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Detailed & Accurate Report REQ on Gifting /Funding to Niece for Higher Education In US

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Required a Research Report with Answers to the the Following Questions . 

Purpose : Wish to Transfer Funds for my niece(in US) towards Higher Education .

Both Nieces(11,5) are an American Citizen ,however their Parents are Indian Citizen.

1) How much funds could be transferred in a year in USD towards higher
education or as a gift ?

2) a) Whether it should be transferred in the name of the Parents(who're
still Indian Citizen) or in the name of my niece (who're American Citizen) in US?

 b) If so, Is there a tax liability ?

3) a) Are there options available In India wherein the investment
could be parked  in Savings Account and later could be  transferred 
to US Account without any problem ?

 b) If so, is there a lockin period ?

4) Can a joint account be open with my  niece or with the Parents ?

5) What is the most approporiate option to ensure a safe investment
with no or minimal lockin period and wherein the funds could be transferred
or accessed with ease . 

** Response and advice Required in Detail  with Examples & Options Available 
in both Indian and US market.