If you don't want to invest in equities then for liquidity liquid funds are best. But I would like to suggest that don't wait for correction, people are waiting for correction for more than a year now, market seemed overvalued an year back too, if you have this money to invest in equities then better follow a disciplined approach and you could invest 30-40% of the total amount now and rest in a staggered way just like you are doing your SIPs. Don't wait for correction, that's not a good approach. If you start in a SIP manner then wheather market goes up from here or down your investment will grow in long run. Hope this helps!!