SRIKANTH SHANKAR MATRUBAI'S REPLY :::::
Your portfolio is very very good. You are absolutely on the right track with the right selection of funds. If anything, the fund is too Defensive to begin with. With your time frame of 5 years, and your age of 44, you can afford to invest in Opportunities Fund to give some spice to your otherwise bland portfolio.
You do not need two Balanced Portfolios. You can reduce your sip in HDFC Prudence to 1000 per month and invest the saved 2000 into Reliance Growth Fund. Same way, You can reduce your sip in DSPML Balance Fund to 1000 per month and invest the saved 2000 into DWS Investment Opportunity Fund.
Your portfolio is very good but Ultra Defensive and though your portfolio will earn you good returns, you need to effect the two changes I have recommended to maximise your returns without comprising the "Safety" Aspect in your portfolio.
Your portfolio after the two changes will look like this :
8. DWS Investment Opportunity Fund - Rs.2000 per month.
While going for sip, stagger your sip dates to take maximum use of NAV Volatility.
Best of luck,
Srikanth Shankar Matrubai.