Before I suggest, I need to know your objective for your investment. If you investment objective is to save tax then Equity-linked Saving Scheme (ELSS) is preferable. tax-saving mutual fund. ELSS is a tax-saving mutual fund wherein the tax-liability reduces to the amount invest, but only upto Rs. 1,50,000. But if your investment is children’s education or any other long-term goal then there are different investment options available in Mutual funds, Insurance, stocks, and government scheme. Similarly, if you want a safe investment option then debt funds and liquid funds are preferable. So it will be better if you could specify your investment goal.