Another option is to put the money in foreign accounts. I don't know this space at all, but interest rates at consumer banks in India are 9-12%. Even after currency exchange rates, you'd probably make >= 4%/year
If I'd opened a bank account last time I visited India, converted sterling to rupees, to saved in an Indian bank account at 12%, I'd end up less pounds than I started with.
Putting money in consumer banks in India really only makes sense if you live there.
Turned out those savers were the suckers needed by those banks, in an attempt to remain solvent.