Best Money Market Mutual Funds 2026

Updated on January 19, 2026 , 43700 views

In common terms, Best Liquid Funds (Money market funds) are Debt Mutual Funds or rather money market Mutual Funds with the only difference being in the investment duration. Money market funds invest in very short money market instruments like the certificate of deposit, treasury bills, commercial papers etc.

The investment duration of these funds is very short, generally ranging from a couple of days to a few weeks (it can even be one day!). The average residual maturity of Liquid Funds is less than 91 days as they invest in securities which individually have a maturity upto 91 days.

Being a short-term debt fund, these funds are highly suitable for investors looking for low-risk investments for short duration. The low maturity period of best liquid funds helps fund managers to fulfil the redemption demand of investors easily. In the market, there are various money market fund investments available.

Why to Invest in Money Market Funds?

Securities in the money market are relatively low risk
Money market funds are considered to be the safe and secure of all Mutual Fund investments
Considering money market funds, it’s easy to invest in a money market account. Investing through Mutual Funds investors can open an account, make deposits and withdrawals virtually at their convenience
Money market funds are considered to be one of the least volatile types of all mutual fund investments
The performance of money market funds is closely tied to the interest rates set by the Reserve Bank of India, the Central Bank of India. So, when RBI raises rates in the market, yields increase, and money market funds are able to give good returns.

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How do Money Market Funds work?

A money market fund invests in money market instruments with an objective of offering good returns (interest income) and keeping the NAV fluctuations minimal.

Types of Money Market Instruments

Money Market is an exchange where the trade of cash and cash-equivalent instruments takes place. The instruments that are traded in the money markets have maturities which can vary from overnight to one year. Here are some key money market instruments in India:

1. Treasury Bills or T-Bills

The Government of India issues treasury bills to raise funds for a period of up to 365 days. Since these are issued by the government, they are considered to be very safe. However, lower risks also translate into lower returns which is the case with treasury bills too. The returns on T-bills is lower than other money market instruments.

2. Certificate of Deposit or CD

A CD is a term deposit which is offered by scheduled commercial banks which does not have the option of premature redemption. The primary difference between a CD and FD is that CDs are freely negotiable.

3. Repurchase Agreements or Repos

A repurchase agreement is made between a bank and RBI to facilitate short-term loans. It can also be made between two banks.

4. Commercial Paper or CP

Companies and financial institutions with a high credit rating can issue a commercial paper which is a short-term, unsecured promissory note. It allows such entities to diversify their short-term borrowing sources. CPs are usually issued at a discounted rate while the redemption is done on face value. The investor earns the difference.

Fund Selection Methodology used to find 8 funds

Category: Debt
Sub-category: Money%20Market
AUM Range: 500 to 100000 Cr
Sorted On : 1-year return (high to low)
Tags: fcpro
No Of Funds: 8

Top 8 Money Market Mutual Funds 2026

Fund	NAV	Net Assets (Cr)	1 MO (%)	3 MO (%)	6 MO (%)	1 YR (%)	2024 (%)	Debt Yield (YTM)	Mod. Duration	Eff. Maturity
UTI Money Market Fund Growth	₹3,191.21 ↑ 0.69	₹19,301	0.4	1.3	2.8	7.2	7.5	6.33%	4M 6D	4M 6D
Franklin India Savings Fund Growth	₹51.9097 ↑ 0.01	₹3,830	0.4	1.4	2.8	7.2	7.4	6.21%	3M 4D	3M 11D
ICICI Prudential Money Market Fund Growth	₹392.657 ↑ 0.09	₹31,851	0.4	1.3	2.8	7.2	7.4	6.19%	2M 26D	3M 3D
Nippon India Money Market Fund Growth	₹4,292.5 ↑ 1.16	₹20,190	0.4	1.3	2.7	7.2	7.4	6.71%	2Y 11M 8D	3Y 8M 26D
Kotak Money Market Scheme Growth	₹4,644.74 ↑ 0.95	₹32,188	0.4	1.3	2.7	7.1	7.4	6.3%	4M 13D	4M 13D
Tata Money Market Fund Growth	₹4,883.08 ↑ 0.93	₹35,600	0.4	1.3	2.7	7.1	7.4	6.35%	5D	5D
HDFC Money Market Fund Growth	₹5,911.37 ↑ 1.14	₹31,790	0.4	1.3	2.7	7.1	7.4	6.3%	3M 7D	3M 14D
Bandhan Money Manager Fund Growth	₹41.6946 ↑ 0.01	₹12,313	0.4	1.4	2.8	7.1	7.3	6.17%	3M 23D	3M 23D
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 21 Jan 26

Research Highlights & Commentary of 8 Funds showcased

Commentary	UTI Money Market Fund	Franklin India Savings Fund	ICICI Prudential Money Market Fund	Nippon India Money Market Fund	Kotak Money Market Scheme	Tata Money Market Fund	HDFC Money Market Fund	Bandhan Money Manager Fund
Point 1	Lower mid AUM (₹19,301 Cr).	Bottom quartile AUM (₹3,830 Cr).	Upper mid AUM (₹31,851 Cr).	Lower mid AUM (₹20,190 Cr).	Top quartile AUM (₹32,188 Cr).	Highest AUM (₹35,600 Cr).	Upper mid AUM (₹31,790 Cr).	Bottom quartile AUM (₹12,313 Cr).
Point 2	Established history (16+ yrs).	Established history (23+ yrs).	Established history (19+ yrs).	Established history (20+ yrs).	Established history (22+ yrs).	Established history (22+ yrs).	Oldest track record among peers (26 yrs).	Established history (22+ yrs).
Point 3	Top rated.	Rating: 3★ (upper mid).	Rating: 4★ (top quartile).	Rating: 3★ (lower mid).	Rating: 4★ (upper mid).	Rating: 3★ (lower mid).	Rating: 3★ (bottom quartile).	Rating: 3★ (bottom quartile).
Point 4	Risk profile: Low.	Risk profile: Moderately Low.	Risk profile: Low.	Risk profile: Low.	Risk profile: Low.	Risk profile: Low.	Risk profile: Low.	Risk profile: Moderately Low.
Point 5	1Y return: 7.23% (top quartile).	1Y return: 7.22% (top quartile).	1Y return: 7.21% (upper mid).	1Y return: 7.16% (upper mid).	1Y return: 7.14% (lower mid).	1Y return: 7.14% (lower mid).	1Y return: 7.13% (bottom quartile).	1Y return: 7.12% (bottom quartile).
Point 6	1M return: 0.39% (lower mid).	1M return: 0.42% (top quartile).	1M return: 0.40% (upper mid).	1M return: 0.36% (bottom quartile).	1M return: 0.39% (lower mid).	1M return: 0.38% (bottom quartile).	1M return: 0.39% (upper mid).	1M return: 0.42% (top quartile).
Point 7	Sharpe: 3.02 (top quartile).	Sharpe: 2.75 (bottom quartile).	Sharpe: 2.81 (lower mid).	Sharpe: 2.85 (upper mid).	Sharpe: 2.84 (upper mid).	Sharpe: 2.87 (top quartile).	Sharpe: 2.71 (bottom quartile).	Sharpe: 2.78 (lower mid).
Point 8	Information ratio: 0.00 (top quartile).	Information ratio: 0.00 (top quartile).	Information ratio: 0.00 (upper mid).	Information ratio: 0.00 (upper mid).	Information ratio: 0.00 (lower mid).	Information ratio: 0.00 (lower mid).	Information ratio: 0.00 (bottom quartile).	Information ratio: 0.00 (bottom quartile).
Point 9	Yield to maturity (debt): 6.33% (upper mid).	Yield to maturity (debt): 6.21% (lower mid).	Yield to maturity (debt): 6.19% (bottom quartile).	Yield to maturity (debt): 6.71% (top quartile).	Yield to maturity (debt): 6.30% (upper mid).	Yield to maturity (debt): 6.35% (top quartile).	Yield to maturity (debt): 6.30% (lower mid).	Yield to maturity (debt): 6.17% (bottom quartile).
Point 10	Modified duration: 0.35 yrs (lower mid).	Modified duration: 0.26 yrs (upper mid).	Modified duration: 0.24 yrs (top quartile).	Modified duration: 2.94 yrs (bottom quartile).	Modified duration: 0.37 yrs (bottom quartile).	Modified duration: 0.01 yrs (top quartile).	Modified duration: 0.27 yrs (upper mid).	Modified duration: 0.32 yrs (lower mid).

UTI Money Market Fund

Lower mid AUM (₹19,301 Cr).
Established history (16+ yrs).
Top rated.
Risk profile: Low.
1Y return: 7.23% (top quartile).
1M return: 0.39% (lower mid).
Sharpe: 3.02 (top quartile).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 6.33% (upper mid).
Modified duration: 0.35 yrs (lower mid).

Franklin India Savings Fund

Bottom quartile AUM (₹3,830 Cr).
Established history (23+ yrs).
Rating: 3★ (upper mid).
Risk profile: Moderately Low.
1Y return: 7.22% (top quartile).
1M return: 0.42% (top quartile).
Sharpe: 2.75 (bottom quartile).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 6.21% (lower mid).
Modified duration: 0.26 yrs (upper mid).

ICICI Prudential Money Market Fund

Upper mid AUM (₹31,851 Cr).
Established history (19+ yrs).
Rating: 4★ (top quartile).
Risk profile: Low.
1Y return: 7.21% (upper mid).
1M return: 0.40% (upper mid).
Sharpe: 2.81 (lower mid).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 6.19% (bottom quartile).
Modified duration: 0.24 yrs (top quartile).

Nippon India Money Market Fund

Lower mid AUM (₹20,190 Cr).
Established history (20+ yrs).
Rating: 3★ (lower mid).
Risk profile: Low.
1Y return: 7.16% (upper mid).
1M return: 0.36% (bottom quartile).
Sharpe: 2.85 (upper mid).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 6.71% (top quartile).
Modified duration: 2.94 yrs (bottom quartile).

Kotak Money Market Scheme

Top quartile AUM (₹32,188 Cr).
Established history (22+ yrs).
Rating: 4★ (upper mid).
Risk profile: Low.
1Y return: 7.14% (lower mid).
1M return: 0.39% (lower mid).
Sharpe: 2.84 (upper mid).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 6.30% (upper mid).
Modified duration: 0.37 yrs (bottom quartile).

Tata Money Market Fund

Highest AUM (₹35,600 Cr).
Established history (22+ yrs).
Rating: 3★ (lower mid).
Risk profile: Low.
1Y return: 7.14% (lower mid).
1M return: 0.38% (bottom quartile).
Sharpe: 2.87 (top quartile).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 6.35% (top quartile).
Modified duration: 0.01 yrs (top quartile).

HDFC Money Market Fund

Upper mid AUM (₹31,790 Cr).
Oldest track record among peers (26 yrs).
Rating: 3★ (bottom quartile).
Risk profile: Low.
1Y return: 7.13% (bottom quartile).
1M return: 0.39% (upper mid).
Sharpe: 2.71 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 6.30% (lower mid).
Modified duration: 0.27 yrs (upper mid).

Bandhan Money Manager Fund

Bottom quartile AUM (₹12,313 Cr).
Established history (22+ yrs).
Rating: 3★ (bottom quartile).
Risk profile: Moderately Low.
1Y return: 7.12% (bottom quartile).
1M return: 0.42% (top quartile).
Sharpe: 2.78 (lower mid).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 6.17% (bottom quartile).
Modified duration: 0.32 yrs (lower mid).

About the Fincash Research Team

At Fincash, our mission is to help investors make informed, confident decisions. With over 10 years in Mutual Fund distribution, our team blends deep industry expertise with a commitment to transparency, accuracy, and investor education.

Who We Are

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MCA CIN: U74999MH2016PTC282153
Location: Thane, Maharashtra, India
Experience: 10+ years in Mutual Fund distribution

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Certified Mutual Fund Distributors with hands-on advisory experience.
Market analysts tracking performance, macro trends, and sectors.
Data specialists processing NAVs, allocations, and risk metrics from Morning Star.

Our Research Process

Data sourcing: SEBI-registered fund houses & verified third-party provider Morning Star
Screening: Returns, manager track record, expenses, sector mix, risk-adjusted metrics.
Expert review: Senior team members review every article and list for accuracy.
Updates: Regular refreshes so performance data reflects current market conditions.

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Disclaimer

Content is for educational and informational purposes only and is not investment advice. Please consider your risk profile and consult a financial advisor before investing.

1. UTI Money Market Fund

To provide highest possible current income consistent with preservation of capital and providing liquidity from investing in a diversified portfolio of short term money market securities.

Research Highlights for UTI Money Market Fund

Lower mid AUM (₹19,301 Cr).
Established history (16+ yrs).
Top rated.
Risk profile: Low.
1Y return: 7.23% (top quartile).
1M return: 0.39% (lower mid).
Sharpe: 3.02 (top quartile).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 6.33% (upper mid).
Modified duration: 0.35 yrs (lower mid).
Average maturity: 0.35 yrs (lower mid).
Exit load: NIL.
Top sector: Real Estate.
Top bond sector: Corporate.
Conservative stance with elevated cash (~79%).
High-quality debt (AAA/AA ~100%).
Largest holding Canara Bank (~3.5%).

Below is the key information for UTI Money Market Fund

UTI Money Market Fund Growth
Launch Date	13 Jul 09
NAV (21 Jan 26)	₹3,191.21 ↑ 0.69 (0.02 %)
Net Assets (Cr)	₹19,301 on 31 Dec 25
Category	Debt - Money Market
AMC	UTI Asset Management Company Ltd
Rating	☆☆☆☆
Risk	Low
Expense Ratio	0.25
Sharpe Ratio	3.02
Information Ratio	0
Alpha Ratio	0
Min Investment	10,000
Min SIP Investment	500
Exit Load	NIL
Yield to Maturity	6.33%
Effective Maturity	4 Months 6 Days
Modified Duration	4 Months 6 Days

Growth of 10,000 investment over the years.

Date	Value
31 Dec 20	₹10,000
31 Dec 21	₹10,375
31 Dec 22	₹10,885
31 Dec 23	₹11,694
31 Dec 24	₹12,599
31 Dec 25	₹13,542

UTI Money Market Fund SIP Returns

Total investment amount is ₹180,000
expected amount after 3 Years is ₹200,132.
Net Profit of ₹20,132 Invest Now

Returns for UTI Money Market Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 21 Jan 26

Duration	Returns
1 Month	0.4%
3 Month	1.3%
6 Month	2.8%
1 Year	7.2%
3 Year	7.5%
5 Year	6.3%
10 Year
15 Year
Since launch	7.3%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	7.5%
2023	7.7%
2022	7.4%
2021	4.9%
2020	3.7%
2019	6%
2018	8%
2017	7.8%
2016	6.7%
2015	7.7%

Fund Manager information for UTI Money Market Fund

Name	Since	Tenure
Anurag Mittal	1 Dec 21	4.09 Yr.
Amit Sharma	7 Jul 17	8.49 Yr.

Data below for UTI Money Market Fund as on 31 Dec 25

Asset Allocation

Asset Class	Value
Cash	79.18%
Debt	20.54%
Other	0.28%

Debt Sector Allocation

Sector	Value
Corporate	51.98%
Cash Equivalent	31.85%
Government	15.9%

Credit Quality

Rating	Value
AAA	100%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
Canara Bank Domestic Bonds \| -	4%	₹682 Cr	7,000,000,000 ↑ 5,000,000,000
Indusind Bank Ltd. Debentures \| -	3%	₹536 Cr	5,500,000,000
364 DTB 19mar2026 Sovereign Bonds \| -	3%	₹495 Cr	5,000,000,000
India (Republic of) - \| -	3%	₹488 Cr	5,000,000,000 ↑ 5,000,000,000
Union Bank of India Domestic Bonds \| -	2%	₹391 Cr	4,000,000,000
Tbill Sovereign Bonds \| -	2%	₹343 Cr	3,500,000,000
Kotak Mahindra Bank Ltd. Debentures \| -	1%	₹288 Cr	3,000,000,000
T-Bill Sovereign Bonds \| -	1%	₹196 Cr	2,000,000,000
India (Republic of) - \| -	1%	₹195 Cr	2,000,000,000 ↑ 2,000,000,000
Indian Bank Domestic Bonds \| -	1%	₹190 Cr	2,000,000,000

2. Franklin India Savings Fund

(Erstwhile Franklin India Savings Plus Fund Retail Option)

Aims to provide income consistent with the prudent risk from a portfolio comprising substantially of floating rate debt instruments, fixed rate debt instruments swapped for floating rate returns, and also fixed rate instruments and money market instruments.

Research Highlights for Franklin India Savings Fund

Bottom quartile AUM (₹3,830 Cr).
Established history (23+ yrs).
Rating: 3★ (upper mid).
Risk profile: Moderately Low.
1Y return: 7.22% (top quartile).
1M return: 0.42% (top quartile).
Sharpe: 2.75 (bottom quartile).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 6.21% (lower mid).
Modified duration: 0.26 yrs (upper mid).
Average maturity: 0.28 yrs (upper mid).
Exit load: NIL.
Higher exposure to Financial Services vs peer median.
Higher exposure to Cash Equivalent (bond sector) vs peer median.
Conservative stance with elevated cash (~98%).
High-quality debt (AAA/AA ~100%).
Largest holding 364 Days Tbill (Md 05/03/2026) (~5.8%).

Below is the key information for Franklin India Savings Fund

Franklin India Savings Fund Growth
Launch Date	11 Feb 02
NAV (21 Jan 26)	₹51.9097 ↑ 0.01 (0.02 %)
Net Assets (Cr)	₹3,830 on 31 Dec 25
Category	Debt - Money Market
AMC	Franklin Templeton Asst Mgmt(IND)Pvt Ltd
Rating	☆☆☆
Risk	Moderately Low
Expense Ratio	0.3
Sharpe Ratio	2.75
Information Ratio	0
Alpha Ratio	0
Min Investment	10,000
Min SIP Investment	500
Exit Load	NIL
Yield to Maturity	6.21%
Effective Maturity	3 Months 11 Days
Modified Duration	3 Months 4 Days

Growth of 10,000 investment over the years.

Date	Value
31 Dec 20	₹10,000
31 Dec 21	₹10,358
31 Dec 22	₹10,815
31 Dec 23	₹11,601
31 Dec 24	₹12,490
31 Dec 25	₹13,419

Franklin India Savings Fund SIP Returns

Total investment amount is ₹180,000
expected amount after 3 Years is ₹200,132.
Net Profit of ₹20,132 Invest Now

Returns for Franklin India Savings Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 21 Jan 26

Duration	Returns
1 Month	0.4%
3 Month	1.4%
6 Month	2.8%
1 Year	7.2%
3 Year	7.4%
5 Year	6.1%
10 Year
15 Year
Since launch	7.1%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	7.4%
2023	7.7%
2022	7.3%
2021	4.4%
2020	3.6%
2019	6%
2018	8.5%
2017	7.5%
2016	7.2%
2015	8.1%

Fund Manager information for Franklin India Savings Fund

Name	Since	Tenure
Rahul Goswami	6 Oct 23	2.24 Yr.
Rohan Maru	10 Oct 24	1.23 Yr.
Chandni Gupta	30 Apr 24	1.67 Yr.

Data below for Franklin India Savings Fund as on 31 Dec 25

Asset Allocation

Asset Class	Value
Cash	97.78%
Debt	1.97%
Other	0.25%

Debt Sector Allocation

Sector	Value
Cash Equivalent	43.66%
Corporate	35.37%
Government	20.73%

Credit Quality

Rating	Value
AAA	100%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
364 Days Tbill (Md 05/03/2026) Sovereign Bonds \| -	6%	₹223 Cr	22,500,000
Canara Bank Domestic Bonds \| -	5%	₹198 Cr	4,000
364 DTB 22012026 Sovereign Bonds \| -	5%	₹173 Cr	17,316,500 ↑ 4,500,000
Punjab National Bank Domestic Bonds \| -	3%	₹104 Cr	2,100 ↑ 2,100
Kotak Mahindra Bank Ltd. Debentures \| -	2%	₹74 Cr	1,500
Union Bank of India Domestic Bonds \| -	2%	₹71 Cr	1,500 ↑ 1,500
Punjab National Bank Domestic Bonds \| -	1%	₹50 Cr	1,000
364 Days Tbill Red 12-03-2026 Sovereign Bonds \| -	1%	₹50 Cr	5,000,000
Indian Bank Domestic Bonds \| -	1%	₹49 Cr	1,000
08.39 RJ UDAY 2026 Domestic Bonds \| -	1%	₹29 Cr	2,860,000

3. ICICI Prudential Money Market Fund

The objective of the Plan will be to seek to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through investments made primarily in money market and debt securities.

Research Highlights for ICICI Prudential Money Market Fund

Upper mid AUM (₹31,851 Cr).
Established history (19+ yrs).
Rating: 4★ (top quartile).
Risk profile: Low.
1Y return: 7.21% (upper mid).
1M return: 0.40% (upper mid).
Sharpe: 2.81 (lower mid).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 6.19% (bottom quartile).
Modified duration: 0.24 yrs (top quartile).
Average maturity: 0.26 yrs (top quartile).
Exit load: NIL.
Top sector: Financial Services.
Top bond sector: Corporate.
Conservative stance with elevated cash (~99%).
High-quality debt (AAA/AA ~100%).
Largest holding India (Republic of) (~7.3%).

Below is the key information for ICICI Prudential Money Market Fund

ICICI Prudential Money Market Fund Growth
Launch Date	9 Mar 06
NAV (21 Jan 26)	₹392.657 ↑ 0.09 (0.02 %)
Net Assets (Cr)	₹31,851 on 31 Dec 25
Category	Debt - Money Market
AMC	ICICI Prudential Asset Management Company Limited
Rating	☆☆☆☆
Risk	Low
Expense Ratio	0.32
Sharpe Ratio	2.81
Information Ratio	0
Alpha Ratio	0
Min Investment	500
Min SIP Investment	100
Exit Load	NIL
Yield to Maturity	6.19%
Effective Maturity	3 Months 3 Days
Modified Duration	2 Months 26 Days

Growth of 10,000 investment over the years.

Date	Value
31 Dec 20	₹10,000
31 Dec 21	₹10,369
31 Dec 22	₹10,860
31 Dec 23	₹11,659
31 Dec 24	₹12,562
31 Dec 25	₹13,495

ICICI Prudential Money Market Fund SIP Returns

Total investment amount is ₹180,000
expected amount after 3 Years is ₹200,132.
Net Profit of ₹20,132 Invest Now

Returns for ICICI Prudential Money Market Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 21 Jan 26

Duration	Returns
1 Month	0.4%
3 Month	1.3%
6 Month	2.8%
1 Year	7.2%
3 Year	7.4%
5 Year	6.2%
10 Year
15 Year
Since launch	7.1%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	7.4%
2023	7.7%
2022	7.4%
2021	4.7%
2020	3.7%
2019	6.2%
2018	7.9%
2017	7.7%
2016	6.7%
2015	7.7%

Fund Manager information for ICICI Prudential Money Market Fund

Name	Since	Tenure
Manish Banthia	12 Jun 23	2.56 Yr.
Nikhil Kabra	3 Aug 16	9.42 Yr.

Data below for ICICI Prudential Money Market Fund as on 31 Dec 25

Asset Allocation

Asset Class	Value
Cash	98.82%
Debt	0.92%
Other	0.26%

Debt Sector Allocation

Sector	Value
Corporate	43.06%
Cash Equivalent	40.27%
Government	16.41%

Credit Quality

Rating	Value
AAA	100%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
India (Republic of) - \| -	7%	₹2,310 Cr	233,500,000
364 Days Tbill Red 12-03-2026 Sovereign Bonds \| -	4%	₹1,302 Cr	131,500,000
Bank of Baroda Debentures \| -	2%	₹595 Cr	12,000
Bank of Baroda Debentures \| -	1%	₹471 Cr	9,500
364 Days Tbill (Md 05/03/2026) Sovereign Bonds \| -	1%	₹347 Cr	35,000,000
364 DTB 15012026 Sovereign Bonds \| -	1%	₹299 Cr	30,000,000
India (Republic of) - \| -	1%	₹250 Cr	25,000,000
Union Bank of India Domestic Bonds \| -	1%	₹244 Cr	5,000
Indian Bank Domestic Bonds \| -	0%	₹148 Cr	3,000
08.38 OD Sdl 2026 Sovereign Bonds \| -	0%	₹125 Cr	12,500,000

4. Nippon India Money Market Fund

(Erstwhile Reliance Liquidity Fund)

The investment objective of the Scheme is to generate optimal returns consistent with moderate levels of risk and high liquidity. Accordingly, investments shall predominantly be made in Debt and Money Market Instruments.

Research Highlights for Nippon India Money Market Fund

Lower mid AUM (₹20,190 Cr).
Established history (20+ yrs).
Rating: 3★ (lower mid).
Risk profile: Low.
1Y return: 7.16% (upper mid).
1M return: 0.36% (bottom quartile).
Sharpe: 2.85 (upper mid).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 6.71% (top quartile).
Modified duration: 2.94 yrs (bottom quartile).
Average maturity: 3.74 yrs (bottom quartile).
Exit load: NIL.
Top sector: Financial Services.
Top bond sector: Corporate.
Conservative stance with elevated cash (~88%).
High-quality debt (AAA/AA ~100%).
Largest holding Treasury Bill (~2.2%).

Below is the key information for Nippon India Money Market Fund

Nippon India Money Market Fund Growth
Launch Date	16 Jun 05
NAV (21 Jan 26)	₹4,292.5 ↑ 1.16 (0.03 %)
Net Assets (Cr)	₹20,190 on 31 Dec 25
Category	Debt - Money Market
AMC	Nippon Life Asset Management Ltd.
Rating	☆☆☆
Risk	Low
Expense Ratio	0.39
Sharpe Ratio	2.85
Information Ratio	0
Alpha Ratio	0
Min Investment	5,000
Min SIP Investment	100
Exit Load	NIL
Yield to Maturity	6.71%
Effective Maturity	3 Years 8 Months 26 Days
Modified Duration	2 Years 11 Months 8 Days

Growth of 10,000 investment over the years.

Date	Value
31 Dec 20	₹10,000
31 Dec 21	₹10,379
31 Dec 22	₹10,897
31 Dec 23	₹11,698
31 Dec 24	₹12,605
31 Dec 25	₹13,542

Nippon India Money Market Fund SIP Returns

Total investment amount is ₹180,000
expected amount after 3 Years is ₹200,132.
Net Profit of ₹20,132 Invest Now

Returns for Nippon India Money Market Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 21 Jan 26

Duration	Returns
1 Month	0.4%
3 Month	1.3%
6 Month	2.7%
1 Year	7.2%
3 Year	7.4%
5 Year	6.2%
10 Year
15 Year
Since launch	7.3%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	7.4%
2023	7.8%
2022	7.4%
2021	5%
2020	3.8%
2019	6%
2018	8.1%
2017	7.9%
2016	6.6%
2015	7.6%

Fund Manager information for Nippon India Money Market Fund

Name	Since	Tenure
Kinjal Desai	16 Jul 18	7.47 Yr.
Vikash Agarwal	14 Sep 24	1.3 Yr.
Lokesh Maru	5 Sep 25	0.32 Yr.
Divya Sharma	5 Sep 25	0.32 Yr.

Data below for Nippon India Money Market Fund as on 31 Dec 25

Asset Allocation

Asset Class	Value
Cash	88.25%
Debt	11.46%
Other	0.29%

Debt Sector Allocation

Sector	Value
Corporate	47.27%
Cash Equivalent	42.8%
Government	9.65%

Credit Quality

Rating	Value
AAA	100%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
Treasury Bill Sovereign Bonds \| -	2%	₹441 Cr	45,000,000
Bank of Baroda Debentures \| -	2%	₹366 Cr	7,500
Small Industries Development Bank of India Debentures \| -	1%	₹285 Cr	6,000
364 DTB 27022026 Sovereign Bonds \| -	1%	₹248 Cr	25,000,000
364 Days Tbill (Md 05/03/2026) Sovereign Bonds \| -	1%	₹248 Cr	25,000,000
Bank of India Ltd. Debentures \| -	1%	₹244 Cr	5,000
Small Industries Development Bank of India Debentures \| -	1%	₹235 Cr	5,000 ↑ 5,000
07.36 UK Gs 2033 Sovereign Bonds \| -	1%	₹229 Cr	22,783,400
Indian Bank Domestic Bonds \| -	1%	₹222 Cr	4,500
Treasury Bills Sovereign Bonds \| -	1%	₹197 Cr	20,000,000

5. Kotak Money Market Scheme

(Erstwhile Kotak Floater Short Term Fund)

To reduce the interest rate risk associated with investments in fixed rate instruments by investing predominantly in floating rate securities, money market instruments and using appropriate derivatives.

Research Highlights for Kotak Money Market Scheme

Top quartile AUM (₹32,188 Cr).
Established history (22+ yrs).
Rating: 4★ (upper mid).
Risk profile: Low.
1Y return: 7.14% (lower mid).
1M return: 0.39% (lower mid).
Sharpe: 2.84 (upper mid).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 6.30% (upper mid).
Modified duration: 0.37 yrs (bottom quartile).
Average maturity: 0.37 yrs (bottom quartile).
Exit load: NIL.
Top sector: Financial Services.
Top bond sector: Corporate.
Conservative stance with elevated cash (~87%).
High-quality debt (AAA/AA ~100%).
Largest holding India (Republic of) (~2.7%).

Below is the key information for Kotak Money Market Scheme

Kotak Money Market Scheme Growth
Launch Date	14 Jul 03
NAV (21 Jan 26)	₹4,644.74 ↑ 0.95 (0.02 %)
Net Assets (Cr)	₹32,188 on 31 Dec 25
Category	Debt - Money Market
AMC	Kotak Mahindra Asset Management Co Ltd
Rating	☆☆☆☆
Risk	Low
Expense Ratio	0.36
Sharpe Ratio	2.84
Information Ratio	0
Alpha Ratio	0
Min Investment	5,000
Min SIP Investment	1,000
Exit Load	NIL
Yield to Maturity	6.3%
Effective Maturity	4 Months 13 Days
Modified Duration	4 Months 13 Days

Growth of 10,000 investment over the years.

Date	Value
31 Dec 20	₹10,000
31 Dec 21	₹10,368
31 Dec 22	₹10,871
31 Dec 23	₹11,666
31 Dec 24	₹12,566
31 Dec 25	₹13,494

Kotak Money Market Scheme SIP Returns

Total investment amount is ₹180,000
expected amount after 3 Years is ₹200,132.
Net Profit of ₹20,132 Invest Now

Returns for Kotak Money Market Scheme

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 21 Jan 26

Duration	Returns
1 Month	0.4%
3 Month	1.3%
6 Month	2.7%
1 Year	7.1%
3 Year	7.4%
5 Year	6.2%
10 Year
15 Year
Since launch	7.1%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	7.4%
2023	7.7%
2022	7.3%
2021	4.9%
2020	3.7%
2019	5.7%
2018	8%
2017	7.7%
2016	6.7%
2015	7.7%

Fund Manager information for Kotak Money Market Scheme

Name	Since	Tenure
Deepak Agrawal	1 Nov 06	19.18 Yr.
Manu Sharma	1 Nov 22	3.17 Yr.

Data below for Kotak Money Market Scheme as on 31 Dec 25

Asset Allocation

Asset Class	Value
Cash	87.23%
Debt	12.5%
Other	0.27%

Debt Sector Allocation

Sector	Value
Corporate	52.67%
Cash Equivalent	30.9%
Government	16.15%

Credit Quality

Rating	Value
AAA	100%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
India (Republic of) - \| -	3%	₹883 Cr	90,000,000
Indusind Bank Ltd. Debentures \| -	2%	₹682 Cr	70,000
364 Days Tbill Red 28-05-2026 Sovereign Bonds \| -	2%	₹661 Cr	67,500,000
364 Days Tbill Red 05-02-2026 Sovereign Bonds \| -	2%	₹647 Cr	65,000,000
India (Republic of) - \| -	2%	₹594 Cr	60,000,000
Bank of Baroda Debentures \| -	2%	₹488 Cr	50,000
364 DTB 29012026 Sovereign Bonds \| -	1%	₹448 Cr	45,000,000 ↓ -5,000,000
UCO Bank Domestic Bonds \| -	1%	₹342 Cr	35,000
364 DTB 19mar2026 Sovereign Bonds \| -	1%	₹282 Cr	28,500,000
India (Republic of) - \| -	1%	₹248 Cr	25,000,000

6. Tata Money Market Fund

(Erstwhile Tata Liquid Fund)

To create a highly liquid portfolio of good quality debt as well as money market instruments so as to provide reasonable returns and high liquidity to the unitholders.

Research Highlights for Tata Money Market Fund

Highest AUM (₹35,600 Cr).
Established history (22+ yrs).
Rating: 3★ (lower mid).
Risk profile: Low.
1Y return: 7.14% (lower mid).
1M return: 0.38% (bottom quartile).
Sharpe: 2.87 (top quartile).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 6.35% (top quartile).
Modified duration: 0.01 yrs (top quartile).
Average maturity: 0.01 yrs (top quartile).
Exit load: NIL.
Higher exposure to Financial Services vs peer median.
Higher exposure to Corporate (bond sector) vs peer median.
Conservative stance with elevated cash (~83%).
High-quality debt (AAA/AA ~100%).
Largest holding 5.63% Govt Stock 2026 (~6.4%).

Below is the key information for Tata Money Market Fund

Tata Money Market Fund Growth
Launch Date	22 May 03
NAV (21 Jan 26)	₹4,883.08 ↑ 0.93 (0.02 %)
Net Assets (Cr)	₹35,600 on 31 Dec 25
Category	Debt - Money Market
AMC	Tata Asset Management Limited
Rating	☆☆☆
Risk	Low
Expense Ratio	0.44
Sharpe Ratio	2.87
Information Ratio	0
Alpha Ratio	0
Min Investment	5,000
Min SIP Investment	500
Exit Load	NIL
Yield to Maturity	6.35%
Effective Maturity	5 Days
Modified Duration	5 Days

Growth of 10,000 investment over the years.

Date	Value
31 Dec 20	₹10,000
31 Dec 21	₹10,393
31 Dec 22	₹10,891
31 Dec 23	₹11,693
31 Dec 24	₹12,595
31 Dec 25	₹13,528

Tata Money Market Fund SIP Returns

Total investment amount is ₹180,000
expected amount after 3 Years is ₹200,132.
Net Profit of ₹20,132 Invest Now

Returns for Tata Money Market Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 21 Jan 26

Duration	Returns
1 Month	0.4%
3 Month	1.3%
6 Month	2.7%
1 Year	7.1%
3 Year	7.4%
5 Year	6.2%
10 Year
15 Year
Since launch	6.7%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	7.4%
2023	7.7%
2022	7.4%
2021	4.8%
2020	3.9%
2019	6.4%
2018	8.1%
2017	-0.1%
2016	6.7%
2015	7.6%

Fund Manager information for Tata Money Market Fund

Name	Since	Tenure
Amit Somani	16 Oct 13	12.22 Yr.

Data below for Tata Money Market Fund as on 31 Dec 25

Asset Allocation

Asset Class	Value
Cash	82.8%
Debt	16.93%
Other	0.26%

Debt Sector Allocation

Sector	Value
Corporate	57.24%
Cash Equivalent	25.18%
Government	17.32%

Credit Quality

Rating	Value
AAA	100%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
5.63% Govt Stock 2026 Sovereign Bonds \| -	6%	₹2,261 Cr	226,000,000 ↓ -10,000,000
Indian Bank Domestic Bonds \| -	3%	₹956 Cr	20,000
Indusind Bank Ltd. Debentures \| -	2%	₹585 Cr	12,000
India (Republic of) - \| -	1%	₹380 Cr	40,000,000 ↑ 40,000,000
India (Republic of) - \| -	1%	₹376 Cr	38,000,000
Canara Bank Domestic Bonds \| -	1%	₹299 Cr	6,000 ↓ -5,000
Indusind Bank Ltd. Debentures \| -	1%	₹292 Cr	6,000
Indusind Bank Ltd. Debentures \| -	1%	₹248 Cr	5,000
Bank of Baroda Debentures \| -	1%	₹244 Cr	5,000
India (Republic of) - \| -	1%	₹205 Cr	21,500,000

7. HDFC Money Market Fund

(Erstwhile HDFC Cash Management Fund - Savings Plan)

To generate optimal returns while maintaining safety and high liquidity.

Research Highlights for HDFC Money Market Fund

Upper mid AUM (₹31,790 Cr).
Oldest track record among peers (26 yrs).
Rating: 3★ (bottom quartile).
Risk profile: Low.
1Y return: 7.13% (bottom quartile).
1M return: 0.39% (upper mid).
Sharpe: 2.71 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 6.30% (lower mid).
Modified duration: 0.27 yrs (upper mid).
Average maturity: 0.29 yrs (upper mid).
Exit load: NIL.
Top bond sector: Corporate.
Conservative stance with elevated cash (~92%).
High-quality debt (AAA/AA ~100%).
Largest holding Canara Bank (~3.4%).

Below is the key information for HDFC Money Market Fund

HDFC Money Market Fund Growth
Launch Date	18 Nov 99
NAV (21 Jan 26)	₹5,911.37 ↑ 1.14 (0.02 %)
Net Assets (Cr)	₹31,790 on 31 Dec 25
Category	Debt - Money Market
AMC	HDFC Asset Management Company Limited
Rating	☆☆☆
Risk	Low
Expense Ratio	0.4
Sharpe Ratio	2.71
Information Ratio	0
Alpha Ratio	0
Min Investment	5,000
Min SIP Investment	300
Exit Load	NIL
Yield to Maturity	6.3%
Effective Maturity	3 Months 14 Days
Modified Duration	3 Months 7 Days

Growth of 10,000 investment over the years.

Date	Value
31 Dec 20	₹10,000
31 Dec 21	₹10,378
31 Dec 22	₹10,869
31 Dec 23	₹11,659
31 Dec 24	₹12,554
31 Dec 25	₹13,478

HDFC Money Market Fund SIP Returns

Total investment amount is ₹180,000
expected amount after 3 Years is ₹200,132.
Net Profit of ₹20,132 Invest Now

Returns for HDFC Money Market Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 21 Jan 26

Duration	Returns
1 Month	0.4%
3 Month	1.3%
6 Month	2.7%
1 Year	7.1%
3 Year	7.4%
5 Year	6.2%
10 Year
15 Year
Since launch	7%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	7.4%
2023	7.7%
2022	7.3%
2021	4.7%
2020	3.8%
2019	6.5%
2018	8.1%
2017	7.4%
2016	6.5%
2015	7.5%

Fund Manager information for HDFC Money Market Fund

Name	Since	Tenure
Praveen Jain	30 Aug 24	1.34 Yr.
Dhruv Muchhal	22 Jun 23	2.53 Yr.

Data below for HDFC Money Market Fund as on 31 Dec 25

Asset Allocation

Asset Class	Value
Cash	91.68%
Debt	8.04%
Other	0.28%

Debt Sector Allocation

Sector	Value
Corporate	43.21%
Cash Equivalent	42.6%
Government	13.9%

Credit Quality

Rating	Value
AAA	100%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
Canara Bank Domestic Bonds \| -	3%	₹1,095 Cr	22,000
364 Days Tbill (Md 05/03/2026) Sovereign Bonds \| -	2%	₹496 Cr	50,000,000
Union Bank of India Domestic Bonds \| -	2%	₹488 Cr	10,000
IDFC First Bank Ltd. Debentures \| -	2%	₹485 Cr	10,000
07.35 GJ Sdl 2026 Sovereign Bonds \| -	2%	₹482 Cr	48,000,000
Punjab National Bank Domestic Bonds \| -	1%	₹444 Cr	9,000 ↓ -5,000
India (Republic of) - \| -	1%	₹393 Cr	40,000,000
364 Days Tbill Red 12-03-2026 Sovereign Bonds \| -	1%	₹347 Cr	35,000,000
364 DTB 12022026 Sovereign Bonds \| -	1%	₹298 Cr	30,000,000
India (Republic of) - \| -	1%	₹298 Cr	30,000,000

8. Bandhan Money Manager Fund

(Erstwhile IDFC Money Manager Fund - Treasury Plan)

Seek to generate stable returns with a low risk strategy by creating a portfolio that is substantially invested in good quality floating rate debt or money market instruments, fixed rate debt or money market instruments swapped for floating returns and fixed rate debt and money market instruments. However, there can be no assurance that the investment objectives of the scheme will be realized.

Research Highlights for Bandhan Money Manager Fund

Bottom quartile AUM (₹12,313 Cr).
Established history (22+ yrs).
Rating: 3★ (bottom quartile).
Risk profile: Moderately Low.
1Y return: 7.12% (bottom quartile).
1M return: 0.42% (top quartile).
Sharpe: 2.78 (lower mid).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 6.17% (bottom quartile).
Modified duration: 0.32 yrs (lower mid).
Average maturity: 0.32 yrs (lower mid).
Exit load: NIL.
Top sector: Financial Services.
Top bond sector: Corporate.
Conservative stance with elevated cash (~82%).
High-quality debt (AAA/AA ~100%).
Largest holding Union Bank of India (~4.8%).

Below is the key information for Bandhan Money Manager Fund

Bandhan Money Manager Fund Growth
Launch Date	18 Feb 03
NAV (21 Jan 26)	₹41.6946 ↑ 0.01 (0.02 %)
Net Assets (Cr)	₹12,313 on 31 Dec 25
Category	Debt - Money Market
AMC	IDFC Asset Management Company Limited
Rating	☆☆☆
Risk	Moderately Low
Expense Ratio	0.58
Sharpe Ratio	2.78
Information Ratio	0
Alpha Ratio	0
Min Investment	100
Min SIP Investment	1,000
Exit Load	NIL
Yield to Maturity	6.17%
Effective Maturity	3 Months 23 Days
Modified Duration	3 Months 23 Days

Growth of 10,000 investment over the years.

Date	Value
31 Dec 20	₹10,000
31 Dec 21	₹10,294
31 Dec 22	₹10,708
31 Dec 23	₹11,421
31 Dec 24	₹12,244
31 Dec 25	₹13,141

Bandhan Money Manager Fund SIP Returns

Total investment amount is ₹180,000
expected amount after 3 Years is ₹197,169.
Net Profit of ₹17,169 Invest Now

Returns for Bandhan Money Manager Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 21 Jan 26

Duration	Returns
1 Month	0.4%
3 Month	1.4%
6 Month	2.8%
1 Year	7.1%
3 Year	7%
5 Year	5.6%
10 Year
15 Year
Since launch	6.4%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	7.3%
2023	7.2%
2022	6.7%
2021	4%
2020	2.9%
2019	5%
2018	6.7%
2017	6.2%
2016	6%
2015	8.1%

Fund Manager information for Bandhan Money Manager Fund

Name	Since	Tenure
Gautam Kaul	1 Dec 21	4.09 Yr.
Brijesh Shah	12 Jul 21	4.48 Yr.

Data below for Bandhan Money Manager Fund as on 31 Dec 25

Asset Allocation

Asset Class	Value
Cash	82.24%
Debt	17.5%
Other	0.25%

Debt Sector Allocation

Sector	Value
Corporate	53.07%
Cash Equivalent	26.38%
Government	20.3%

Credit Quality

Rating	Value
AAA	100%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
Union Bank of India Domestic Bonds \| -	5%	₹586 Cr	60,000,000
India (Republic of) - \| -	4%	₹440 Cr	45,000,000 ↑ 45,000,000
7.59% Govt Stock 2026 Sovereign Bonds \| -	3%	₹360 Cr	36,000,000
Canara Bank Domestic Bonds \| -	3%	₹347 Cr	35,000,000
T-Bill Sovereign Bonds \| -	2%	₹245 Cr	25,000,000 ↑ 25,000,000
Tbill Sovereign Bonds \| -	2%	₹206 Cr	21,000,000 ↓ -29,000,000
Bank of Baroda Debentures \| -	1%	₹147 Cr	15,000,000 ↑ 15,000,000
Bank of Baroda Debentures \| -	1%	₹124 Cr	12,500,000 ↓ -5,000,000
T-Bill Sovereign Bonds \| -	1%	₹116 Cr	11,861,000
India (Republic of) - \| -	1%	₹98 Cr	10,000,000

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Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.