Where should I invest to create Rs 50 lakh for my child’s higher education?

I am investing Rs 20,000 per month for my child’s higher education in these funds: ICICI Prudential Value Discovery Fund (Rs 7,000), Mirae Asset India Opportunities Fund (Rs 5,000), Aditya Birla Sun Life MNC Fund (Rs 7,000), and HDFC Small Cap Fund (Rs 1,000).

Am I on the right track? I would need Rs 40 to 50 lakh for my child’s higher education by 2030.
-- Usha Takkellapati Gadde

Sridevi Ganesh, CFP, Chamomile Investment Consultants responds:

If it would cost you Rs 40-50 lakh for your child’s higher education in 2018, you may need around Rs 1.3 crore in 2030 due to inflation. You need to invest approximately Rs 28,000 per month to reach this corpus. You can consider adding Rs 7,000 to Rs 8,000 per month in a good midcap fund. Both ICICI Prudential Value Discovery Fund and Mirae Asset India Opportunities Fund have largecap exposure. Adding a midcap fund will make sense since you have a long-term horizon.