Yes, you can redeem investments from most of the schemes of Franklin India Mutual Fund anytime. But, if you redeem the investment before a particular amount of time then you will have to pay the exit load, which is different for different schemes. However, there are some schemes which do not charge any exit load, such as Franklin India Liquid Fund, & Franklin India Ultra Short Term Fund. Moreover, in case of ELSS schemes there is a lock-in period of 3 years which means that you can redeem your investment only after 3 years. Furthermore, in case of pension fund, you can only redeem your amount after attaining the age of 58 years.
To know about the exit load, read the offer document carefully before investing.