How to create Rs 40 lakh in 10 years?

I am 29 years old. I am investing online in the following six mutual funds:
SBI Magnum Global Fund
SBI Pharma Fund
SBI Magnum Balanced Fund
SBI Bluechip Fund
Franklin India Taxshield Fund (ELSS)
Axis Long Term Equity Fund
I have been investing Rs 1,000 in each of these funds. My investment period is three years. I want to create a corpus of Rs 40 lakh in another 10 years. Am I investing in the right funds? How much extra should I invest to create my target corpus? Also please advise how to extend the investment period for another two or three years online.
--Raji Bala

KishorKumar Balpalli, Founder and CEO, MyMoneySage.in, responds:

I would advise you to not to get into equity-oriented funds with a short-term investment objective of three years. You should invest in equity mutual funds only if you have a long-term investment horizon of five to seven years.

Assuming that you would invest Rs 6,000 per month for a period of 10 years and your investments make an annual return of 12 per cent, you would be able to create a corpus of Rs 14 lakh.


Switch to direct plans to boost your portfolio returns. You can contact the respective AMCs to renew your SIPs.