Hi there!! It a good way to save money but as you know mutual funds is at times very risky. If you are aware of how mutual funds policies are function in the market then go ahead. Else, take help from the financial planner who could manage to build your portfolio. Because, it difficult to say the amount you want to invest in and based on your investment objective one can suggest you best policy for you. If you want to save a sum of Rs. 500 to 1000k per month then reliance mutual fund SIP plan will be the best policy for you. Because, sip plan will gives you good returns in terms of investment objectives.