International Funds fall under the equity bucket and will have high beta.
I think OP was asking if there are any alternatives in fixed income space other than FD, I suppose not. Debt Funds have lost their charm but people who are interested in deferring their taxes can still stick with them, considering all other risks.
Now, this could play out in MFs trying to outperform FDs by buying riskier bonds and the conservative ones could lose some market share.
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