Are funds selected for my SIPs good enough for long term

All the schemes selected by you are good schemes. You also have a good asset category mix between large cap, midcap and multicap; the ELSS are essentially, either large cap or multicap schemes. However, as you have rightly concluded, you may be a little over-diversified because you have 10 schemes and your average monthly SIP per scheme is Rs 2,000 only. If you are able to track and manage all the 10 schemes, you can continue with all of them. Otherwise, it will be a more optimal from a portfolio management perspective to reduce your number of schemes to about 7. You can discontinue one of the ELSS SIPs and increase the SIP amounts by same proportion in the other two ELSS funds. You can also reduce your multicap investments to just one scheme as discussed earlier, ELSS are diversified equity funds with the tax saving feature added on. Please note that, SBI Magnum Multicap and ICICI Prudential Value Discovery are both diversified equity or multicap funds. Since you are in your twenties, you can either re-allocate the multi-cap investment into small / midcap investments or increase your SIP in the multicap fund retained by you.

For the time being, you can reduce 2 schemes; one ELSS fund and one multicap fund. Over a period of time, you may be able to meet your Rs 1.5 lakhs 80C tax saving limit, with less ELSS investments through a variety of ways. If you are employed / salaried, over a period of time your EPF contribution will increase in proportion relative to the 80C limit. If your family expands, you will have to buy more life insurance and this will also go towards the 80C investments. If you take a home loan to buy a property, the principal component of EMI payments will also go towards 80C investments. If you can meet your 80C limit with substantially lesser ELSS investments, you can reduce the number of ELSS schemes and increase your investments in large cap, multicap and small/midcap schemes. Hope this helps.

Thanks,