Need to invest 30 Lakhs. Is Debt market good ?

I need to invest 30 Lakhs as i am having it idle in my saving account. It is giving only 4 Percent annually. I don’t want to invest it in Equity as its risky also don’t want to invest in mutual fund as the market is at top. An agent told me to invest in Debt market and assuring me 7% returns without any risk. Can anyone share their expertise. Which kind of debt fund should be picked for almost no risk and higher returns for a short span of time.