May 1, 2015 Voya Balanced Portfolio, Inc. Suite 100 Scottsdale, AZ 85258 Ladies and Gentlemen:

(d)(3)(i)

May 1, 2015

Voya Balanced Portfolio, Inc.

0000 X. Xxxxxxxxxx Xxxxx Xxxx

Suite 100

Scottsdale, AZ 85258

Ladies and Gentlemen:

By this letter dated May 1, 2015, we have agreed to waive a portion of the management fee payable to us under the Investment Management Agreement, dated November 18, 2014, as amended and restated on May 1, 2015, between Voya Investments, LLC and Voya Balanced Portfolio, Inc. (the “Agreement”), with respect to Voya Balanced Portfolio (the “Portfolio”), a series of Voya Balanced Portfolio, Inc. By this letter, we agree to waive that fee for the period from May 1, 2015 through January 1, 2017.

We will waive 0.045% on the first $5 billion of assets and 0.070% on assets in excess of $5 billion of the management fee payable to us for the Portfolio, as reflected in the schedule set forth below.

Series		Management Fee Waiver (as a percentage of average daily net assets)
Voya Balanced Portfolio		0.045% on first $5 billion; 0.070% on assets in excess of $5 billion

Voya Investments, LLC acknowledges that any fees waived during the term of this Agreement shall not be eligible for recoupment at any time in the future.

Notwithstanding the foregoing, termination or modification of this letter requires approval by the Board of Directors of Voya Balanced Portfolio, Inc.

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May 1, 2015

Page 2

Please indicate your agreement to this reduction in fee by executing below in the place indicated.

		Very sincerely,
By:		/s/ Xxxx Xxxxx
		Xxxx Xxxxx
		Senior Vice President
		Voya Investments, LLC

Agreed and Accepted:

Voya Balanced Portfolio, Inc.

(on behalf of the Portfolio)

By:		/s/ Xxxxxxxx X. Xxxxxxxx
		Xxxxxxxx X. Xxxxxxxx
		Senior Vice President