How to create Rs 1 crore for my daughter?

I am 30 years old, married, and with a daughter. I have just started investing in mutual funds. I have an SIP of Rs 2,000 in a smallcap fund and an ELSS. I am targeting Rs 1 crore in the next 15 years. What should be my approach?

--Neha Maneet

Shweta Jain, Founder & CEO, Investography, responds:

Why do you want Rs 1 crore when she is 15? Target a slightly longer duration. If you want Rs 1 crore in 15 years, you will need to invest Rs 20,000 per month. However if you only increase your time by five years, you need to invest half the amount (Rs 10,000 per month). Smallcap funds are riskier than largecap funds. For a beginner I would recommend largecap funds.

For ELSS, you can look at Franklin India Tax Shield.