How can I get superior return than bank fixed deposits

To get tax efficient and superior returns over bank FDs, balanced fund could be a good option for you provided you can take moderate risk with investment horizon of 5 years or so.

You can invest Rs 20 Lakhs in balanced funds in order to get a regular monthly income. There are two ways to get regular monthly income - 1) Invest in good balanced funds with monthly dividend payment track record 2) Invest in growth option of the fund and draw a regular income (fixed amount on a fixed day of each month) through SWP route.

Some of top performing balanced funds which pays monthly dividend are ICICI Prudential balanced fund, HDFC Prudence fund, L&T India Prudence fund and DSP BlackRock Balanced fund. You can check their monthly dividend paying track record here https://goo.gl/hqNQOM

For investing Rs 10,000 through SIPs, you can opt for diversified equity funds as your investment horizon is 15 years. You can choose from these top performing diversified equity funds - ICICI Prudential Value Discovery Fund, Birla Sun Life Equity Fund, Kotak Select Focus Fund and SBI Magnum Multi-Cap Fund. By investing Rs 10,000 per month over 15 years, you can expect a corpus of Rs around Rs 53 Lakhs against your investment of Rs 18 Lakhs, assuming annualized returns @12.5%

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