Invest in SIPs
Another way to start saving is by investing your funds in diversified equity mutual funds with good track record.
If you start when your child is an infant and you have 18 years in hand, you can start by investing in three to four good diversified equity funds. Over a period of time the funds would generate huge returns.
Switch in time
In the last three years, the money should be diverted from equities to safer investment avenues like debt mutual funds or fixed deposits.