Laddering of Fixed Deposits

Bank FD rates are around 9.25%. Some Corporates are offering rates as high as 12%. Will rates go up another 1-2%? The markets are ambiguous. What do you do now?
It's not a great idea to lock all your money in a 3 yr term deposit (currently at 9.25%) and lose liquidity and potential to earn a higher interest rate in 6 months. Instead, go for a multiple FD deposits with a ladder in terms of maturity. I suggest a FD ladder of 6-months, 1 yr, 1.5 yrs, and 2 years. When the 6-month term deposit matures, renew it to a 2-year term. This gives you access to funds (without any penalty) every year. If you think rates have peaked (and you don't need the liqidity), you can always renew for a longer duration.