Where should I invest ₹15 lakh to fund my daughter’s wedding?

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My daughter is now 12 years old. I want to invest 15 lakh (one-time) to fund her wedding. Please suggest suitable options.

–Sonam Mehra, Mumbai

Considering your financial goal, we are assuming your risk profile will be Moderate – Long Term for the next 10 -12 years at least. You may create a comprehensive Mutual Fund portfolio consisting of Equity & Hybrid funds with a 60:40 ratio, respectively. Parag Parikh Flexi Cap Fund, UTI Flexi Cap Fund, Mirae Asset Mid Cap Fund, Canara Robeco Emerging Equities Fund, Nippon India Multi Cap Fund & Kotak Small Cap Fund in Equity category while Aditya Birla Sun Life Balanced Advantage Fund, ICICI Prudential Asset Allocator FoF & DSP Dynamic Asset Allocation Fund in Hybrid category can be considered. It is a noteworthy point here that the equity investment should be done by the way of opting 12 months SIP route while hybrid investment can be done lumpsum. This way your portfolio will be diversified across asset class, category, scheme and AMC. It is also advisable to keep reviewing your portfolio at least once in a year.

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I am 63 years old, I want to invest 40 lakh accumulated amount through SIP in such a way that while keeping the principal safe, a certain amount is received monthly with better returns. Please suggest.

–Vishesh Kumar, Haryana

Considering your age, there are various options available that will not only protect your capital but also offer better yields. You may invest equally in Senior Citizen Savings Schemes (SCSS), Pradhan Mantri Vaya Vandana Yojana (PMVVY), RBI Floating Rate Bonds, reputed corporate FDs (Bajaj Finance & HDFC Ltd.) and select good quality debt-oriented mutual funds with SWP option which should be at least 20 basis points lower than the prevailing YTM. It is worth mentioning here that some of the investments will not have monthly payment options and come with their respective lock-in and tax liability however if you spread them in these investments avenues it will translate into approximately Rs. 22500 monthly cash flow. In the debt mutual fund category, you may consider HDFC Corporate Bond Fund, Kotak Corporate Bond Fund, IDFC Floating Rate Fund & ICICI Prudential Short Term Fund. Debt mutual fund allocation can also be utilized in case of emergency as these funds are open-ended in nature.

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Sanjiv Bajaj, joint chairman and MD, Bajaj Capital. Queries and views at [email protected]

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