Debt funds indexation removal

With the removal of indexation benefits, the debt funds may have lost a bit of its sheen. The point is instead of debt oriented mutual funds which other options should a SIP investor with a 3-4 years horizon look at:

1. Balance advantage funds: Taxation benefit + dynamic asset allocation benefit. May not be an alternative to debt funds in the short term
2. Arbitrage funds: Taxation benefit. Low risk. Pre-Tax returns are in 5-6% range.

Looking for some clarity here