I am 27 years old and have investments in equity-linked savings scheme (ELSS) of ₹1 lakh. I have a lump sum of ₹5 lakh that I want to invest. I also want to start monthly systematic investment plan (SIP) investments of ₹15,000. My first goal is to build an emergency fund of ₹5 lakh from my lump sum. The second is to accumulate ₹15 lakh in the next five years. Please suggest suitable schemes for both goals.
—Ranjan Soti
Having an emergency corpus ensures security in unfortunate situations that are not covered by traditional insurance schemes. At your age, having a ₹5 lakh emergency fund will serve you well if you need to go for a spell of time without pay, or for other unforeseen family needs.
