I bought the alliance mutual fund in 96 and since then I have received good returns from the fund. I was looking for openings for investing my money and this seemed a good option ( Available through Citibank then). My investment has more than doubled since the time I have entered this fund.
Redeeming is also very quickly and efficiently done. It is very sad though that they have not introduced any other new funds.
As compared to funds like Templeton and Prudential, the performance has been excellent and you also do not have to wait as long for the funds to start performing. But as a word of caution, please study the fund well before you invest now as the NAVs have not changed so much over the past year.