Should I invest my FD maturity amount in Mutual Fund MIPs

In view of the FD interest rates going down, I have done the following for two FDs each of 2.5 lac each in name of self & wife a) Self: Invested in FD for 1.13 lac @ 7.5 % pa in state bank, balance invested in SBI magnum Balanced fund - Div monthly. b) Wife: Invested in FD for 1.13 lac @ 7.5% pa and balance invested in Birla Sunlife MIP Wealth 25 monthly Dividend. As we are retired people and wanting regular monthly income, this is what I have done. Please suggest if there are better ways of management as my next FD is maturing mid June for 5 lac?