How to invest Rs 10 lakh in mutual and funds, withdraw Rs 20,000 quarterly?

I want to invest Rs 10 lakh in mutual funds for nine to 10 years. Also, I wish to withdraw Rs 20,000 quarterly. Please suggest which is the best mutual fund scheme for the long term.
--Singh Kumar

Shweta Jain, founder, Investography, responds:

You can invest in the following mutual fund schemes:

Rs 2 lakh in IDFC Bond Fund Short Term Plan. You can withdraw Rs 20,000 from this quarterly.

Rs 4 lakh in ICICI Prudential Balanced Advantage Fund
Rs 2 lakh in ICICI Prudential Nifty Next 50 Index Fund
Rs 2 lakh in Kotak Equity Savings Fund

The schemes will ensure stability and growth in your mutual fund portfolio and also allow quarterly withdrawals.