Where can I invest a lumpsum of Rs 7 lakh?

I am a 51-years-old senior bank executive. I have a portfolio of approximately Rs 20 lakh in these mutual fund schemes:

SBI Bluechip Fund: Rs 6 lakh
Kotak Select Focus Fund: Rs 4 lakh
Aditya Birla Sun Life Top 100: Rs 4 lakh
IDFC Tax Advantage (ELSS) Fund: Rs 3 lakh
SBI Magnum Taxgain: Rs 1.50 lakh
Axis Long Term Equity Fund: Rs 1.50 lakh

I have Rs 7 lakh more to invest. Where can I make a lumpsum investment? I don’t need the money for the next eight to 10 years and I can invest the entire amount in equity schemes, as my PF and PPF investments help me in tax saving.
-- Amit Jhingran

Shilpa Wagh, chief financial coach, Wagh Financials, responds:

You can spread Rs 7 lakh in these mutual fund schemes:
SBI Bluechip Fund: Rs 1.5 lakh
Kotak Select Focus Fund: Rs 1.5 lakh

HDFC Mid-Cap Opportunities Fund: Rs 1.5 lakh
Franklin India Smaller Companies Fund: Rs 1.5 lakh
L&T Value Fund: Rs 1 lakh

Since you have a long-term investment horizon, you can invest a lumpsum in these funds. Since you are investing in PF and PPF and they are covering your tax-saving needs, you need not invest in ELSS.