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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Dry powder
Risk & psychologyCash or liquid funds held back specifically to be deployed into a decline.
In plain terms
Only genuine when the deployment levels are written down beforehand. Vague intent to buy the fall reliably turns into buying after the recovery is obvious.