Should I invest in arbitrage funds and ICICI Prudential balanced advantage fund for short term

Your fund selection for SIPs is good.

For your short term lumpsum investment of Rs. 5.00 Lakhs, your choice of arbitrage fund is also good. Please check the Top performing Arbitrage funds from here.

However, if you are looking for investing in ICICI Prudential Balanced Advantage Fund for short term, then that would not be a good idea. ICICI Prudential balanced Advantage Fund is a hybrid equity oriented balanced fund and an ideal fund for investors with moderate risk appetite. The ideal investment horizon for this fund should be minimum 3 years and above.