Dear Mr Basavaraj,
Thank you very much for your time and advice. For my two NRI children ,I have put in place monthly annuities of Rs 85k and 60 k and I plan to start off two SIP portfolios for them, as they do not need funds immediately. A preferable goal is to have tax-free income (if possible) and growth, for the next 3 to 5 years.
I will be grateful for your advice on a portfolio not exceeding 3 suitable funds. Best regards. Commander Rao (retd)
It is good idea that you want to use the annuity amount for their future. However, considering your time horizon, I suggest you to stay away from any equity mutual funds. Instead, you can use short-term debt funds and arbitrage funds. Your time horizon is too low to suggest any equity product to you.