+91-22-48913909Best Money Market Mutual Funds 2026
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
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 ₹3,286.83
↑ 1.95 ₹18,611 1.1 1.9 3.2 6.3 7.5 7.58% 6M 20D 6M 20D Tata Money Market Fund Growth ₹5,031
↑ 3.04 ₹33,030 1.1 1.9 3.2 6.3 7.4 7.79% 7M 1D 7M 1D Aditya Birla Sun Life Money Manager Fund Growth ₹394.188
↑ 0.26 ₹27,550 1.2 1.9 3.2 6.3 7.4 7.94% 7M 28D 8M 1D Kotak Money Market Scheme Growth ₹4,784.44
↑ 2.73 ₹31,606 1.1 1.9 3.2 6.3 7.4 7.71% 7M 6D 7M 6D Bandhan Money Manager Fund Growth ₹42.9388
↑ 0.03 ₹14,977 1.1 1.9 3.2 6.3 7.3 7.75% 7M 21D 7M 21D ICICI Prudential Money Market Fund Growth ₹404.249
↑ 0.22 ₹30,335 1.1 1.9 3.1 6.3 7.4 7.7% 6M 29D 7M 16D Nippon India Money Market Fund Growth ₹4,421.57
↑ 2.69 ₹21,263 1.1 1.9 3.1 6.3 7.4 7.7% 6M 13D 7M 9D HDFC Money Market Fund Growth ₹6,088.66
↑ 3.42 ₹28,705 1.1 1.9 3.2 6.3 7.4 7.71% 6M 15D 7M 2D Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 30 Jun 26 Research Highlights & Commentary of 8 Funds showcased
Commentary UTI Money Market Fund Tata Money Market Fund Aditya Birla Sun Life Money Manager Fund Kotak Money Market Scheme Bandhan Money Manager Fund ICICI Prudential Money Market Fund Nippon India Money Market Fund HDFC Money Market Fund Point 1 Bottom quartile AUM (₹18,611 Cr). Highest AUM (₹33,030 Cr). Lower mid AUM (₹27,550 Cr). Top quartile AUM (₹31,606 Cr). Bottom quartile AUM (₹14,977 Cr). Upper mid AUM (₹30,335 Cr). Lower mid AUM (₹21,263 Cr). Upper mid AUM (₹28,705 Cr). Point 2 Established history (16+ yrs). Established history (23+ yrs). Established history (20+ yrs). Established history (22+ yrs). Established history (23+ yrs). Established history (20+ yrs). Established history (21+ yrs). Oldest track record among peers (26 yrs). Point 3 Rating: 4★ (top quartile). Rating: 3★ (lower mid). Top rated. Rating: 4★ (upper mid). Rating: 3★ (lower mid). Rating: 4★ (upper mid). Rating: 3★ (bottom quartile). Rating: 3★ (bottom quartile). Point 4 Risk profile: Low. Risk profile: Low. Risk profile: Low. Risk profile: Low. Risk profile: Moderately Low. Risk profile: Low. Risk profile: Low. Risk profile: Low. Point 5 1Y return: 6.33% (top quartile). 1Y return: 6.29% (top quartile). 1Y return: 6.28% (upper mid). 1Y return: 6.28% (upper mid). 1Y return: 6.27% (lower mid). 1Y return: 6.26% (lower mid). 1Y return: 6.26% (bottom quartile). 1Y return: 6.26% (bottom quartile). Point 6 1M return: 1.12% (upper mid). 1M return: 1.06% (bottom quartile). 1M return: 1.16% (top quartile). 1M return: 1.12% (lower mid). 1M return: 1.08% (bottom quartile). 1M return: 1.13% (top quartile). 1M return: 1.13% (upper mid). 1M return: 1.12% (lower mid). Point 7 Sharpe: 0.35 (upper mid). Sharpe: 0.48 (top quartile). Sharpe: 0.19 (bottom quartile). Sharpe: 0.24 (upper mid). Sharpe: 0.39 (top quartile). Sharpe: 0.19 (bottom quartile). Sharpe: 0.20 (lower mid). Sharpe: 0.21 (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): 7.58% (bottom quartile). Yield to maturity (debt): 7.79% (top quartile). Yield to maturity (debt): 7.94% (top quartile). Yield to maturity (debt): 7.71% (upper mid). Yield to maturity (debt): 7.75% (upper mid). Yield to maturity (debt): 7.70% (lower mid). Yield to maturity (debt): 7.70% (bottom quartile). Yield to maturity (debt): 7.71% (lower mid). Point 10 Modified duration: 0.56 yrs (upper mid). Modified duration: 0.59 yrs (lower mid). Modified duration: 0.66 yrs (bottom quartile). Modified duration: 0.60 yrs (lower mid). Modified duration: 0.64 yrs (bottom quartile). Modified duration: 0.58 yrs (upper mid). Modified duration: 0.54 yrs (top quartile). Modified duration: 0.54 yrs (top quartile). UTI Money Market Fund
Tata Money Market Fund
Aditya Birla Sun Life Money Manager Fund
Kotak Money Market Scheme
Bandhan Money Manager Fund
ICICI Prudential Money Market Fund
Nippon India Money Market Fund
HDFC 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. Below is the key information for UTI Money Market Fund Returns up to 1 year are on (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 Below is the key information for Tata Money Market Fund Returns up to 1 year are on (Erstwhile Aditya Birla Sun Life Floating Rate Fund - Short Term) The primary objective of the schemes is to generate regular income through investment in a portfolio comprising substantially of floating rate debt / money market instruments. The schemes may invest a portion of its net assets in fixed rate debt securities and money market instruments. Research Highlights for Aditya Birla Sun Life Money Manager Fund Below is the key information for Aditya Birla Sun Life Money Manager Fund Returns up to 1 year are on (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 Below is the key information for Kotak Money Market Scheme Returns up to 1 year are on (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 Below is the key information for Bandhan Money Manager Fund Returns up to 1 year are on 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 Below is the key information for ICICI Prudential Money Market Fund Returns up to 1 year are on (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 Below is the key information for Nippon India Money Market Fund Returns up to 1 year are on (Erstwhile HDFC Cash Management Fund - Savings Plan) To generate optimal returns while maintaining safety and
high liquidity. Research Highlights for HDFC Money Market Fund Below is the key information for HDFC Money Market Fund Returns up to 1 year are on 1. UTI Money Market Fund
UTI Money Market Fund
Growth Launch Date 13 Jul 09 NAV (30 Jun 26) ₹3,286.83 ↑ 1.95 (0.06 %) Net Assets (Cr) ₹18,611 on 31 May 26 Category Debt - Money Market AMC UTI Asset Management Company Ltd Rating ☆☆☆☆ Risk Low Expense Ratio 0.25 Sharpe Ratio 0.35 Information Ratio 0 Alpha Ratio 0 Min Investment 10,000 Min SIP Investment 500 Exit Load NIL Yield to Maturity 7.58% Effective Maturity 6 Months 20 Days Modified Duration 6 Months 20 Days Growth of 10,000 investment over the years.
Date Value Returns for UTI Money Market Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 30 Jun 26 Duration Returns 1 Month 1.1% 3 Month 1.9% 6 Month 3.2% 1 Year 6.3% 3 Year 7.3% 5 Year 6.5% 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 Data below for UTI Money Market Fund as on 31 May 26
Asset Allocation
Asset Class Value Debt Sector Allocation
Sector Value Credit Quality
Rating Value Top Securities Holdings / Portfolio
Name Holding Value Quantity 2. Tata Money Market Fund
Tata Money Market Fund
Growth Launch Date 22 May 03 NAV (30 Jun 26) ₹5,031 ↑ 3.04 (0.06 %) Net Assets (Cr) ₹33,030 on 31 May 26 Category Debt - Money Market AMC Tata Asset Management Limited Rating ☆☆☆ Risk Low Expense Ratio 0.44 Sharpe Ratio 0.48 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 500 Exit Load NIL Yield to Maturity 7.79% Effective Maturity 7 Months 1 Day Modified Duration 7 Months 1 Day Growth of 10,000 investment over the years.
Date Value Returns for Tata Money Market Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 30 Jun 26 Duration Returns 1 Month 1.1% 3 Month 1.9% 6 Month 3.2% 1 Year 6.3% 3 Year 7.3% 5 Year 6.5% 10 Year 15 Year Since launch 6.8% 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 Data below for Tata Money Market Fund as on 31 May 26
Asset Allocation
Asset Class Value Debt Sector Allocation
Sector Value Credit Quality
Rating Value Top Securities Holdings / Portfolio
Name Holding Value Quantity 3. Aditya Birla Sun Life Money Manager Fund
Aditya Birla Sun Life Money Manager Fund
Growth Launch Date 13 Oct 05 NAV (30 Jun 26) ₹394.188 ↑ 0.26 (0.07 %) Net Assets (Cr) ₹27,550 on 31 May 26 Category Debt - Money Market AMC Birla Sun Life Asset Management Co Ltd Rating ☆☆☆☆☆ Risk Low Expense Ratio 0.35 Sharpe Ratio 0.19 Information Ratio 0 Alpha Ratio 0 Min Investment 1,000 Min SIP Investment 1,000 Exit Load NIL Yield to Maturity 7.94% Effective Maturity 8 Months 1 Day Modified Duration 7 Months 28 Days Growth of 10,000 investment over the years.
Date Value Returns for Aditya Birla Sun Life Money Manager Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 30 Jun 26 Duration Returns 1 Month 1.2% 3 Month 1.9% 6 Month 3.2% 1 Year 6.3% 3 Year 7.3% 5 Year 6.5% 10 Year 15 Year Since launch 6.8% Historical performance (Yearly) on absolute basis
Year Returns 2024 7.4% 2023 7.8% 2022 7.4% 2021 4.8% 2020 3.8% 2019 6.6% 2018 8% 2017 7.9% 2016 6.8% 2015 7.7% Fund Manager information for Aditya Birla Sun Life Money Manager Fund
Name Since Tenure Data below for Aditya Birla Sun Life Money Manager Fund as on 31 May 26
Asset Allocation
Asset Class Value Debt Sector Allocation
Sector Value Credit Quality
Rating Value Top Securities Holdings / Portfolio
Name Holding Value Quantity 4. Kotak Money Market Scheme
Kotak Money Market Scheme
Growth Launch Date 14 Jul 03 NAV (30 Jun 26) ₹4,784.44 ↑ 2.73 (0.06 %) Net Assets (Cr) ₹31,606 on 31 May 26 Category Debt - Money Market AMC Kotak Mahindra Asset Management Co Ltd Rating ☆☆☆☆ Risk Low Expense Ratio 0.36 Sharpe Ratio 0.24 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 1,000 Exit Load NIL Yield to Maturity 7.71% Effective Maturity 7 Months 6 Days Modified Duration 7 Months 6 Days Growth of 10,000 investment over the years.
Date Value Returns for Kotak Money Market Scheme
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 30 Jun 26 Duration Returns 1 Month 1.1% 3 Month 1.9% 6 Month 3.2% 1 Year 6.3% 3 Year 7.3% 5 Year 6.5% 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 Data below for Kotak Money Market Scheme as on 31 May 26
Asset Allocation
Asset Class Value Debt Sector Allocation
Sector Value Credit Quality
Rating Value Top Securities Holdings / Portfolio
Name Holding Value Quantity 5. Bandhan Money Manager Fund
Bandhan Money Manager Fund
Growth Launch Date 18 Feb 03 NAV (30 Jun 26) ₹42.9388 ↑ 0.03 (0.06 %) Net Assets (Cr) ₹14,977 on 31 May 26 Category Debt - Money Market AMC IDFC Asset Management Company Limited Rating ☆☆☆ Risk Moderately Low Expense Ratio 0.58 Sharpe Ratio 0.39 Information Ratio 0 Alpha Ratio 0 Min Investment 100 Min SIP Investment 1,000 Exit Load NIL Yield to Maturity 7.75% Effective Maturity 7 Months 21 Days Modified Duration 7 Months 21 Days Growth of 10,000 investment over the years.
Date Value Returns for Bandhan Money Manager Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 30 Jun 26 Duration Returns 1 Month 1.1% 3 Month 1.9% 6 Month 3.2% 1 Year 6.3% 3 Year 7% 5 Year 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 Data below for Bandhan Money Manager Fund as on 31 May 26
Asset Allocation
Asset Class Value Debt Sector Allocation
Sector Value Credit Quality
Rating Value Top Securities Holdings / Portfolio
Name Holding Value Quantity 6. ICICI Prudential Money Market Fund
ICICI Prudential Money Market Fund
Growth Launch Date 9 Mar 06 NAV (30 Jun 26) ₹404.249 ↑ 0.22 (0.05 %) Net Assets (Cr) ₹30,335 on 31 May 26 Category Debt - Money Market AMC ICICI Prudential Asset Management Company Limited Rating ☆☆☆☆ Risk Low Expense Ratio 0.32 Sharpe Ratio 0.19 Information Ratio 0 Alpha Ratio 0 Min Investment 500 Min SIP Investment 100 Exit Load NIL Yield to Maturity 7.7% Effective Maturity 7 Months 16 Days Modified Duration 6 Months 29 Days Growth of 10,000 investment over the years.
Date Value Returns for ICICI Prudential Money Market Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 30 Jun 26 Duration Returns 1 Month 1.1% 3 Month 1.9% 6 Month 3.1% 1 Year 6.3% 3 Year 7.3% 5 Year 6.4% 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 Data below for ICICI Prudential Money Market Fund as on 31 May 26
Asset Allocation
Asset Class Value Debt Sector Allocation
Sector Value Credit Quality
Rating Value Top Securities Holdings / Portfolio
Name Holding Value Quantity 7. Nippon India Money Market Fund
Nippon India Money Market Fund
Growth Launch Date 16 Jun 05 NAV (30 Jun 26) ₹4,421.57 ↑ 2.69 (0.06 %) Net Assets (Cr) ₹21,263 on 31 May 26 Category Debt - Money Market AMC Nippon Life Asset Management Ltd. Rating ☆☆☆ Risk Low Expense Ratio 0.39 Sharpe Ratio 0.2 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 100 Exit Load NIL Yield to Maturity 7.7% Effective Maturity 7 Months 9 Days Modified Duration 6 Months 13 Days Growth of 10,000 investment over the years.
Date Value Returns for Nippon India Money Market Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 30 Jun 26 Duration Returns 1 Month 1.1% 3 Month 1.9% 6 Month 3.1% 1 Year 6.3% 3 Year 7.3% 5 Year 6.5% 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 Data below for Nippon India Money Market Fund as on 31 May 26
Asset Allocation
Asset Class Value Debt Sector Allocation
Sector Value Credit Quality
Rating Value Top Securities Holdings / Portfolio
Name Holding Value Quantity 8. HDFC Money Market Fund
HDFC Money Market Fund
Growth Launch Date 18 Nov 99 NAV (30 Jun 26) ₹6,088.66 ↑ 3.42 (0.06 %) Net Assets (Cr) ₹28,705 on 31 May 26 Category Debt - Money Market AMC HDFC Asset Management Company Limited Rating ☆☆☆ Risk Low Expense Ratio 0.4 Sharpe Ratio 0.21 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 300 Exit Load NIL Yield to Maturity 7.71% Effective Maturity 7 Months 2 Days Modified Duration 6 Months 15 Days Growth of 10,000 investment over the years.
Date Value Returns for HDFC Money Market Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 30 Jun 26 Duration Returns 1 Month 1.1% 3 Month 1.9% 6 Month 3.2% 1 Year 6.3% 3 Year 7.2% 5 Year 6.4% 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 Data below for HDFC Money Market Fund as on 31 May 26
Asset Allocation
Asset Class Value Debt Sector Allocation
Sector Value Credit Quality
Rating Value Top Securities Holdings / Portfolio
Name Holding Value Quantity
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Research Highlights for UTI Money Market Fund