Can we redeem our money from debt funds if the stock market is shut, as they aren't related to equity markets? I'm just worried whether or not I will be able to redeem my money during the market shutdown.
Yes, you can redeem your money from fixed-income funds if the money markets are open, even if the stock market is shut down. All mutual funds also have an emergency provision that if the underlying market gets frozen, they can discontinue all redemptions and investments. This is because mutual fund transactions happen at current prices. So, if the markets are frozen, you can't transact as there won't be any basis for your purchases or redemptions. Further, mutual funds are just a medium of participating in the markets. As you know, every time we transact in mutual funds, we don't know the price. We get to know about it only after prices are determined in the evening.
To summarise, if the stock market is shut but the fixed-income market, which is an informal market, is open, then you can still redeem your money. But as of now, we haven't seen a lockdown of the market. Having said that, if you are worried about not having any essential/emergency money in hand (cash/bank), then get it out from the fixed-income funds tomorrow.