Suggest Mutual Fund schemes to be invested in SIP mode for my son

Even though you are retired, since you want to create a corpus for your son, you should invest in equity funds. Over a 10 to 15 year investment horizon, equity as an asset class has the potential to give much superior returns relative to other asset classes. If your son will rely on this corpus for his regular income, you may want to invest in less volatile equity funds which at the same time can give high returns. As such large cap funds may be more suitable for you compared to other fund categories. You should select 2 or 3 good large cap funds with track record of consistent performance. We have discussed the most consistent large cap funds in our article, Best mutual fund consistent performers in 2015: Large Cap Funds. You should consult with a financial advisor, who can help you make the most appropriate investment decision based on your needs.