Where should I invest to earn more than FD?

I invested Rs 2 lakh a week ago in HDFC Prudence Fund. Is my decision worthy? I want interest monthly. My family has to run on it. I have an FD of Rs 7 lakh but returns are very minimum. I want more returns. Please suggest me the best investment for high returns with less risk.
--Gottimukkala Padmavathi

Puneet Oberoi, Founder, Excellent Investment Advisors, responds:

HDFC Prudence Fund is a good balanced fund but don’t withdraw your money in a short time. Give your money some time to grow before you start withdrawal, at least a year. Moreover, don't withdraw more than seven per cent in the initial years, so that your corpus also grows to meet the future inflation.


If you want more returns than an FD but with lower risk, you may consider investing in debt funds. Seek advice from a financial planner for personalised advice for your goals and investment objectives.