Equity Mutual Funds are Mutual Fund schemes that invest in the stocks of various companies. They are high risk, high returns as their performance depends on the performance of the stock market.
Debt Mutual Funds are Mutual Fund schemes that invest in bonds of various companies, government,s, etc. These have Fixed Deposit type risks and returns. Their performance doesn’t depend on the stock markets.
You can read in detail about equity funds by clicking here.
You can read in detail about debt funds by clicking here.