With the issues some of our banks have been facing, there are associated risks of investing into fixed deposits of such banks. The best way to hedge this risk would be by investing into government securities which is guaranteed by the Government of India.
Indian retail haven’t been exposed to G-Secs yet. NSE is planning to soon allow investing trading members like Zerodha. Here is link to the document which explains on G-Secs and how investment will happen on these