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FD or Ultra Short Term DEBT fund

Hi,

 I have 4 lakh in cash. I would like to know what is the best place to park this fund now?

I am getting 9% interest for 590 days deposit in FD in ICICI or

shall I need to park it in some ultra short term debt fund?

In case If I park my fund in debt fund and redeem them around next year March i.e. more than 1 year do I need to pay any capital gain tax on the return.

Note:

  I fall under 20% tax bracket.

Thanks for your time and effort.

 

 

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