Understanding risk score of FD and FD-like investments

FDs are considered to be risk-free investments; They are, in most cases, for credit risk i.e. will the bank pay; Most cases because the risk-free amount is upto INR 5 lakhs (including interest and other balances with the same bank).

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Understand the risk of FD and FD-like investments and see if they are better alternative to FD with same or better level of returns and convenience.