DSP Short Term Fund-Growth ★★★ ★★ Nav as on ₹ 35.8179 +0.03 (+0.08%) Things You should consider Annualized Return for 1 year: 8.96%

Suggested Investment Horizon: >3 years

Time taken to double money: 9.5 Years JM Liquid Fund-Growth ★★★ ★★ Nav as on ₹ 54.9659 +0.00 (+0.01%) Things You should consider Annualized Return for 3 month: 0.8%

Suggested Investment Horizon: <3 month

Time taken to double money: 9.7 Years

After the Sebi re-categorisation of mutual fund schemes, this is how the debt mutual funds you have mentioned work:Liquid funds invest in debt and money market securities with maturities of up to 91 days.Ultra short duration funds invest in debt and money market securities, with duration of portfolio between three to six months.Low duration funds invest in debt and money market securities, with duration of portfolio between six to 12 months.Money market funds invest in money market securities with maturity of up to one year.As you can see, if you match your investment horizon with the schemes, your options are low duration funds and money market funds. However, many debt mutual funds investors stick to ultra short duration schemes to avoid extra volatility and risk.In short, apart from matching your investment horizon with the investment duration of the scheme, you should also choose a scheme that is in line with your risk profile.