Money market funds in India
27 live funds in the Money Market category, ordered by 5-year return, highest first; Tata Money Market Fund leads. Funds younger than five years follow by name. Returns are for the plan each fund's page leads with, Direct where the fund has one, to each fund's latest NAV, the newest of them on 27 Oct 2026; 3 and 5 year returns are a year, compounded.
- Category median, 1 yearCategory median, 1 year. The middle return among the Money Market category's funds, each over the same window to its own latest NAV, on their Direct plans.
- +6.35%Middle of 25 funds
- Category median, 3 yearsCategory median, 3 years. The middle return among the Money Market category's funds, each over the same window to its own latest NAV, on their Direct plans; a year, compounded.
- +7.29%Middle of 23 funds
- Category median, 5 yearsCategory median, 5 years. The middle return among the Money Market category's funds, each over the same window to its own latest NAV, on their Direct plans; a year, compounded.
- +6.68%Middle of 20 funds
Money Market funds
Size is the average money the fund managed over its latest quarter. Cost is its yearly expense ratio.Filter them in the screener
Tata Money Market FundTata Mutual FundNAV₹5,237.74871Y+6.45%3Y+7.43%5Y+6.89%Size₹33,968 CrCost0.18%
Nippon India Money Market FundNippon India Mutual FundNAV₹4,571.35101Y+6.32%3Y+7.32%5Y+6.80%Size₹23,044 CrCost0.22%
Axis Money Market FundAxis Mutual FundNAV₹1,571.90381Y+6.44%3Y+7.37%5Y+6.80%Size₹20,440 CrCost0.18%
Aditya Birla Sun Life Money Market FundAditya Birla Sun Life Mutual FundNAV₹407.69171Y+6.37%3Y+7.32%5Y+6.79%Size₹29,533 CrCost0.22%
UTI Money Market FundUTI Mutual FundNAV₹3,393.61891Y+6.34%3Y+7.29%5Y+6.76%Size₹16,465 CrCost0.17%
HDFC Money Market FundHDFC Mutual FundNAV₹6,338.96001Y+6.36%3Y+7.30%5Y+6.74%Size₹31,273 CrCost0.22%
Kotak Money market FundKotak Mahindra Mutual FundNAV₹4,930.08291Y+6.40%3Y+7.30%5Y+6.74%Size₹29,648 CrCost0.16%
ICICI Prudential Money Market FundICICI Prudential Mutual FundNAV₹417.61421Y+6.35%3Y+7.29%5Y+6.72%Size₹35,030 CrCost0.21%
Bandhan Money Market FundBandhan Mutual FundNAV₹47.51601Y+6.47%3Y+7.33%5Y+6.71%Size₹14,416 CrCost0.11%
Franklin India Money Market FundFranklin Templeton Mutual FundNAV₹56.40691Y+6.44%3Y+7.33%5Y+6.68%Size₹4,069 CrCost0.14%
SBI Money Market FundSBI Mutual FundNAV₹48.28251Y+6.22%3Y+7.23%5Y+6.68%Size₹32,054 CrCost0.26%
PGIM India Money Market FundPGIM India Mutual FundNAV₹1,483.36051Y+6.18%3Y+7.10%5Y+6.65%Size₹126 CrCost0.17%
Mirae Asset Money Market FundMirae Asset Mutual FundNAV₹1,388.36721Y+6.27%3Y+7.31%5Y+6.64%Size₹3,539 CrCost0.11%
HSBC Money Market FundHSBC Mutual FundNAV₹30.08371Y+6.31%3Y+7.23%5Y+6.59%Size₹7,130 CrCost0.15%
Sundaram Money Market FundSundaram Mutual FundNAV₹16.40951Y+6.35%3Y+7.21%5Y+6.56%Size₹1,547 CrCost0.20%
Edelweiss Money Market FundEdelweiss Mutual FundNAV₹34.08601Y+6.41%3Y+7.24%5Y+6.51%Size₹2,302 CrCost0.11%
Invesco India Money Market FundInvesco Mutual FundNAV₹3,423.01701Y+6.30%3Y+7.16%5Y+6.50%Size₹6,293 CrCost0.16%
Union Money Market FundUnion Mutual FundNAV₹1,377.80171Y+6.57%3Y+7.13%5Y+6.50%Size₹1,267 CrCost0.17%
DSP Money Market FundDSP Mutual FundNAV₹58.95731Y+6.36%3Y+7.15%5Y+6.50%Size₹9,437 CrCost0.18%
Baroda BNP Paribas Money Market FundBaroda BNP Paribas Mutual FundNAV₹1,520.89231Y+6.31%3Y+7.17%5Y+6.49%Size₹3,531 CrCost0.17%
Bajaj Finserv Money Market FundBajaj Finserv Mutual FundNAV₹1,262.08771Y+6.34%3Y+7.29%5Y–Size₹4,758 CrCost0.13%
Bank of India Money Market FundBank of India Mutual FundNAV₹11.24761Y+6.42%3Y–5Y–Size₹459 CrCost0.17%
Groww Money Market FundGroww Mutual FundNAV₹10.54781Y–3Y–5Y–Size₹59 CrCost0.25%
JioBlackRock Money Market FundJio BlackRock Mutual FundNAV₹1,082.06831Y+6.24%3Y–5Y–Size₹3,651 CrCost0.16%
LIC MF Money Market FundLIC Mutual FundNAV₹1,310.21461Y+6.47%3Y+6.73%5Y–Size₹4,368 CrCost0.16%
Shriram Money Market FundShriram Mutual FundNAV₹1,047.77441Y–3Y–5Y–Size₹96 CrCost0.12%
TRUSTMF Money Market FundTrust Mutual FundNAV₹1,330.70311Y+6.32%3Y+7.09%5Y–Size₹168 CrCost0.16%
Tax on money market funds
Gains on units bought on or after 1 Apr 2023 are taxed at the income tax slab rate however long they are held; gains on units bought earlier are taxed at 12.5% when held over 24 months, or over 12 months for a listed fund such as an ETF, and at the slab rate otherwise.
Rules in force from 23 Jul 2024, checked 27 Oct 2026. Surcharge and cess are not included.
About money market funds in India
Money market funds in India are open-ended debt mutual funds that invest in money market instruments maturing within one year, such as treasury bills, commercial paper and certificates of deposit. SEBI recognises money market as its own debt category, set between liquid funds and the longer-duration debt categories.
What a money market fund holds
Money market instruments are short-term borrowing tools: treasury bills issued by the government, certificates of deposit issued by banks, and commercial paper issued by companies. Each is repaid on a set date.
As holdings mature through the year, the fund reinvests the money in new ones, and its daily NAV moves with interest rates on the instruments it holds.
Rules and taxation
SEBI defines a money market fund as an open-ended debt scheme that invests in money market instruments with a maturity of up to one year. Its categorisation norms, last revised in a circular of 26 Feb 2026, keep debt schemes sorted by the maturity or duration of what they hold.
Gains on debt fund units bought on or after 1 Apr 2023 are taxed at the investor's income tax slab rate, whatever the holding period, with no indexation. Money market funds fall under this rule.
Money market, liquid and ultra short funds
The neighbours differ in how far out the holdings mature. A liquid fund holds instruments maturing within 91 days. A money market fund may hold instruments up to one year, so it can carry more interest rate sensitivity than a liquid fund. Ultra short term funds (formerly ultra short duration) are defined differently: SEBI sets a portfolio Macaulay duration of 3 to 6 months, which is the average time, weighted by cash flows, in which the portfolio's money is repaid, and they may hold bonds as well as money market instruments.
Segregated portfolios
When a holding is downgraded below investment grade or defaults, SEBI allows a fund to move it into a segregated portfolio, a separate set of units that holds only that security. Unit holders receive matching units in it.
How this page lists them
Funds appear in order of 5-year return, highest first, and those younger than five years follow by name. Returns use each fund's Direct plan where one exists and run to its latest NAV, with 3-year and 5-year figures compounded per year. Size is the average money managed over the latest quarter, cost is the yearly expense ratio, and the category medians are the middle Direct-plan return for each window.