Investment advice

Never take financial instrument advice from the Bank. Often compromised due to back end rebates they get that leads to rampant misselling, especially on ULIPs / Endowment policies, etc.

Hire someone independent. Get an objective view and an elaborate goal oriented financial plan.

Use indmoney finance consultant

Yes definitely. You should invest that amount. Keep small proportion in savings/liquid funds only. Invest remaining amount in mutual funds as sip. You can choose over index, debt, arbitrage, gold.
Keep your finance basics covered like health and term insurance.
P.s I am not a financial advisor.

I think you need to understand and make list of your goals for say next 5 years . Do you have any major life events like marriage , kids education fees to be paid , booking house etc . Then aasin the amount of monies that you need and keep it in either FD or Liquid fund . Then say rest of your money which you don’t need should be moved to mutual funds . If you want to save taxes start with ELSS funds , and an Index fund . Follow these thumb rules ..

1. Have emergency fund of 12 month of expenses, if you don’t have it start with 6 month and try to increase it .

2. Any money that is required within next 1 year keep it in safest instruments in FD preferable .

3. Any money that is required within next 3 years keep it in debt fund or liquid fund .

4. Then any money which is left start investing it depending on your risk appetite. And have goal based financial plan and keep saving as much as you can

If you can't decide quickly moving the funds to a sweep-in FD might make sense. It gives you enough liquidity and a decent return.

Invest in ELSS. You will get benefits in tax, double the returns within 5 to 10 years and the lock-in period is 3 years. Risk is high but if you invest for at least 5 years, profit will cover all the losses.

hire a professional financial advisor. Period.