Top Money Market Mutual Funds (2026)
Ranked by 3 year return, Direct plans, as on the latest NAV · AUM as on 30-09-2026
There are 27 Money Market mutual funds. Their average 3 year return is 7.2% a year, and +6.4% over the last year. The highest 3 year returns: Tata Money Market Fund 7.4%, Axis Money Market Fund 7.4%, Bandhan Money Market Fund 7.3%.
- Total AUM
- ₹2,88,408 Cr
- As on 30-09-2026
- Funds
- 27
- From 27 fund houses
- Expense ratio
- 0.11% to 0.26%
- Direct plans, lowest to highest
- Average 3Y return
- 7.2%
- A year, Direct plans
All Money Market Funds
Ranked by 3 year return, highest first
Ranked by 3 year return, highest first
| Exit load | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Tata Money Market Fund | 1 | 31,690 | +6.45% | +7.44% | +6.90% | +6.03% | Moderate | 0.18% | None | 0.42% |
| Axis Money Market Fund | 2 | 19,012 | +6.43% | +7.37% | +6.80% | -- | Moderate | 0.18% | None | 0.42% |
| Bandhan Money Market Fund | 3 | 13,129 | +6.46% | +7.34% | +6.72% | +6.47% | Low to Moderate | 0.11% | None | 0.42% |
| Aditya Birla Sun Life Money Market Fund | 4 | 26,943 | +6.36% | +7.33% | +6.80% | +6.82% | Moderate | 0.22% | None | 0.43% |
| Franklin India Money Market Fund | 5 | 3,887 | +6.43% | +7.33% | +6.69% | +6.76% | -- | 0.14% | Varies | 0.42% |
| Nippon India Money Market Fund | 6 | 19,855 | +6.31% | +7.32% | +6.81% | +6.73% | Moderate | 0.22% | None | 0.43% |
| Kotak Money Market Fund | 7 | 27,513 | +6.39% | +7.31% | +6.75% | +6.63% | Moderate | 0.16% | None | 0.42% |
| Mirae Asset Money Market Fund | 8 | 2,452 | +6.26% | +7.31% | +6.65% | -- | Low to Moderate | 0.11% | None | 0.43% |
| HDFC Money Market Fund | 9 | 27,624 | +6.35% | +7.30% | +6.75% | +6.74% | Moderate | 0.22% | None | 0.43% |
| UTI - Money Market Fund | 10 | 16,039 | +6.33% | +7.30% | +6.77% | +6.71% | Moderate | 0.17% | None | 0.42% |
| ICICI Prudential Money Market Fund | 11 | 31,010 | +6.33% | +7.29% | +6.73% | +6.68% | -- | 0.21% | None | 0.43% |
| Bajaj Finserv Money Market Fund | 12 | 3,973 | +6.32% | +7.29% | -- | -- | Low to Moderate | 0.13% | None | 0.42% |
| Edelweiss Money Market Fund | 13 | 2,065 | +6.40% | +7.24% | +6.52% | -- | Low to Moderate | 0.11% | None | 0.42% |
| SBI Money Market Fund | 14 | 27,850 | +6.21% | +7.23% | +6.69% | +6.75% | Low to Moderate | 0.26% | None | 0.42% |
| HSBC Money Market Fund | 15 | 6,382 | +6.30% | +7.23% | -- | -- | Low to Moderate | 0.15% | None | 0.42% |
| Sundaram Money Market Fund | 16 | 1,338 | +6.35% | +7.21% | +6.57% | -- | Low to Moderate | 0.20% | None | 0.42% |
| Baroda BNP Paribas Money Market Fund | 17 | 3,393 | +6.31% | +7.18% | +6.50% | -- | -- | 0.17% | -- | 0.41% |
| Invesco India Money Market Fund | 18 | 5,481 | +6.28% | +7.17% | +6.51% | +6.50% | Low to Moderate | 0.16% | None | 0.42% |
| DSP Money Market Fund | 19 | 8,072 | +6.35% | +7.15% | +6.51% | +6.43% | Low to Moderate | 0.18% | None | 0.42% |
| Union Money Market Fund | 20 | 1,120 | +6.57% | +7.13% | +6.51% | -- | Low to Moderate | 0.17% | None | 0.38% |
| PGIM India Money Market Fund | 21 | 123 | +6.17% | +7.11% | +6.65% | -- | Low to Moderate | 0.17% | None | 0.42% |
| TRUSTMF Money Market Fund | 22 | 248 | +6.32% | +7.10% | -- | -- | -- | 0.16% | -- | 0.38% |
| LIC MF Money Market Fund | 23 | 3,979 | +6.46% | +6.73% | -- | -- | Low to Moderate | 0.16% | None | 0.37% |
| JioBlackRock Money Market Fund | -- | 4,664 | +6.24% | -- | -- | -- | Low to Moderate | 0.16% | None | -- |
| Bank of India Money Market Fund | -- | 410 | +6.41% | -- | -- | -- | Low to Moderate | 0.17% | None | -- |
| Groww Money Market Fund | -- | 79 | -- | -- | -- | -- | Low to Moderate | 0.25% | None | -- |
| Shriram Money Market Fund | -- | 78 | -- | -- | -- | -- | Low to Moderate | 0.12% | None | -- |
Returns of each fund's Direct plan (its only plan where it has one), as on the latest NAV. 3, 5 and 10 year figures are a rate a year. Std dev: how much the daily returns swung over 3 years, as a yearly figure; lower is steadier. Riskometer and exit load from the fund's scheme summary document; "Varies" means the load changes with how long you hold, and the fund page has the full wording. Expense ratio: Direct plan, from AMFI. AUM at the end of the fund's last reported month. A fund younger than 3 years has no rank and is listed after the ranked ones.
Compare Money Market Funds
The largest funds of the category, side by side
How Money Market Funds Are Taxed
As debt funds: 65% or more of each fund is in bonds and money market papers
| When you sell | Tax on the gain |
|---|---|
| Units bought on or after 01-04-2023 | Your slab rate, however long you hold them |
| Units bought before 01-04-2023, within 2 years | Your slab rate |
| Units bought before 01-04-2023, after 2 years | 12.5% of the gain |
- IDCW (dividend) payouts are added to your income and taxed at your slab rate.
- A stamp duty of 0.005% is deducted when you invest.
Rules in force from 23-07-2024 (Finance Act 2024). Tax depends on your own income; this is general information, not tax advice.
What Is a Money Market Fund?
Money market papers that mature within 1 year. This is the rule SEBI sets for every fund in the category, so their portfolios can be compared.
Other debt categories: Overnight · Liquid · Ultra Short · Low Duration · Short Duration · Medium Duration · Medium to Long Duration · Long Duration · Dynamic Bond · Corporate Bond · Credit Risk · Banking & PSU · Gilt · Floater
Money Market Funds: Frequently Asked Questions
Which are the top Money Market mutual funds?
By 3 year return, the top Money Market funds are 1. Tata Money Market Fund (7.4% a year), 2. Axis Money Market Fund (7.4% a year), 3. Bandhan Money Market Fund (7.3% a year), 4. Aditya Birla Sun Life Money Market Fund (7.3% a year), 5. Franklin India Money Market Fund (7.3% a year). Past returns do not promise future returns, so also look at costs, risk and how long each fund has done well.
How many Money Market funds are there?
27 Money Market funds are open for investment, from 27 fund houses.
What is a Money Market fund?
Money market papers that mature within 1 year.
What is the average return of Money Market funds?
1 year: 6.4%, 3 years: 7.2% a year, 5 years: 6.7% a year. The simple average of every Money Market fund's Direct plan.
Which Money Market fund has the lowest expense ratio?
Bandhan Money Market Fund, at 0.11% a year (Direct plan), as reported to AMFI.
Which is the largest Money Market fund?
Tata Money Market Fund, with ₹31,690 Cr of investors' money on 30-09-2026.
How are Money Market funds taxed?
As debt funds: for units bought on or after 01-04-2023, the gain is added to your income and taxed at your slab rate, however long you hold them.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.