Please advise funds paying monthly dividends

You have not mentioned for how long you want to hold onto this investment and also what is your risk profile.

Having said the above, we can suggest that since you are looking for monthly dividend option, balanced funds may be a good choice for you. There are few balanced fund schemes with fairly good track record of paying monthly dividends. You will find that the annual dividend yield of these balanced funds vary from 7% to 10% maximum. These monthly dividend paying balanced funds are as follows –

1. ICICI Prudential Balanced Fund

2. HDFC Prudence Fund

3. L&T Prudence Fund

4. DSP BlackRock Balanced Fund

5. Canara Robeco Balanced Fund

And, you can check their dividend payout track records from here https://www.advisorkhoj.com/mutual-funds-research/categorywise-dividends

Once again, choose to invest in balanced fund only if suits your risk profile and investment horizon.

Thanks for writing to Advisorkhoj.