Axis Money Market Fund vs Bank of India Money Market Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Money Market Fund and Bank of India Money Market Fund are both Money Market funds. In the year to 30-10-2026, Axis Money Market Fund (Direct) returned 6.4% and Bank of India Money Market Fund (Direct) returned 6.4%. Axis Money Market Fund charges 0.18% a year and Bank of India Money Market Fund 0.17% (Direct plans). Their portfolios overlap 4.0%: they hold 7 of the same securities.
Axis Money Market Fund
Money Market
- 1 year return
- 6.4%
- Expense ratio
- 0.18%
- NAV
- ₹1,572.53
Bank of India Money Market Fund
Money Market
- 1 year return
- 6.4%
- Expense ratio
- 0.17%
- NAV
- ₹11.25
Which is better, Axis Money Market or Bank of India Money Market? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Axis Money Market returned more over 1 year: 6.4% against 6.4%.
- Bank of India Money Market costs less: 0.17% a year against 0.18% (Direct plans).
- Axis Money Market fell less in its worst fall since 05-02-2025: −0.1% against −0.2%.
- Axis Money Market is the larger fund: ₹19,012 Cr against ₹410 Cr.
- Their portfolios overlap 4.0%: 7 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | Axis Money Market Fund | Bank of India Money Market Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Bank of India Mutual Fund |
| Category | Money Market | Money Market |
| AUM | ₹19,012 Cr (30-09-2026) | ₹410 Cr (30-09-2026) |
| NAV | ₹1,572.53 (Direct) | ₹11.25 (Direct) |
| Expense ratio (Direct) | 0.18% | 0.17% |
| Expense ratio (Regular) | 0.35% | 0.54% |
| Riskometer | Moderate | Low to Moderate |
| Benchmark | NIFTY Money Market Index A-I | CRISIL Money Market A-I Index |
| Launch date | 06-08-2019 | 04-02-2025 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Devang Shah, Aditya Pagaria, Sachin Jain | Mithraem Bharucha |
| Exit load | Nil | Nil |
Axis Money Market vs Bank of India Money Market: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Axis Money Market Fund (Direct) | +0.34% | +1.53% | +3.34% | +6.43% | +7.37% | +6.80% | -- |
| Bank of India Money Market Fund (Direct) | +0.32% | +1.47% | +3.26% | +6.41% | -- | -- | -- |
| Money Market average | +0.33% | +1.49% | +3.29% | +6.35% | -- | -- | -- |
Category average: the average of the 27 Money Market funds, same plan type.
Axis Money Market vs Bank of India Money Market: Year-wise Returns
| Year | AxisAxis Money Market | Bank of IndiaBank of India Money Market |
|---|---|---|
| 2026to date | +5.34% | +5.33% |
| 2025 | +7.61% | -- |
| 2024 | +7.93% | -- |
| 2023 | +7.51% | -- |
| 2022 | +4.94% | -- |
| 2021 | +3.90% | -- |
Axis Money Market vs Bank of India Money Market: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 178 of them, one for each trading day from 05-02-2026 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Axis Money Market Fund (Direct)
Bank of India Money Market Fund (Direct)
to
Feb 2026Apr 2025
to
Apr 2026May 2025
to
May 2026Jul 2025
to
Jul 2026Aug 2025
to
Aug 2026Oct 2025
to
Oct 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Axis Money Market | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.6% | 6.6% | 6.0% | 7.5% |
| Bank of India Money Market | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7% | 6.6% | 6.0% | 7.4% |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. Every fund is measured over the days all of them have, from 05-02-2025. Past returns do not promise future returns.
Axis Money Market vs Bank of India Money Market: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 03-02-2025 to 30-10-2026: 21 instalments, ₹2,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis Money MarketAxis Money Market Fund (Direct) | ₹2,10,000 | ₹2,22,723 | ₹12,723 | 6.6% |
| Bank of India Money MarketBank of India Money Market Fund (Direct) | ₹2,10,000 | ₹2,22,650 | ₹12,650 | 6.6% |
Axis Money MarketAxis Money Market Fund (Direct)
Bank of India Money MarketBank of India Money Market Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Axis Money Market vs Bank of India Money Market: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Money Market Fund (Direct) | Bank of India Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.43% | +6.41% |
| Standard deviation | 0.51% | 0.56% |
| Sharpe ratio | 2.30 | 2.07 |
| Sortino ratio | 3.74 | 3.41 |
| Maximum drawdown | −0.1% (22-05-2026) | −0.2% (22-05-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Axis Money Market Fund (Direct) | Bank of India Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.43% | +7.03% |
| Standard deviation | 0.62% | 0.52% |
| Sharpe ratio | 2.12 | 2.97 |
| Sortino ratio | 4.25 | 5.37 |
| Maximum drawdown | −1.2% (24-03-2020) | −0.2% (22-05-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 07-08-2019 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
Axis Money Market Fund (Direct)
Bank of India Money Market Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis Money Market Fund (Direct) | −0.1% | 11-05-2026 | 22-05-2026 | 29-05-2026 | 7 days | 0.0% |
| Bank of India Money Market Fund (Direct) | −0.2% | 11-05-2026 | 22-05-2026 | 01-06-2026 | 10 days | 0.0% |
From daily values since 05-02-2025, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Axis Money Market Fund (Direct)
Bank of India Money Market Fund (Direct)
Axis Money Market vs Bank of India Money Market: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Money Market Fund, September 2026; Bank of India Money Market Fund, September 2026
Holdings in common
- Overlap
- 4.0%
- Held by both
- 7
- Only in Axis Money Market
- 120
- Only in Bank of India Money Market
- 19
| Security | % of Axis Money Market | % of Bank of India Money Market |
|---|---|---|
| Kotak Mahindra Bank Limited (04/02/2027) | 1.29% | 5.96% |
| ICICI Bank Limited (27/01/2027) | 1.16% | 2.98% |
| Small Industries Dev Bank of India (26/02/2027) | 0.51% | 1.19% |
| SBI - Corporate Debt Market Development Fund (CDMDF) - Class A2 | 0.32% | 0.29% |
| HDFC Bank Limited (05/03/2027) | 0.26% | 5.92% |
| ICICI Bank Limited (12/02/2027) | 0.26% | 2.38% |
| National Bank For Agriculture and Rural Development (17/03/2027) | 0.25% | 4.72% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 4.0% means 4.0% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in Axis Money Market Fund
| Security | % of fund |
|---|---|
| HDFC Bank Limited (12/03/2027) | 3.57% |
| Small Industries Dev Bank of India (18/02/2027) | 3.02% |
| HDFC Bank Limited (15/02/2027) | 2.44% |
| National Bank For Agriculture and Rural Development (10/03/2027) | 2.42% |
| The Federal Bank Limited (17/02/2027) | 2.31% |
Largest holdings only in Bank of India Money Market Fund
| Security | % of fund |
|---|---|
| Union Bank of India (19/01/2027) | 5.97% |
| 364 Days Tbill (MD 25/02/2027) | 5.95% |
| Axis Bank Limited (12/02/2027) | 5.95% |
| Axis Finance Limited (12/02/2027) | 5.93% |
| Kotak Securities Limited (12/02/2027) | 5.93% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Money Market | Bank of India Money Market |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 98.9% | 98.5% |
| Cash and others | 1.1% | 1.5% |
Axis Money Market vs Bank of India Money Market: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Money Market Fund | Bank of India Money Market Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.18% | 0.17% |
| Base expense ratio (Direct) | 0.15% | 0.14% |
| Total expense ratio (Regular) | 0.35% | 0.54% |
| Base expense ratio (Regular) | 0.29% | 0.45% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare Axis Money Market with
Axis Money Market Fund vs Bank of India Money Market Fund: Frequently Asked Questions
What is the difference between Axis Money Market Fund and Bank of India Money Market Fund?
Both are Money Market funds, run by Axis Mutual Fund and Bank of India Mutual Fund. Their portfolios overlap 4.0%. Axis Money Market Fund charges 0.18% a year and Bank of India Money Market Fund 0.17%.
Which has given higher returns, Axis Money Market Fund or Bank of India Money Market Fund?
Over 1 year: Axis Money Market Fund +6.43%, Bank of India Money Market Fund +6.41%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Money Market Fund or Bank of India Money Market Fund?
Bank of India Money Market Fund charges less: 0.17% a year against 0.18%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Money Market Fund and Bank of India Money Market Fund overlap?
4.0%. They hold 7 of the same securities, the largest shared ones being Kotak Mahindra Bank Limited (04/02/2027), ICICI Bank Limited (27/01/2027), Small Industries Dev Bank of India (26/02/2027). From each fund's latest monthly portfolio.
Which is riskier, Axis Money Market Fund or Bank of India Money Market Fund?
On SEBI's riskometer, Axis Money Market Fund is rated Moderate and Bank of India Money Market Fund Low to Moderate. Over 1 years, the standard deviation of daily returns was 0.51% and 0.56% a year.
Can I invest in both Axis Money Market Fund and Bank of India Money Market Fund?
Yes. 4.0% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages Axis Money Market Fund and Bank of India Money Market Fund?
Axis Money Market Fund: Devang Shah, Aditya Pagaria, Sachin Jain. Bank of India Money Market Fund: Mithraem Bharucha.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
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.