award achievements in the SME space.

Financial inclusion: Till March 2012, the Bank had opened over 4.4 million No Frills

accounts in over 7607 villages through a network of 15 Business Correspondents and

nearly 6000 customer service points. Axis Bank has a strong presence in Electronic

Benefit Transfer (EBT) and has covered 6800 villages across 19 districts and 9 states

till date with over 3.7 million beneficiaries.

Industry First Initiatives:

 Axis Bank launched Mobile Banking App 2.0 for its retail resident Indian customers

the first of its kind in India, which offers a high level of personalisation . The App has

been launched in partnership with Tagit, a leading Singapore mobile solutions

company. The new application uses Tagit's mobility solution platform that enables

Banking on-the-go.

 'Axis Bank - ISIC Forex Card' for students, is the first photo Travel Currency Card

available in USD, Euro, GBP and AUD currencies. It can be used across 34 million

merchant locations and at over 2 million MasterCard ATMs globally.

 Axis Bank has partnered with Visa to launch 'eKYC' (electronic Know your

customer) facility, first organisation in India to introduce Biometrics based KYC,

offering convenience, speed and ease to Aadhaar-registered individuals to open bank


Listing and shareholding

Axis Banks's equity shares are listed on the Bombay Stock Exchange and National

Stock Exchange of India. The company's global depository receipts (GDRs) are listed

on the London Stock Exchange. The Bonds issued by the Bank under the MTN

programme are listed on the Singapore Stock Exchange.

As on 31 December 2013, the promoters UTI, LIC and GIC held approx. 34% of the

shares in Axis Bank. Foreign Institutional investors (FII) held approx. 43% of the

shares. Remaining 23% of the shares are held by others.

The bank aims to increase its share in the financial services sector by continuing to

build a strong retail franchise. The segment continues to be one of the key drivers of

the Bank‟s growth strategy, encompassing a wide range of products delivered through

multiple channels to customers. It offers a complete suite of products across deposits,

loans, investment solutions, payments and cards.


Axis Bank has over 50,000 employees (as of 31 March 2018). The bank incurred

₹26.7 billion (US$400 million) on employee benefits during the FY 2016–17. The

average age of an Axis Bank employee is 29 years. The attrition rate in Axis Bank is

approx. 9% per year.


Careers Prospects

Come grow with us

Axis Bank is a meritocratic organization and offers fast and rewarding career growth

paths subject to the employees‟ potential. The Bank provides grade elevation

opportunities to the high performers within a span of 2-3 years .There are ample

opportunities for employees to grow within the same vertical/ function and even

across functions through internal job postings.

According to the skills, potential and calibre of the ABYB student, the Bank may give

an opportunity to deserving meritorious students to appear for interviews for critical

and challenging positions in other departments in the Bank such as SME and Business

Banking, post successful completion of the Program.

Vision & Mission

To be one of the most respected corporate foundations in the country excelling in

project management and contributing significantly to create factors responsible for

sustainable livelihoods.

Our mission

ABF's mission is based on the classical theory of development wherein sustainable

livelihood is defined as the livelihood which can cope with and recover from stress

and shocks, maintains or enhances capabilities and assets (social, physical and

economic) and create conditions that are suitable for better education, health and

sanitation seeking behavior and sustainable livelihood for the next generation.

It aims to support programs, projects and activities that focus on creating conditions

suitable for sustainable livelihood. For this endeavor, ABF partners with civil society

organizations and provide them with financial, technical and capacity development

support to make positive contributions in the lives of the underprivileged and

vulnerable communities.

Guiding principles

 Strive to reach out and create meaningful socioeconomic impact in the lives of the

vulnerable and underprivileged sections of the society i.e the differently abled, street

children, destitute women, children of commercial sex workers, people suffering from

natural disasters; and poor disadvantaged families.

 Support projects and programs that are aligned with the national development

priorities, needs of the communities and are in sync with the CSR objectives and

policies of Axis Bank.

 Core thematic focus shall be to strengthen livelihood security through interventions

that facilitates better access and leverage with Government programs, schemes and

infrastructures. Within the larger subset of strengthening sustainable livelihood, we

shall focus on education, natural resource management, agriculture, horticulture and

livestock development, micro enterprise, vocational training and skill development.

 Undertake research on socially relevant issues, document best practices and engage

proactively with relevant Government agencies, International development

organizations and other corporate foundations for transformational advocacy.

 Endeavor to ensure project management excellence by application of results based

management approaches to all the work that has a focus on appropriately defined

systems and processes and measuring the impact.

 Endeavor to develop the capacities and capabilities of the staff members, partners and

the other stakeholders at the community level through exposure to new approaches,

systems and technology.

 Be guided by the core values and ethics that govern operations namely transparency,

team work, and focus on community.


Objectives of the study


 To Study all about the perception of investors towards the equity futures as an

investment avenues in India.

 To Study how the investors get information about the various financial


 To Study the saving habits of the different customers and the amount they

invest in various financial instruments.

 To Study which type of financial instrument they like to invest.

 To give a recommendation to the investors that where they should invest.



Research methodology is a way to systematically represent research on any problem.

It tends taken by the researcher in studying the research problem along with the logic

behind them.

Research Design– Descriptive

Descriptive research is used to describe characteristics of a population or phenomenon

being studied. The research undertaken was a descriptive research as it was concerned

with specific predictions, with narration of facts and characteristics concerning

Investment characteristics of Lucknow investors.

Data source – Primary Data

Research Approach – Survey Method

Research Instrument – Questionnaire

Questionnaire type – close ended

Types of questions – Close-ended

Sampling Unit – Individual (investors in Various Investment Avenues )

Sampling Frame – Lucknow

Sampling Procedure –Convenience for select Investment investors in Lucknow.

Sample size – 250 customers

Contact Method – Personal

Mode of Collecting Data – The respondents were chosen randomly and requested to

grant interviews. The questions were then asked in predetermined sequence.

Data Processing –

(i) A number of tables was prepared to bring out the main characteristics of the

collected data.

(ii) Inferences wiredrawn from the collected data.



1. The sample size was restricted to 250 customers.

2. Resources like time and cost was a constraint.

3. The study was conducted in Lucknow. So the findings and conclusion drawn are

applicable to Lucknow only.

4. The methods used for analysis and interpretation purpose may have some

limitations of their own and some errors can always creep in.

5. The sample size is small; hence the result cannot be generalized.

6. Respondent may be hesitant to provide their investment details

7. Behavior of investors doesn‟t remain same for long time

8. Time for the study is limited



Analysis and Interpretation


SWOT analysis

SWOT analysis of Axis Bank

Strengths in the SWOT analysis of Axis bank

 Axis bank has been given the rating as one of top three positions in terms of fastest

growth in private sector banks

 Financial express has given number two position and BT-KPMG has rated AXIS bank

as the best bank with some 26 parameters

 The bank has a network of 1,493 domestic branches and 8,324 ATMs

 The bank has its presence in 971 cities and towns

 The banks financial positions grows at a rate of 20% every year which is a major

positive sign for any bank

 The company‟s net profit is Q3FY12 is 1,102.27 which has a increase of 25.19%

growth compared to 2011

Weaknesses in the SWOT analysis of Axis bank

 Gaps – Majorly they concentrated in corporate, wholesale banking, treasury services,

retail banking

 Foreign branches constitute only 8% of total assets

 Very recently the bank started focusing its attention towards personal banking and

rural areas

 The share rates of AXIS bank is constantly fluctuating in higher margins which makes

investors in an uncomfortable position most of the time

 There are lot of financial product gaps in terms of performance as well as reaching out

to the customer

 There are many fraudulent activities involved in credit cards as the banks process

credit card approval even without verification of original documents

 Their financial consultants are not wise enough to guide the customers towards right


 Customer service has to improve a lot in order to be in race with other major players

Opportunities in the SWOT analysis of Axis bank

 Acquisitions to fill gap

 In 2009, Alliance with Motilal Oswal for online trading for 10 million customers

 In 2010, acquired Enam Securities Pvt Ltd – broking and investment banking

 In Sep 2009, SEBI approved Axis Asset Management Co. for mutual fund business

 No. of e-transactions increased from 0.7 million to around 2 million

 Geographical expansion to rural market – 80% of them have no access to formal


 46% use informal lending channels

 24% unregulated money lenders

 Now number of branches increased to 1493 from 339.

 Last quarter there were 48 new branches opened across the Nation

 Since it‟s a new age banking there are lot of opportunities to have the advance

technicalities in banking solutions compared to existing major players

 The assets in their international operations are growing at a very faster pace with a

growth rate of 9%.

 The concept of ETM (Everywhere teller machine) by AXIS Bank had a good

response in terms of attracting new customers in personal banking segment

Threats in the SWOT analysis of Axis bank

 Since 2009, RBI has increased CRR by 100 basis points

 Increased repo rate reverse repo rate by 50 points – 11 times of late

 Increasing popularity of QIPs due to ease in fund raising

 RBI allowed foreign banks to invest up to 74% in Indian banking

 Government schemes are most often serviced only by govern banks like SBI ,Indian

Banks, Punjab National Bank etc

 ICICI and HDFC are imposing strong threats in terms of their expansion in customer

baseby their aggressive marketing strategies






 C K Kothari, Research Methodology, Wishwa Prakashan Publishing, 1996, Second


 Herbert B. Mayo, Investments, Chennai Micro Print pvt. Ltd Chennai, 2006

 Punithavathi Pandyan, Security Analysis and Portfolio Management, Tata Mc Graw-

Hill Publishing Company Ltd , New Delhi,2008 Third Edition

 Prasanna Chandra, Investment Analysis And Port Folio Management, Tata Mc

Graw-Hill Publishing Company Ltd , New Delhi,2008

 Prasanna Chandra, Financial Management, Tata Mc Graw –Hill Publishing

Company Ltd , New Delhi2007


 Asian Journal Of Management

 Global Journal of Finance and Management

 Indian Journal of Finance

 The IUP Journal of Behavioural Finance,

 Barberis, N. and Thaler, R. H. (2002) A Survey of Behavioural Finance

Websites Reference

 www.indiafinance&








(Please tick mark √ the choice from the option given below)


1) Name:

2) Gender: Male Female

3) Age Group:

Below 35years 36-50years 51-60years above 60years

4) Please specify your marital status?

Single Married

5) What is your occupation?

Government Employee Self-Employed Private Sector

Businessman Student

Others (please specify) _____

6) What is your annual income?

Below 2 Lakhs 2 Lakhs – 4 Lakhs 4 Lakhs – 6 Lakhs

6 Lakhs – 8 Lakhs above 8 Lakhs

7) Please mention your education level.

Under Graduate Graduate Post Graduate and above


1) Which of the following investments you have invested in?

Fixed Deposits Insurance schemes Equities

Mutual Funds schemes Real estate

Commodities/ Derivatives

2) Please mention the list of industries you have invested in.

a) __________________________________

b) __________________________________

c) __________________________________

d) __________________________________

3) Which of the following statements best describes your main objective of investment?

To preserve capital and generate income

To generate moderate capital growth with some income

To generate aggressive capital growth over long-term

To generate long-term capital growth

4) Your knowledge about financial terms or aspects of investments is:

Excellent Very good Average Good


5) What is your investment time horizon?

Below 1 year 1year – 3 years 4years – 9years

Above 10years

6) How regularly do you make investment decisions?

Frequently Often

7) Your investment decisions are

Taken on own initiative

Taken on own initiative but with help from an expert

Made by expert on your behalf

8) Which source do you prefer to get investment information?

News Paper/ Magazines

Electronic Media (T.V)

Peer group/ Friends

Broker/ Financial Advisor


9) What is your risk appetite?

High Medium Low No Risk / Safe Investments

10) If you could choose only one of the three portfolios characterized below, which

would you select, given your investments are in Equities, Fixed deposits, cash

equivalents, alternative assets?

Portfolio A(less risky): 25%, 50%, 25%, and 0%

Portfolio B (balanced): 55%, 30%, 10%, and 5%

Portfolio C (risky): 10%, 5%, 5%, 80%

Thank You