About Debt Mutual Fund?

I want to keep some money in a Debt Mutual fund,as they are less risky and i can withdraw the money at any time
Question is :
is it right time to invest into debt funds?
As interest rates are already at peak ?
how return is given ? say as interest rate today is around 9%, so if i invest some money today will i be getting 9% something return after one year or it depends on interest rate at the time of withdrawal.