{"id":78091,"date":"2026-10-28T16:25:14","date_gmt":"2026-10-28T10:55:14","guid":{"rendered":"https:\/\/www.5paisa.com\/finschool\/?post_type=markets&#038;p=78091"},"modified":"2026-10-28T16:25:56","modified_gmt":"2026-10-28T10:55:56","slug":"mutual-fund-expense-ratio","status":"publish","type":"markets","link":"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/mutual-fund-expense-ratio\/","title":{"rendered":"Mutual Fund Expense Ratio"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"78091\" class=\"elementor elementor-78091\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4be72f6 elementor-section-full_width tab_container elementor-section-height-default elementor-section-height-default\" data-id=\"4be72f6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d209c0c\" data-id=\"d209c0c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-896d102 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"896d102\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-c9133f2 chapters_list\" data-id=\"c9133f2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-aa101bd elementor-widget elementor-widget-shortcode\" data-id=\"aa101bd\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\">\t<script>\n\t\tjQuery(document).ready(function(){\n\t\t\tjQuery(\"#post_chapters a[href*='\" + location.pathname + \"']\")\n\t\t\t\t.addClass(\"current\")\n\t\t\t\t.attr(\"aria-current\", \"page\");\n\t\t})\n\t<\/script>\n\t<div class=\"desktop_chapters\"><div id=\"post_chapters\"><div class=\"post_chapters-heading\">Chapters<\/div><ul><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/background-and-orientation\/\">Background and Orientation<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/personal-finance-math\/\">Personal Finance Math<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/money-today-vs-money-tommorrow\/\">Money Today vs Money Tommorrow<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/the-retirement-part-1\/\">The Retirement -Part 1<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/assumptions-in-retirement-planning\/\">Assumptions in Retirement Planning<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/understanding-stock-funds\/\">The Role of Mutual Funds in Modern Finance<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/concept-of-fund-and-nav\/\">Concept of Fund and NAV<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/understanding-the-performance-of-your-fund\/\">Mutual Fund Factsheet<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/the-equity-scheme\/\"> The Equity Scheme<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/equity-scheme-part-2\/\">Equity Scheme Part 2<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/debt-funds-part-1\/\">Debt Funds Part 1<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/monitoring-your-portfolio\/\">Debt Funds Part 2<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/debt-funds-part-3\/\">Debt Funds Part 3<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/debt-funds-part-4\/\">Debt Funds Part 4<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/investing-in-bonds\/\">Investing in Bonds<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/index-funds\/\">Index Funds<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/arbitrage-funds\/\">Arbitrage Funds<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/measuring-mutual-fund-returns\/\">Measuring Mutual Fund Returns<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/rolling-returns\/\">Rolling Returns<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/mutual-fund-expense-ratio\/\">Mutual Fund Expense Ratio<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/mutual-fund-benchmarking\/\">Mutual Fund Benchmarking<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/mutual-fund-beta-sd-and-sharpe-ratio\/\">Mutual Fund Beta SD and Sharpe Ratio<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/sortino-and-capture-ratios\/\">Sortino and Capture Ratios<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/how-to-analyse-equity-mutual-funds\/\">How to Analyse Equity Mutual Funds<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/how-to-analyse-debt-mutual-fund\/\">How to Analyse Debt Mutual Fund<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/mutual-fund-portfolio\/\">Mutual Fund Portfolio<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/smart-beta-funds\/\">Smart Beta Funds<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/asset-allocation\/\">Asset Allocation<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/exchange-traded-funds\/\">Exchange Traded Funds<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/basics-of-macro-economics\/\">Basics of Macro Economics<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/personal-finance-part-1\/\">Personal Finance-Part 1<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/personal-finance-review-part-2\/\">Personal Finance Review Part 2 <\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/know-your-funds\/\">Know Your Funds<\/a><\/li><\/ul><\/div><\/div><div class=\"chapters_toggle\"><a href=\"#\" id=\"open_chapters\" aria-label=\"View chapters\"><span>View Chapters<\/span>&nbsp;&nbsp;&nbsp;<i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i><\/a><a href=\"#\" id=\"close_chapters\" style=\"display:none;\" 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    <span class=\"eael-tab-title title-after-icon\" >Slides<\/span>                            \n                                                    <\/li>\n                                            <li id=\"videos\" class=\" eael-tab-item-trigger eael-tab-nav-item\" aria-selected=\"false\" data-tab=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"videos-tab\" aria-expanded=\"false\">\n                            \n                                                                <i class=\"far fa-eye\"><\/i>                                                            \n                                                            <span class=\"eael-tab-title title-after-icon\" >Videos<\/span>                            \n                                                    <\/li>\n                    \n                                  <\/ul>\n            <\/div>\n            \n            <div class=\"eael-tabs-content\">\n\t\t        \n                    <div id=\"study-tab\" class=\"clearfix eael-tab-content-item active-default\" data-title-link=\"study-tab\">\n\t\t\t\t        <p><div class='white' style='background:rgb(255, 255, 255); border:solid 0px rgb(255, 255, 255); border-radius:0px; padding:0px 0px 0px 1px;'>\n<div id='text_slider' class='owl-carousel sa_owl_theme owl-pagination-true' data-slider-id='text_slider' style='visibility: visible;visibility:visible;'>\n<div id='text_slider_slide01' class='sa_hover_container' data-hash='Expense-Ratio' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:405px; '><h2 style=\"text-align: left\"><strong>20.1 Expense Ratio<\/strong><\/h2>\r\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-77983 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Expense-Ratio-2.png\" alt=\"Expense Ratio\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Expense-Ratio-2.png 1080w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Expense-Ratio-2-300x300.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Expense-Ratio-2-1024x1024.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Expense-Ratio-2-150x150.png 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Expense-Ratio-2-768x768.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Expense-Ratio-2-50x50.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Expense-Ratio-2-100x100.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Expense-Ratio-2-96x96.png 96w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\r\n<p>When you invest in a mutual fund, it might feel like you\u2019re simply putting money into a pool that grows over time. But behind the scenes, there\u2019s an entire infrastructure working to manage that money\u2014fund managers making decisions, custodians safeguarding assets, administrators handling compliance, and distributors ensuring the fund reaches investors. Just like any service, this management comes at a cost, and that cost is captured in what\u2019s called the <strong><b>Expense Ratio<\/b><\/strong>\u00a0or <strong><b>Total Expense Ratio (TER)<\/b><\/strong>.<\/p>\r\n<p>Think of it like hiring a professional team to run a restaurant. You don\u2019t just pay for the food ingredients\u2014you also cover salaries, rent, electricity, marketing, and a margin for profit. Similarly, when you invest in a mutual fund, you\u2019re paying for the expertise and operations that keep the fund running. The TER is essentially the annual fee expressed as a percentage of your investment, deducted directly from the fund\u2019s assets.<\/p>\r\n<p>For example, suppose a fund charges a TER of 1%. If you invest \u20b91,00,000, the annual cost is \u20b91,000. But instead of billing you directly, the fund quietly deducts this amount on a daily basis from the Net Asset Value (NAV). So, every day, a small slice\u2014about \u20b92.74 in this case\u2014is shaved off your investment. You don\u2019t see a separate charge, but the NAV you track already reflects this deduction.<\/p>\r\n<p>This means the NAV you see is always <strong><b>after expenses<\/b><\/strong>. Whether the fund gains or loses value, the TER is applied consistently. Regulators like SEBI set maximum limits on TER depending on the type of fund and its size, ensuring investors aren\u2019t overcharged. Under SEBI\u2019s revised framework effective 1 April 2026, these limits apply to a \u2018base expense ratio\u2019 (BER), while statutory levies such as GST, STT and stamp duty are charged and disclosed separately. Specialized fund accounting firms help AMCs calculate these charges accurately.<\/p>\r\n<p>As an investor, you don\u2019t need to master the complex math behind TER. What matters is understanding that it reduces your returns slightly, and comparing TERs can help you make smarter choices. For instance, if two funds are otherwise identical in strategy and performance, choosing the one with the lower TER will leave more money in your pocket over time.<\/p>\r\n<p>Imagine you invest \u20b910,00,000 in <strong><b>Axis Large Cap Fund (formerly Axis Bluechip Fund)<\/b><\/strong>. Assume, for illustration, that it delivers a gross return of 12% annually before expenses. Now, let\u2019s compare two scenarios:<\/p>\r\n<ul>\r\n<li><b><\/b><strong><b>Scenario A:<\/b><\/strong>Expense Ratio = 1%<\/li>\r\n<li><b><\/b><strong><b>Scenario B:<\/b><\/strong>Expense Ratio = 2%<\/li>\r\n<\/ul>\r\n<p>After 20 years:<\/p>\r\n<ul>\r\n<li><b><\/b><strong><b>Scenario A:<\/b><\/strong>\u20b910,00,000 grows to about \u20b980.6 lakh<\/li>\r\n<li><b><\/b><strong><b>Scenario B:<\/b><\/strong>\u20b910,00,000 grows to about \u20b967.3 lakh<\/li>\r\n<\/ul>\r\n<p>That 1% difference in TER has cost you about \u20b913 lakh. This shows how even a seemingly small expense ratio difference compounds massively over time.<\/p>\r\n<p><strong><b>Table: Impact of TER on Long-Term Wealth<\/b><\/strong><\/p>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>\r\n<p><strong><b>Investment<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p><strong><b>Gross Return<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p><strong><b>TER<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p><strong><b>Net Return<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p><strong><b>Value after 20 yrs<\/b><\/strong><\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>\u20b910,00,000<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>12%<\/p>\r\n<\/td>\r\n<td>\r\n<p>1%<\/p>\r\n<\/td>\r\n<td>\r\n<p>11%<\/p>\r\n<\/td>\r\n<td>\r\n<p>\u20b980.6 lakh<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>\u20b910,00,000<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>12%<\/p>\r\n<\/td>\r\n<td>\r\n<p>2%<\/p>\r\n<\/td>\r\n<td>\r\n<p>10%<\/p>\r\n<\/td>\r\n<td>\r\n<p>\u20b967.3 lakh<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p>The lesson is clear: <strong><b>Expense ratio<\/b><\/strong>\u00a0directly reduces your returns, and choosing funds with lower TERs can make a huge difference in long-term wealth creation.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p><\/div>\n<div id='text_slider_slide02' class='sa_hover_container' data-hash='Direct-vs-Regular-Plans' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:405px; '><h2><strong><b>20.2 <\/b><\/strong><strong><b>Direct vs Regular Plans<\/b><\/strong><\/h2>\r\n<p><img decoding=\"async\" class=\"aligncenter wp-image-77984 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Direct-vs-Regular-Plan.png\" alt=\"Direct vs Regular Plan\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Direct-vs-Regular-Plan.png 1080w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Direct-vs-Regular-Plan-300x300.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Direct-vs-Regular-Plan-1024x1024.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Direct-vs-Regular-Plan-150x150.png 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Direct-vs-Regular-Plan-768x768.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Direct-vs-Regular-Plan-50x50.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Direct-vs-Regular-Plan-100x100.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Direct-vs-Regular-Plan-96x96.png 96w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\r\n<p>To understand the difference between <strong><b>Direct<\/b><\/strong>\u00a0and <strong><b>Regular<\/b><\/strong>\u00a0mutual fund plans, imagine buying a book. If you purchase it directly from the publisher\u2019s website, you pay the base price. But if you buy it from a bookstore, the price is higher because the store adds its margin. The book is the same, but the cost differs depending on the channel.<\/p>\r\n<p>Mutual funds work in a similar way. When you buy directly from the Asset Management Company (AMC), it\u2019s called a <strong><b>Direct Plan<\/b><\/strong>. The AMC doesn\u2019t need to pay commissions to distributors, so the TER is lower. On the other hand, if you buy through a distributor (such as a bank, a mutual fund distributor or an online platform that earns commission), it\u2019s a <strong><b>Regular Plan<\/b><\/strong>. Here, the AMC adds an extra layer of cost to compensate the distributor, making the TER higher. Direct Plans can be bought on the AMC\u2019s website or app, through MF Central, or via execution\u2011only platforms; SEBI\u2011registered investment advisers also use Direct Plans and charge their fee separately.<\/p>\r\n<p>For example, consider a popular equity fund. The Direct Plan might have a TER of 1.2%, while the Regular Plan charges 1.7%. That 0.5% difference goes to the distributor. Over years, this seemingly small gap can compound into a significant difference in returns.<\/p>\r\n<p>Now, you might wonder why anyone would choose a Regular Plan if it\u2019s more expensive. The answer lies in the value of advice. If you\u2019re new to investing and rely on an advisor to guide you\u2014helping with fund selection, portfolio rebalancing, and market updates\u2014the higher TER is essentially paying for their expertise and handholding. For many beginners, this support is worth the cost. But if you\u2019re confident in managing your investments, a Direct Plan is more efficient since you avoid distributor commissions.<\/p>\r\n<p>Another common confusion is about NAVs. Direct Plans usually show a higher NAV compared to Regular Plans, even though both plans of a scheme started at the same NAV when Direct Plans were introduced on 1 January 2013. At first glance, the Regular Plan looks cheaper, but that\u2019s misleading. NAV isn\u2019t a \u201cprice tag\u201d\u2014it represents the value of the fund\u2019s assets. Since Regular Plans deduct higher expenses, their NAV grows slower, making them less valuable over time. Direct Plans, with lower deductions, accumulate more value, hence the higher NAV.<\/p>\r\n<p>In short:<\/p>\r\n<ul>\r\n<li>Direct Plans = lower TER, higher NAV, better for self-directed investors.<\/li>\r\n<li>Regular Plans = higher TER, lower NAV, but useful if you need advisory support.<\/li>\r\n<\/ul>\r\n<p><strong><b>Key Insights<\/b><\/strong><\/p>\r\n<ul>\r\n<li><b><\/b><strong><b>Expense Ratio<\/b><\/strong>is the fee you pay for fund management, deducted daily from NAV.<\/li>\r\n<li><b><\/b><strong><b>Direct Plans<\/b><\/strong>have lower TER since there\u2019s no distributor commission.<\/li>\r\n<li><b><\/b><strong><b>Regular Plans<\/b><\/strong>cost more but provide advisory support.<\/li>\r\n<li><b><\/b><strong><b>NAV<\/b><\/strong>reflects the value of assets after expenses, not the \u201cprice\u201d of the fund.<\/li>\r\n<\/ul>\r\n<p>The concept of the <strong><b>expense ratio<\/b><\/strong>\u00a0is deceptively simple yet profoundly important. Investors often underestimate its impact because it looks small \u2014 1% or 1.5% seems negligible. But compounding magnifies this difference over decades. Imagine two funds, both delivering 12% gross returns annually. One has a TER of 1%, the other 2%. Over 25 years, the first fund grows \u20b910 lakh into about \u20b91.36 crore, while the second grows into only about \u20b91.08 crore. That 1% difference has cost you roughly \u20b927.5 lakh. This is why seasoned investors obsess over TERs.<\/p>\r\n<p>The daily deduction from NAV\u00a0is another subtlety. Investors rarely notice it because it\u2019s baked into the NAV. Unlike brokerage fees, which are explicit, TER is invisible. This invisibility can lull investors into complacency. Regulators like SEBI cap TERs to protect investors, but within those caps, AMCs compete aggressively. Passive funds, like index funds and ETFs, usually have lower TERs because they don\u2019t require active management. Actively managed funds justify higher TERs by promising superior returns, but whether they deliver consistently is the real question.<\/p>\r\n<p>The <strong><b>direct vs regular plan<\/b><\/strong>\u00a0distinction is equally critical. Direct plans empower self-directed investors by eliminating distributor commissions. Regular plans, however, serve a purpose for beginners who need guidance. The trade-off is between cost and advice. Over time, as investors gain confidence, many migrate from regular to direct plans. The higher NAV of direct plans is not because they are \u201cexpensive\u201d but because they accumulate more value by shaving off fewer expenses. This subtlety often confuses new investors.<\/p>\r\n<p>A practical example: Suppose you invest \u20b95 lakh in a regular plan with a TER of 1.7% and another \u20b95 lakh in the direct plan with a TER of 1.2%. After 15 years, assuming identical gross returns of 12%, the direct plan grows to about \u20b923.3 lakh, while the regular plan grows to about \u20b921.8 lakh. That\u2019s a difference of about \u20b91.5 lakh \u2014 enough to fund a year of college tuition. The lesson is clear: TERs matter, and direct plans are structurally superior if you can manage without advisory support.<\/p>\r\n<p><strong><b>Example \u2013 Direct vs Regular Plans<\/b><\/strong><\/p>\r\n<p>Suppose you invest \u20b95,00,000 in SBI Equity Hybrid Fund. Assume a gross return of 12% annually (the TERs below are illustrative; check the fund\u2019s latest factsheet for actual figures).<\/p>\r\n<ul>\r\n<li><b><\/b><strong><b>Direct Plan TER: <\/b><\/strong>2%<\/li>\r\n<li><b><\/b><strong><b>Regular Plan TER: <\/b><\/strong>7%<\/li>\r\n<\/ul>\r\n<p>After 15 years:<\/p>\r\n<ul>\r\n<li><b><\/b><strong><b>Direct Plan:<\/b><\/strong>Net return \u2248 10.8% \u2192 Value \u2248 \u20b923.3 lakh<\/li>\r\n<li><b><\/b><strong><b>Regular Plan:<\/b><\/strong>Net return \u2248 10.3% \u2192 Value \u2248 \u20b921.8 lakh<\/li>\r\n<\/ul>\r\n<p>That\u2019s a difference of about \u20b91.5 lakh purely due to distributor commissions embedded in the Regular Plan.<\/p>\r\n<p><strong><b>Table: Direct vs Regular Plan Comparison<\/b><\/strong><\/p>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>\r\n<p><strong><b>Plan Type<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p><strong><b>TER<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p><strong><b>Net Return<\/b><\/strong><\/p>\r\n<\/td>\r\n<td width=\"583\">\r\n<p><strong><b>Value after 15 yrs<\/b><\/strong><\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>Direct<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>1.2%<\/p>\r\n<\/td>\r\n<td>\r\n<p>10.8%<\/p>\r\n<\/td>\r\n<td width=\"583\">\r\n<p>\u20b923.3 lakh<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>Regular<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>1.7%<\/p>\r\n<\/td>\r\n<td>\r\n<p>10.3%<\/p>\r\n<\/td>\r\n<td width=\"583\">\r\n<p>\u20b921.8 lakh<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p>This example shows why <strong><b>Direct plans<\/b><\/strong>\u00a0are structurally superior for confident investors, while <strong><b>Regular plans<\/b><\/strong>\u00a0may suit beginners who value advisory support despite the higher cost.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p><\/div>\n<\/div>\n<\/div>\n<script type='text\/javascript'>\n\tjQuery(document).ready(function() {\n\t\tjQuery('#text_slider').owlCarousel({\n\t\t\titems : 1,\n\t\t\tsmartSpeed : 400,\n\t\t\tautoplay : false,\n\t\t\tautoplayHoverPause : false,\n\t\t\tsmartSpeed : 400,\n\t\t\tfluidSpeed : 400,\n\t\t\tautoplaySpeed : 400,\n\t\t\tnavSpeed : 400,\n\t\t\tdotsSpeed : 400,\n\t\t\tdotsEach : 1,\n\t\t\tloop : false,\n\t\t\tnav : true,\n\t\t\tnavText : ['Previous','Next'],\n\t\t\tdots : true,\n\t\t\tresponsiveRefreshRate : 200,\n\t\t\tslideBy : 1,\n\t\t\tmergeFit : true,\n\t\t\tautoHeight : true,\n\t\t\tmouseDrag : false,\n\t\t\ttouchDrag : true\n\t\t});\n\t\tjQuery('#text_slider').css('visibility', 'visible');\n\t\tvar owl_goto = jQuery('#text_slider');\n\t\tjQuery('.text_slider_goto1').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 0);\n\t\t});\n\t\tjQuery('.text_slider_goto2').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 1);\n\t\t});\n\t\tvar resize_77911 = jQuery('.owl-carousel');\n\t\tresize_77911.on('initialized.owl.carousel', function(e) {\n\t\t\tif (typeof(Event) === 'function') {\n\t\t\t\twindow.dispatchEvent(new Event('resize'));\n\t\t\t} else {\n\t\t\t\tvar evt = window.document.createEvent('UIEvents');\n\t\t\t\tevt.initUIEvent('resize', true, false, window, 0);\n\t\t\t\twindow.dispatchEvent(evt);\n\t\t\t}\n\t\t});\n\t});\n<\/script>\n<\/p><p>\u00a0<\/p>                    <\/div>\n\t\t        \n                    <div id=\"slides-tab\" class=\"clearfix eael-tab-content-item \" data-title-link=\"slides-tab\">\n\t\t\t\t        <p><div class='white' style='background:rgb(255, 255, 255); border:solid 0px rgb(255, 255, 255); border-radius:0px; padding:0px 0px 0px 1px;'>\n<div id='text_slider' class='owl-carousel sa_owl_theme owl-pagination-true' data-slider-id='text_slider' style='visibility: visible;visibility:visible;'>\n<div id='text_slider_slide01' class='sa_hover_container' data-hash='Why-talk-about-bonds-now?' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:405px; '><h2 style=\"text-align: left\"><strong>15.1 <\/strong><strong><b>Why talk about bonds now?<\/b><\/strong><\/h2>\r\n<p><img decoding=\"async\" class=\"aligncenter wp-image-77926 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Why-Talk-About-Bonds-Now.png\" alt=\"Why Talk About Bonds Now\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Why-Talk-About-Bonds-Now.png 1080w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Why-Talk-About-Bonds-Now-300x300.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Why-Talk-About-Bonds-Now-1024x1024.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Why-Talk-About-Bonds-Now-150x150.png 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Why-Talk-About-Bonds-Now-768x768.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Why-Talk-About-Bonds-Now-50x50.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Why-Talk-About-Bonds-Now-100x100.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Why-Talk-About-Bonds-Now-96x96.png 96w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\r\n<p>We have just finished exploring debt mutual funds, which are essentially baskets of bonds managed by professionals. Before moving on to index funds, it makes sense to pause and understand bonds themselves. After all, debt funds are nothing but a collection of bonds, and if fund managers can buy them directly, so can you. Today, investors don\u2019t need to rely only on mutual funds, there are stock exchanges, SEBI\u2011registered Online Bond Platform Providers (OBPPs) and, for government securities, RBI Retail Direct, all of which allow individuals to purchase bonds directly, much like buying shares. Understanding bonds at this stage helps you see the mechanics behind debt funds and gives you the option to invest without an intermediary.<\/p>\r\n<p>Debt mutual funds are essentially collections of bonds. By learning bonds directly, you understand what fund managers are doing behind the scenes.<\/p>\r\n<p><strong><b>Example:<\/b><\/strong><\/p>\r\n<ul>\r\n<li>A debt fund like HDFC Corporate Bond Fund invests in PSU bonds such as Power Finance Corporation (PFC).<\/li>\r\n<li>As an individual, you can also buy listed PFC bonds directly on NSE\/BSE through your broker, or through a SEBI\u2011registered online bond platform.<\/li>\r\n<\/ul>\r\n<p>This means you can bypass the AMC if you want more control, though you\u2019ll lose professional management.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p><\/div>\n<div id='text_slider_slide02' class='sa_hover_container' data-hash=' Looking-at-bonds-before-investing' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:405px; '><h2><strong><b>15.2 <\/b><\/strong><strong><b>Looking at bonds before investing<\/b><\/strong><\/h2>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-77927 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Looking-at-Funds-Before-Investing.png\" alt=\"Looking at Funds Before Investing\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Looking-at-Funds-Before-Investing.png 1080w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Looking-at-Funds-Before-Investing-300x300.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Looking-at-Funds-Before-Investing-1024x1024.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Looking-at-Funds-Before-Investing-150x150.png 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Looking-at-Funds-Before-Investing-768x768.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Looking-at-Funds-Before-Investing-50x50.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Looking-at-Funds-Before-Investing-100x100.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Looking-at-Funds-Before-Investing-96x96.png 96w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\r\n<p>Imagine you\u2019re browsing the stock exchange website and come across bonds issued by a government-backed company, say Power Finance Corporation (PFC). Each bond issue has a unique identification number called an ISIN, much like a fingerprint. Clicking on a bond reveals details such as whether it is tax-free, its credit rating, issue date, maturity date, coupon rate, and face value.<\/p>\r\n<p>For example, suppose a PFC bond carries a tax-free tag. This means the interest you earn annually is exempt from income tax, making it highly attractive for investors in higher tax brackets. Note that no new tax\u2011free bonds have been issued since 2015\u201316, so today they can be bought only in the secondary market on NSE\/BSE. However, if you sell the bond before maturity at a profit, that gain is taxable as capital gains. For listed bonds held for more than 12 months, long\u2011term capital gains are currently taxed at 12.5% without indexation; gains on bonds held for 12 months or less are taxed at your income\u2011tax slab rate. Next, you notice the <strong><b>credit rating<\/b><\/strong>\u2014say AAA from CRISIL. This rating signals that the issuer is extremely reliable in repaying its debt. Since PFC is a government-owned company (a Maharatna PSU under the Ministry of Power), so the risk of default is considered minimal, although its bonds are not explicitly guaranteed by the government.<\/p>\r\n<p>Other details matter too. If the bond is marked as secured, it means the issuer has pledged assets against the borrowing, similar to how banks secure car loans against the vehicle. This reduces risk further. You\u2019ll also see the issue date and maturity date\u2014perhaps issued in 2015 and maturing in 2030, making it a 15 year instrument. Finally, the coupon rate\u00a0tells you how much interest you\u2019ll earn annually based on the bond\u2019s face value. If the coupon is 7% and the face value is \u20b91,000, you\u2019ll receive \u20b970 per bond each year until maturity.<\/p>\r\n<p><strong><b>Looking at Bonds Before Investing<\/b><\/strong><\/p>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>\r\n<p><strong><b>Detail<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p><strong><b>Meaning<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p><strong><b>Example<\/b><\/strong><\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>ISIN<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>Unique identifier for each bond issue.<\/p>\r\n<\/td>\r\n<td>\r\n<p>PFC bond ISINs begin with \u2018INE134E\u2019, PFC\u2019s issuer code.<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>Tax-Free Tag<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>Interest exempt from income tax.<\/p>\r\n<\/td>\r\n<td>\r\n<p>NHAI Tax-Free Bonds (2015\u201316 issue).<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>Credit Rating<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>Reliability of issuer.<\/p>\r\n<\/td>\r\n<td>\r\n<p>AAA rating for PFC bonds.<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>Secured\/Unsecured<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>Whether assets are pledged.<\/p>\r\n<\/td>\r\n<td>\r\n<p>REC secured bonds backed by receivables.<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>Issue &amp; Maturity Date<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>Tenure of the bond.<\/p>\r\n<\/td>\r\n<td>\r\n<p>Issued 2015, maturing 2030 (15 years).<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>Coupon Rate<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>Annual interest on face value.<\/p>\r\n<\/td>\r\n<td>\r\n<p>7% coupon \u2192 \u20b970 per \u20b91,000 bond.<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p><strong><b>Example:<\/b><\/strong>\u00a0If you buy a PFC Tax-Free Bond (October 2015 issue, 15-year series, 7.52% retail coupon, AAA-rated), you\u2019ll receive tax-free interest every year until it matures in 2030. (The 10-year series of the same issue, with a 7.36% retail coupon, matured in 2025.)<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p><\/div>\n<div id='text_slider_slide03' class='sa_hover_container' data-hash='Yield-to-Maturity' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:405px; '><h2 style=\"text-align: left\"><strong>15.3.<\/strong><strong><b>Yield to Maturity (YTM)<\/b><\/strong><\/h2>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-77928 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Yield-to-Maturity.png\" alt=\"Yield to Maturity\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Yield-to-Maturity.png 1080w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Yield-to-Maturity-300x300.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Yield-to-Maturity-1024x1024.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Yield-to-Maturity-150x150.png 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Yield-to-Maturity-768x768.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Yield-to-Maturity-50x50.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Yield-to-Maturity-100x100.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Yield-to-Maturity-96x96.png 96w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\r\n<p>While the coupon looks straightforward, the real measure of return is the Yield to Maturity (YTM). Think of it like buying a rental property. Suppose you buy a shop for \u20b950 lakh and rent it out for \u20b95 lakh per year. That\u2019s a 10% rental yield. But if you later sell the shop for the same \u20b950 lakh, your net yield remains 10%. If you bought it at \u20b955 lakh instead, your yield drops because your cost was higher. Conversely, if you bought it at \u20b945 lakh, your yield rises because you paid less for the same rent.<\/p>\r\n<p>Bonds work the same way. The coupon is fixed, but the price you pay for the bond changes in the market. If a bond with a \u20b91,000 face value and 7% coupon is trading at \u20b91,080, you still earn \u20b970 annually, but your effective yield is lower because you paid more upfront. On maturity, you\u2019ll only get back \u20b91,000, not the premium you paid. That\u2019s why YTM often differs from the coupon\u2014it reflects the actual return considering both interest payments and the difference between purchase price and redemption value.<\/p>\r\n<p><strong><b>Yield to Maturity (YTM)<\/b><\/strong><\/p>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>\r\n<p><strong><b>Scenario<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p><strong><b>Bond Price<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p><strong><b>Coupon (\u20b970)<\/b><\/strong><\/p>\r\n<\/td>\r\n<td width=\"368\">\r\n<p><strong><b>Current Yield (Coupon \u00f7 Price)<\/b><\/strong><\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>Buy at Face Value<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>\u20b91,000<\/p>\r\n<\/td>\r\n<td>\r\n<p>\u20b970<\/p>\r\n<\/td>\r\n<td width=\"368\">\r\n<p>7%<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>Buy at Premium<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>\u20b91,080<\/p>\r\n<\/td>\r\n<td>\r\n<p>\u20b970<\/p>\r\n<\/td>\r\n<td width=\"368\">\r\n<p>~6.48%<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>Buy at Discount<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>\u20b9950<\/p>\r\n<\/td>\r\n<td>\r\n<p>\u20b970<\/p>\r\n<\/td>\r\n<td width=\"368\">\r\n<p>~7.37%<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p><strong><b>Example:<\/b><\/strong><\/p>\r\n<ul>\r\n<li>If you buy a REC bond at \u20b91,080, your yield drops below the coupon because you paid extra.<\/li>\r\n<\/ul>\r\n<p>If you buy at \u20b9950, your yield rises since you paid less for the same coupon. Note: the yields in the table are current yields (coupon \u00f7 price). The YTM moves even further in the same direction, because the \u20b980 premium is lost at maturity (pushing YTM below 6.48%), while the \u20b950 discount is gained at maturity (pushing YTM above 7.37%).<\/p>\r\n<h2 style=\"text-align: left\"><b><\/b><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-77904 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Credit-Risk-Funds.png\" alt=\"Credit Risk Funds\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Credit-Risk-Funds.png 1080w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Credit-Risk-Funds-300x300.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Credit-Risk-Funds-1024x1024.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Credit-Risk-Funds-150x150.png 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Credit-Risk-Funds-768x768.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Credit-Risk-Funds-50x50.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Credit-Risk-Funds-100x100.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Credit-Risk-Funds-96x96.png 96w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/h2>\r\n<p>Credit Risk Funds are the adrenaline junkies of the debt world. Their mandate is to invest at least 65% in lower-rated corporate bonds (AA and below, excluding AA+). These bonds pay higher interest because the issuers are riskier. The fund manager\u2019s bet is that the company will not default and may even improve its credit rating over time. If that happens, the bond price rises, boosting the fund\u2019s NAV along with the coupon income.<\/p>\r\n<p>Picture a landlord renting out property to a tenant with a shaky financial history. The tenant agrees to pay double the rent to compensate for the risk. If the tenant stabilizes his income, the landlord benefits both from the high rent and from the improved reputation of the property. But if the tenant defaults, the landlord suffers a heavy loss. That\u2019s exactly how credit risk funds operate.<\/p>\r\n<p>The danger lies in concentration. Even within SEBI\u2019s single-issuer limits (lower for lower-rated papers), some funds allocate large chunks to a single company. If that company defaults, the NAV can collapse overnight. For retail investors, this risk is unnecessary. Most personal financial goals\u2014retirement, education, home purchase\u2014can be achieved with safer debt categories. Credit Risk Funds are better left to institutional players who can absorb shocks. For individuals, avoiding them is the wiser choice.<\/p>\r\n<p>High ratings are no guarantee either. DHFL was rated AAA until early 2019, was downgraded as its troubles grew and defaulted in June 2019. The losses hit many debt schemes, not only credit risk funds, which is why every debt investor should check the quality of the papers in a portfolio.<\/p>\r\n<p><strong><b>Credit Risk Funds<\/b><\/strong><\/p>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>\r\n<p><strong><b>Aspect<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p><strong><b>Explanation<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p><strong><b>Example<\/b><\/strong><\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>Mandate<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>At least 65% in bonds rated AA &amp; below (excluding AA+).<\/p>\r\n<\/td>\r\n<td>\r\n<p>Nippon India Credit Risk Fund (formerly Reliance Credit Risk Fund).<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>High Yield<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>Lower-rated issuers pay higher interest.<\/p>\r\n<\/td>\r\n<td>\r\n<p>Bonds of stressed issuers such as DHFL traded at high yields before default.<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>Concentration Danger<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>Large exposure to one issuer magnifies risk.<\/p>\r\n<\/td>\r\n<td>\r\n<p>DHFL default in 2019 caused sharp NAV markdowns.<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>Suitability<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>Better for institutions, not retail investors.<\/p>\r\n<\/td>\r\n<td>\r\n<p>Affected schemes suffered sharp losses and side-pocketing.<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p><\/div>\n<div id='text_slider_slide04' class='sa_hover_container' data-hash='Accrued-Interest' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:405px; '><h2 style=\"text-align: left\"><strong>15.4 .<\/strong><strong><b>Accrued Interest<\/b><\/strong><\/h2>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-77929 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Accrued-Interest.png\" alt=\"Accrued Interest\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Accrued-Interest.png 1080w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Accrued-Interest-300x300.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Accrued-Interest-1024x1024.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Accrued-Interest-150x150.png 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Accrued-Interest-768x768.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Accrued-Interest-50x50.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Accrued-Interest-100x100.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Accrued-Interest-96x96.png 96w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\r\n<p>Now let\u2019s talk about accrued interest. Suppose a bond pays its annual coupon every 1st January. If you buy the bond in July, the seller has already held it for six months and earned half the year\u2019s interest. To be fair, you compensate the seller for that portion by paying a slightly higher price, which includes accrued interest. When January arrives, you\u2019ll receive the full coupon, even though you only held the bond for half the year. This adjustment ensures fairness between buyer and seller.<\/p>\r\n<p>In bond markets, the settlement price\u00a0(the amount you pay) includes accrued interest and is called the \u201cdirty price.\u201d The price excluding accrued interest is the \u201cclean price.\u201d For example, if the clean price is \u20b91,020 and six months of accrued interest on a 7% coupon is \u20b935, the dirty price you pay is \u20b91,055. This mechanism ensures that the seller is paid interest for the period they held the bond, and the buyer earns interest only for the period they hold it.<\/p>\r\n<p><strong><b>Accrued Interest<\/b><\/strong><\/p>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>\r\n<p><strong><b>Term<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p><strong><b>Meaning<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p><strong><b>Example<\/b><\/strong><\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>Clean Price<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>Price excluding accrued interest.<\/p>\r\n<\/td>\r\n<td>\r\n<p>\u20b91,020<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>Accrued Interest<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>Interest earned by seller till date.<\/p>\r\n<\/td>\r\n<td>\r\n<p>\u20b935<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p><strong><b>Dirty Price<\/b><\/strong><\/p>\r\n<\/td>\r\n<td>\r\n<p>Settlement price (Clean + Accrued).<\/p>\r\n<\/td>\r\n<td>\r\n<p>\u20b91,055<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p><strong><b>Example:<\/b><\/strong><\/p>\r\n<ul>\r\n<li>A bond pays coupon every 1st January.<\/li>\r\n<li>You buy in July \u2192 seller already earned 6 months\u2019 interest.<\/li>\r\n<li>You pay <strong><b>dirty price <\/b><\/strong>(includes accrued interest).<\/li>\r\n<li>In January, you still receive full coupon (\u20b970).<\/li>\r\n<\/ul>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p><\/div>\n<div id='text_slider_slide05' class='sa_hover_container' data-hash='Should-You-Invest-in-Bonds' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:405px; '><h2 style=\"text-align: left\"><strong>15.5 .<\/strong><strong><b>Should you invest in bonds?<\/b><\/strong><\/h2>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-77930 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Should-You-Invest-in-Bonds.png\" alt=\"Should You Invest in Bonds\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Should-You-Invest-in-Bonds.png 1080w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Should-You-Invest-in-Bonds-300x300.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Should-You-Invest-in-Bonds-1024x1024.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Should-You-Invest-in-Bonds-150x150.png 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Should-You-Invest-in-Bonds-768x768.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Should-You-Invest-in-Bonds-50x50.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Should-You-Invest-in-Bonds-100x100.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/10\/Should-You-Invest-in-Bonds-96x96.png 96w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\r\n<p>Many investors lean heavily toward equities because of their growth potential. But market shocks\u2014like the sudden crash during the pandemic\u2014remind us that diversification is essential. When stock indices fell sharply, even many long-term SIPs briefly showed negative returns, leaving equity only investors exposed. Bonds, gold, and fixed deposits act as stabilizers in such times. They may not deliver spectacular returns, but they provide safety and predictable income.<\/p>\r\n<p>Today, you can build a portfolio using a mix of assets: equities for growth, mutual funds for diversification, bonds for stability, gold for inflation protection, and fixed deposits for liquidity. The right blend depends on your goals\u2014whether it\u2019s wealth creation, retirement planning, or capital preservation. Bonds deserve a place in that mix because they balance risk and return, ensuring your portfolio doesn\u2019t crumble during market downturns.<\/p>\r\n<p><strong><b>Should You Invest in Bonds?<\/b><\/strong><\/p>\r\n<p>Bonds stabilize portfolios during equity downturns.<\/p>\r\n<p><strong><b>Examples of Diversification:<\/b><\/strong><\/p>\r\n<ul>\r\n<li><b><\/b><strong><b>Equities<\/b><\/strong>: Growth (Infosys, Reliance shares).<\/li>\r\n<li><b><\/b><strong><b>Bonds<\/b><\/strong>: Stability (PFC, NHAI tax-free bonds).<\/li>\r\n<li><b><\/b><strong><b>Gold<\/b><\/strong>: Inflation hedge.<\/li>\r\n<li><b><\/b><strong><b>FDs<\/b><\/strong>: Liquidity.<\/li>\r\n<\/ul>\r\n<p>During the COVID-19 crash (February\u2013March 2020), the Nifty 50 and Sensex fell about 38% from their January 2020 peaks. High-quality bonds and gilt funds cushioned portfolios, proving their stabilizing role.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p><\/div>\n<div id='text_slider_slide06' class='sa_hover_container' data-hash='Key-Takeaways' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:405px; '><h2 style=\"text-align: left\"><strong>15.6.<\/strong><strong><b>Key takeaways<\/b><\/strong><\/h2>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-76118 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/01\/Key-Takeaways-4.png\" alt=\"Key Takeaways\" width=\"444\" height=\"418\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/01\/Key-Takeaways-4.png 444w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/01\/Key-Takeaways-4-300x282.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/01\/Key-Takeaways-4-50x47.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/01\/Key-Takeaways-4-100x94.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/01\/Key-Takeaways-4-150x141.png 150w\" sizes=\"(max-width: 444px) 100vw, 444px\" \/><\/p>\r\n<ul>\r\n<li><b><\/b><strong><b>Tax-free bonds <\/b><\/strong>provide interest income exempt from tax (no new issues since 2015\u201316; they are available only in the secondary market).<\/li>\r\n<li><b><\/b><strong><b>PSU bonds <\/b><\/strong>generally carry low credit risk because of government ownership, though most are not explicitly government-guaranteed.<\/li>\r\n<li><b><\/b><strong><b>Coupon rate <\/b><\/strong>is fixed on face value, but actual returns depend on purchase price.<\/li>\r\n<li><b><\/b><strong><b>Yield to Maturity <\/b><\/strong>reflects the true return considering both coupon and redemption value.<\/li>\r\n<li><b><\/b><strong><b>Accrued interest <\/b><\/strong>ensures fairness between buyer and seller during coupon cycles.<\/li>\r\n<li><b><\/b><strong><b>Diversification <\/b><\/strong>with bonds and other assets protects against equity market shocks.<\/li>\r\n<\/ul>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p><\/div>\n<\/div>\n<\/div>\n<script type='text\/javascript'>\n\tjQuery(document).ready(function() {\n\t\tjQuery('#text_slider').owlCarousel({\n\t\t\titems : 1,\n\t\t\tsmartSpeed : 400,\n\t\t\tautoplay : false,\n\t\t\tautoplayHoverPause : false,\n\t\t\tsmartSpeed : 400,\n\t\t\tfluidSpeed : 400,\n\t\t\tautoplaySpeed : 400,\n\t\t\tnavSpeed : 400,\n\t\t\tdotsSpeed : 400,\n\t\t\tdotsEach : 1,\n\t\t\tloop : false,\n\t\t\tnav : true,\n\t\t\tnavText : ['Previous','Next'],\n\t\t\tdots : true,\n\t\t\tresponsiveRefreshRate : 200,\n\t\t\tslideBy : 1,\n\t\t\tmergeFit : true,\n\t\t\tautoHeight : true,\n\t\t\tmouseDrag : false,\n\t\t\ttouchDrag : true\n\t\t});\n\t\tjQuery('#text_slider').css('visibility', 'visible');\n\t\tvar owl_goto = jQuery('#text_slider');\n\t\tjQuery('.text_slider_goto1').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 0);\n\t\t});\n\t\tjQuery('.text_slider_goto2').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 1);\n\t\t});\n\t\tjQuery('.text_slider_goto3').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 2);\n\t\t});\n\t\tjQuery('.text_slider_goto4').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 3);\n\t\t});\n\t\tjQuery('.text_slider_goto5').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 4);\n\t\t});\n\t\tjQuery('.text_slider_goto6').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 5);\n\t\t});\n\t\tvar resize_77925 = jQuery('.owl-carousel');\n\t\tresize_77925.on('initialized.owl.carousel', function(e) {\n\t\t\tif (typeof(Event) === 'function') {\n\t\t\t\twindow.dispatchEvent(new Event('resize'));\n\t\t\t} else {\n\t\t\t\tvar evt = window.document.createEvent('UIEvents');\n\t\t\t\tevt.initUIEvent('resize', true, false, window, 0);\n\t\t\t\twindow.dispatchEvent(evt);\n\t\t\t}\n\t\t});\n\t});\n<\/script>\n<\/p>                    <\/div>\n\t\t        \n                    <div id=\"videos-tab\" class=\"clearfix eael-tab-content-item \" data-title-link=\"videos-tab\">\n\t\t\t\t        <p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/10\/coming-soon-person-g8026473a8_1920-removebg-preview.png\" \/><\/p>                    <\/div>\n\t\t                    <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Study Slides Videos 20.1 Expense Ratio When you invest in a mutual fund, it might feel like you\u2019re simply putting money into a pool that grows over time. But behind the scenes, there\u2019s an entire infrastructure working to manage that money\u2014fund managers making decisions, custodians safeguarding assets, administrators handling compliance, and distributors ensuring the fund &#8230; <a title=\"Mutual Fund Expense Ratio\" class=\"read-more\" href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/mutual-fund-expense-ratio\/\" aria-label=\"Read more about Mutual Fund Expense Ratio\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":11088,"menu_order":14,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"class_list":["post-78091","markets","type-markets","status-publish","format-standard","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/78091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets"}],"about":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/types\/markets"}],"author":[{"embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/comments?post=78091"}],"version-history":[{"count":4,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/78091\/revisions"}],"predecessor-version":[{"id":78125,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/78091\/revisions\/78125"}],"up":[{"embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/11088"}],"wp:attachment":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/media?parent=78091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/categories?post=78091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}