Open-ended
Open-ended funds are always open to purchasing and redemptions, hence, the name open-ended funds. The units are bought and sold at the declared daily net asset value (NAV) by the fund. Open-ended funds can stop accepting new funds when they think they won't be able to manage the corpus with consistency in the performance. For short-term investors, there might be high tax implications. Since the scheme is open to new investors, so the fund managers have to maintain reserves for redemptions, and short-term investments, and there is less flexibility to make investment decisions.

Close-ended
In a closed-ended mutual fund, investment can be made during the new fund offer period (NFO) and the securities are locked for a specific period. If the investor wishes to liquidate his position, he/she has to wait for the lock-in period to get over and wait for the specified maturity date. However, to provide liquidity the units can be traded through the organized stock exchange. Since there is no liquidity in the lock-in period so price discovery is not possible for securities trade below NAV.

Interval Funds
Interval funds are a hybrid of open-ended and closed-ended funds.  The unit of these funds can be purchased and/or redeemed at only a specific period as declared by the fund house. Unlike the close-ended funds unit, interval fund units do not trade on the secondary market and are highly illiquid. Instead, the fund periodically repurchases units at a price based on net asset value. Thanks to a largely illiquid structure, which allows fund managers to invest without the pressure of ongoing redemptions, interval funds tend to provide higher returns than open-ended funds.

• Active funds
  An actively managed investment fund is a fund in which a manager along with their team makes decisions about how to invest the fund's money. Active funds managers may include researching a mix of fundamental, quantitative, and technical indications to identify stock selections and employ asset allocation strategies aligned with their fund's goals
• Passive funds
  A passive fund is opposite of actively managed funds that determines what to invest in by tracking a market index like Nifty 50, Sensex, etc. Unlike an active fund, the fund manager does not choose which securities to invest in. Passive funds are low-cost because there is no active team conducting research or strategically buying and selling portfolio securities.