Financial planners are advising clients to increase fresh investments in fixed income after these rate hikes, especially given that Indian equity markets are considered expensive and trading at a premium to long-term averages. While banks have been slow to increase deposit rates, market-linked products like government securities and debt mutual funds have seen returns move up and fare better over the last one to 10 months. For investors in the highest tax bracket and putting in money with a time frame of at least three years, debt mutual funds may remain the preferred option due to better tax benefits on account of indexation. For a holding period of more than three years, the long-term capital gains are taxed at 20% after indexation, which significantly reduces the tax outgo. ET takes a look at fixed-income options for investors.