There are some simple rules that you can follow to stay safe and I am summarizing them as under in points.

· Ideally, for each family member, restrict amount to Rs.5 lakh, which is the outer limit for deposit insurance

· You can even have joint accounts in all these cases, but ensure that even if you are a co-holder, the other person is the primary account holder

· Benchmark to SBI FD rates. If another bank is offering 30-40 bps above that is ok but be cautious of any bank that offers 125-150 bps spread above the SBI rate.

· Split FDs in the names of family members, as per their income and reduce the risk of illiquidity (this will come handy during turbulent times).

· Make it a point to open an FD with either or survivor mode, so that in case of a medical emergency, the liquidity aspect can be taken care of

· You can take the risk of higher returns above the SBI rate, but keep that risk limited and monitor the fundamentals of the bank closely.