How to invest in SIP – New to mutual fund?

I want to invest in SIP
I am new to this concept
I want to invest 500/-pm
Which scheme will be good for me
wants higher gain.
What is ur opinion about SBI Balanced Fund ?
If i do not know anything about mutual fund is it possible to calculate my profit or to know when to withdraw my money?
Please describe in detail

My name is Katy and I am Hirby's Financial Guru with 20 years of experience and expertise in financial markets, insurance and tax strategies. I'm inspired by those who pursue their financial goals and I am here to help.
My name is Tom and I am Hirby's Legal expert specializing in Real Estate and Injury Law. I have over 15 years of experience helping people online with legal advice and strategy.
June 14th, 2010 at 9:02 am
Investment of SIP is best asset Creation tool. You should invest Max amount of your earning in Equity Mutual funds if your age is below 35. and after 35 u should gradulally decrease your exposure to equity.
SBI balance fund will be good choice only if you are in age range of 40 to 50.
I would suggest you should Contact Financial Planners for same. you can study from
http://www.horizonfp.in