Franklin India Ultra short bond fund is one of the best ultra short bond funds which can use for parking surplus cash for 1 to 2 years time horizon. It invest in debt securities having maturities of upto 3 months . The portfolio is well diversified among various institutions and among various credit quality. The fund is very less sensitive to interest rate movements. The fund has a very good past track record.
If you have any surplus cash which you do not need for next 1-2 years then you should park in this fund.