Liquid fund
Market basicsA debt fund holding very short-maturity instruments, with minimal duration risk.
In plain terms
Suitable for an emergency fund. Since the 2023 tax change, roughly equivalent to a sweep-in deposit.
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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Debt fund
Market basicsA mutual fund investing in bonds and other fixed-income instruments.
In plain terms
Not an FD with better returns. It carries credit risk and duration risk, which behave completely differently.