Money Market funds in India
54 plans (27 Regular, 27 Direct), rated on their track record against the median fund in their category and their peers. Data as of 8 Nov 2026.
A step up from liquid funds for money needed in three months to a year, with slightly higher returns and still very small swings. SEBI requires money market funds to hold money market instruments (treasury bills, certificates of deposit, commercial paper) maturing within a year.
The difference, on ₹10 lakh invested three years ago, between the strongest money market fund (7.2% a year) and the weakest (6.1% a year). Same category, same SEBI rules, same market. 12 of 23 funds beat the median fund in their category over the same period.
Regular plans, to the latest NAV. Past returns, not a forecast.
Regular plans (27)
| Fund | Rating | 3Y return | 3Y vs index | Expense ratio | AUM |
|---|---|---|---|---|---|
| Axis Money Market FundAxis Mutual Fund · 7.2 yrs | A+ | 7.2% | +0.2% | 0.36% | ₹19,408 cr |
| Franklin India Money Market FundFranklin Templeton Mutual Fund · 20.6 yrs | A+ | 7.2% | +0.2% | 0.30% | ₹3,979 cr |
| Tata Money Market FundTata Mutual Fund · 20.6 yrs | A | 7.2% | +0.2% | 0.40% | ₹32,695 cr |
| Kotak Money Market FundKotak Mahindra Mutual Fund · 20.6 yrs | A | 7.1% | +0.2% | 0.37% | ₹27,037 cr |
| ICICI Prudential Money Market Fund - Cash OptionICICI Prudential Mutual Fund · 20.6 yrs | A | 7.2% | +0.2% | –% | – |
| UTI - Money Market FundUTI Mutual Fund · 20.6 yrs | A | 7.0% | +0.1% | 0.29% | ₹15,994 cr |
| HSBC Money Market FundHSBC Mutual Fund · 3.9 yrs | A | 7.0% | +0.0% | 0.35% | ₹7,586 cr |
| Aditya Birla Sun Life Money Market FundAditya Birla Sun Life Mutual Fund · 20.6 yrs | B | 7.2% | +0.2% | 0.37% | ₹25,970 cr |
| Nippon India Money Market FundNippon India Mutual Fund · 20.6 yrs | B | 7.2% | +0.2% | 0.39% | ₹19,345 cr |
| Bandhan Money Market FundBandhan Mutual Fund · 18.4 yrs | B | 6.9% | -0.0% | 0.36% | ₹13,597 cr |
| Sundaram Money Market FundSundaram Mutual Fund · 8.1 yrs | B | 7.1% | +0.1% | 0.38% | ₹1,230 cr |
| HDFC Money Market FundHDFC Mutual Fund · 20.6 yrs | B | 7.1% | +0.2% | 0.41% | ₹28,362 cr |
| LIC MF Money Market FundLIC Mutual Fund · 4.3 yrs | B | 6.4% | -0.6% | 0.38% | ₹4,378 cr |
| DSP Money Market FundDSP Mutual Fund · 20.6 yrs | B | 6.9% | -0.1% | 0.40% | ₹8,241 cr |
| Baroda BNP Paribas Money Market FundBaroda BNP Paribas Mutual Fund · 7.4 yrs | B | 7.0% | +0.0% | 0.40% | ₹3,260 cr |
| Union Money Market FundUnion Mutual Fund · 5.2 yrs | B | 6.4% | -0.6% | 0.29% | ₹989 cr |
| PGIM India Money Market FundPGIM India Mutual Fund · 6.7 yrs | B | 6.8% | -0.1% | 0.39% | ₹127 cr |
| TRUSTMF Money Market FundTrust Mutual Fund · 4.2 yrs | C | 6.8% | -0.1% | 0.45% | ₹260 cr |
| Mirae Asset Money Market FundMirae Asset Mutual Fund · 5.2 yrs | C | 7.0% | 0.0% | 0.42% | ₹3,552 cr |
| SBI Money Market FundSBI Mutual Fund · 20.6 yrs | C | 6.8% | -0.2% | 0.64% | ₹25,569 cr |
| Bajaj Finserv Money Market FundBajaj Finserv Mutual Fund · 3.3 yrs | C | 6.6% | -0.3% | 0.78% | ₹4,257 cr |
| Edelweiss Money Market FundEdelweiss Mutual Fund · 9.9 yrs | C | 6.6% | -0.4% | 0.68% | ₹2,048 cr |
| Invesco India Money Market FundInvesco Mutual Fund · 17.2 yrs | C | 6.1% | -0.8% | 0.43% | ₹6,311 cr |
| Bank of India Money Market FundBank of India Mutual Fund · 1.7 yrs | – | – | – | 0.54% | ₹294 cr |
| Groww Money Market FundGroww Mutual Fund · 1.0 yrs | – | – | – | 0.85% | ₹78 cr |
| JioBlackRock Money Market FundJio BlackRock Mutual Fund · 0.2 yrs | – | – | – | 0.36% | ₹4,702 cr |
| Shriram Money Market FundShriram Mutual Fund · 0.8 yrs | – | – | – | 0.35% | ₹95 cr |
Direct plans (27)
| Fund | Rating | 3Y return | 3Y vs index | Expense ratio | AUM |
|---|---|---|---|---|---|
| Bandhan Money Market FundBandhan Mutual Fund · 13.8 yrs | A+ | 7.3% | +0.1% | 0.11% | ₹13,597 cr |
| Tata Money Market FundTata Mutual Fund · 13.8 yrs | A+ | 7.4% | +0.2% | 0.18% | ₹32,695 cr |
| Franklin India Money Market FundFranklin Templeton Mutual Fund · 13.8 yrs | A | 7.3% | +0.1% | 0.14% | ₹3,979 cr |
| Bajaj Finserv Money Market FundBajaj Finserv Mutual Fund · 3.3 yrs | A | 7.3% | +0.0% | 0.13% | ₹4,257 cr |
| Axis Money Market FundAxis Mutual Fund · 7.2 yrs | A | 7.4% | +0.1% | 0.20% | ₹19,408 cr |
| Kotak Money Market FundKotak Mahindra Mutual Fund · 13.8 yrs | A | 7.3% | +0.0% | 0.16% | ₹27,037 cr |
| Edelweiss Money Market FundEdelweiss Mutual Fund · 9.9 yrs | B | 7.2% | -0.0% | 0.14% | ₹2,048 cr |
| Mirae Asset Money Market FundMirae Asset Mutual Fund · 5.2 yrs | B | 7.3% | +0.1% | 0.11% | ₹3,552 cr |
| UTI - Money Market FundUTI Mutual Fund · 13.8 yrs | B | 7.3% | +0.0% | 0.17% | ₹15,994 cr |
| HSBC Money Market FundHSBC Mutual Fund · 3.9 yrs | B | 7.2% | -0.0% | 0.15% | ₹7,586 cr |
| HDFC Money Market FundHDFC Mutual Fund · 13.8 yrs | B | 7.3% | +0.0% | 0.22% | ₹28,362 cr |
| Nippon India Money Market FundNippon India Mutual Fund · 13.8 yrs | B | 7.3% | +0.1% | 0.22% | ₹19,345 cr |
| LIC MF Money Market FundLIC Mutual Fund · 4.3 yrs | B | 6.7% | -0.5% | 0.16% | ₹4,378 cr |
| ICICI Prudential Money Market FundICICI Prudential Mutual Fund · 13.8 yrs | B | 7.3% | +0.0% | 0.21% | ₹32,856 cr |
| Aditya Birla Sun Life Money Market FundAditya Birla Sun Life Mutual Fund · 13.8 yrs | B | 7.3% | +0.1% | 0.22% | ₹25,970 cr |
| SBI Money Market FundSBI Mutual Fund · 13.8 yrs | B | 7.2% | -0.0% | 0.26% | ₹25,569 cr |
| Baroda BNP Paribas Money Market FundBaroda BNP Paribas Mutual Fund · 7.4 yrs | B | 7.2% | -0.1% | 0.17% | ₹3,260 cr |
| TRUSTMF Money Market FundTrust Mutual Fund · 4.2 yrs | C | 7.1% | -0.2% | 0.16% | ₹260 cr |
| Invesco India Money Market FundInvesco Mutual Fund · 13.8 yrs | C | 7.2% | -0.1% | 0.16% | ₹6,311 cr |
| PGIM India Money Market FundPGIM India Mutual Fund · 6.7 yrs | C | 7.1% | -0.2% | 0.16% | ₹127 cr |
| DSP Money Market FundDSP Mutual Fund · 13.8 yrs | C | 7.2% | -0.1% | 0.18% | ₹8,241 cr |
| Sundaram Money Market FundSundaram Mutual Fund · 8.1 yrs | C | 7.2% | -0.1% | 0.20% | ₹1,230 cr |
| Union Money Market FundUnion Mutual Fund · 5.2 yrs | C | 7.1% | -0.1% | 0.17% | ₹989 cr |
| Bank of India Money Market FundBank of India Mutual Fund · 1.7 yrs | – | – | – | 0.17% | ₹294 cr |
| Groww Money Market FundGroww Mutual Fund · 1.0 yrs | – | – | – | 0.24% | ₹78 cr |
| JioBlackRock Money Market FundJio BlackRock Mutual Fund · 1.3 yrs | – | – | – | 0.16% | ₹4,702 cr |
| Shriram Money Market FundShriram Mutual Fund · 0.8 yrs | – | – | – | 0.12% | ₹95 cr |
Common questions
What does a money market fund invest in?
SEBI requires money market funds to hold money market instruments (treasury bills, certificates of deposit, commercial paper) maturing within a year.
How many money market funds beat their index over 3 years?
12 of 23 money market funds (Regular plans with 3 years of history) beat the median fund in their category over the 3 years to 8 Nov 2026.
How are these funds rated?
Each fund is compared only with funds in its category and plan type, on its long-run return over the index, risk-adjusted return, consistency, cost and portfolio. The ratings describe the track record so far; our own backtest found they do not predict future returns.
Ratings describe past track records and are not a recommendation to buy or sell. Read the scheme documents before investing.