Most experts believe you should have enough money in your emergency fund to cover at least 6 to 8 months' worth of living expenses. What does that look like? Start by estimating your costs for essential expenses, such as: Housing, Food, Health care (including insurance) Utilities, Transportation, Personal expenses, Debt servicing (EMIs). You don't need to include expenses for anything you'd cut from your budget in the event of a job loss or major catastrophe. For example: Entertainment, Dining out, Nonessential shopping, Vacations, Savings for a second home or other expenses. Decide if you need to save more. Putting aside 6 to 8 months' worth of expenses is a good rule of thumb, but sometimes it's not enough. If you're able, you might want to think about expanding your emergency savings.
These mutual funds have no lock-in period.
Withdrawals from liquid funds are processed within 24 hours on business days. The cut-off time on withdrawal is generally 2 p.m. on business days. It means if you place a redemption request by 2 p.m. on a business day, then the funds will be credited to your bank account on the next business day by 10 a.m.
Liquid funds have the lowest interest rate risk among debt funds as they primarily invest in fixed income securities with short maturity.
Liquid funds have no entry load and exit loads.
There are various mutual fund schemes which gives you better than saving account returns with the liquidity of savings account and even can be used to pay to network hospitals or can be used to pay directly to the merchant having the swipe machine.
'Liquid Mutual Fund Scheme' for your emergency requirements