SEBI sub-category

Overnight Fund funds

Funds

Direct plans only

Category 1Y avg

+5.04%

Category 5Y CAGR

+5.63%

Direct vs Regular

Direct Regular

5-Year return distribution

How the 41 Overnight Fund funds spread across return buckets. Taller bars = more funds in that band.

Risk vs Return — Overnight Fund

Each dot is a fund. Up-and-left = high return for low risk (the sweet spot). Down-and-right = under-performing with high volatility. Colour = 5-year peer quartile.

Q1 (top 25%) Q2 Q3 Q4 (bottom 25%) 27 funds plotted

All Overnight Fund funds

Sort by: 1Y 3Y 5Y 7Y 10Y

#	Scheme	NAV	1Y	3Y	5Y	7Y	10Y	Peer Q (5Y)	Sharpe	Max DD
1	BANK OF INDIA Overnight Fund Direct Plan Growth Bank of India	1,391.50	+5.60%	+6.30%	+5.77%	—	—	Q1	—	-0.0%
2	Axis Overnight Fund - Direct Plan - Growth Option Axis	1,447.96	+5.38%	+6.19%	+5.68%	+5.12%	—	Q1	—	-0.0%
3	Mirae Asset Overnight Fund Direct Plan Growth Mirae Asset	1,402.77	+5.36%	+6.17%	+5.67%	—	—	Q1	—	-0.0%
4	Nippon India Overnight Fund - Direct Plan - Growth Option Nippon India	146.94	+5.37%	+6.18%	+5.67%	+5.11%	—	Q1	—	-0.0%
5	HSBC Overnight Fund - Direct Growth HSBC	1,431.37	+5.36%	+6.16%	+5.67%	+5.12%	—	Q1	—	-0.0%
6	Tata Overnight Fund-Direct Plan-Growth Tata	1,444.05	+5.39%	+6.19%	+5.66%	+5.11%	—	Q1	—	-0.0%
7	DSP Overnight Fund - Direct Plan - Growth DSP	1,465.13	+5.36%	+6.16%	+5.66%	+5.12%	—	Q2	—	-0.0%
8	Kotak Overnight Fund -Direct Plan-Growth Option Kotak	1,459.39	+5.37%	+6.17%	+5.66%	+5.09%	—	Q2	—	-0.0%
9	LIC MF Overnight Fund-Direct Plan-Growth LIC	1,417.87	+5.34%	+6.16%	+5.65%	+5.10%	—	Q2	—	-0.0%
10	Mahindra Manulife Overnight Fund - Direct Plan -Growth Mahindra Manulife	1,415.57	+5.31%	+6.15%	+5.65%	+5.09%	—	Q2	—	-0.0%
11	Baroda BNP Paribas Overnight Fund - Direct Plan - Growth Baroda BNP Paribas	1,436.79	+5.37%	+6.17%	+5.65%	+5.11%	—	Q2	—	-0.0%
12	ADITYA BIRLA SUN LIFE OVERNIGHT FUND-DIRECT PLAN-GROWTH Aditya Birla Sun Life	1,479.33	+5.34%	+6.16%	+5.65%	+5.10%	—	Q2	—	-0.0%
13	UTI - Overnight Fund - Direct Plan - Growth Option UTI	3,744.07	+5.36%	+6.16%	+5.65%	+5.10%	+5.47%	Q2	—	-0.0%
14	Union Overnight Fund - Direct Plan - Growth Option Union	1,439.84	+5.32%	+6.16%	+5.65%	+5.07%	—	Q3	—	-0.0%
15	BANDHAN Overnight Fund - Direct Plan - Growth Bandhan	1,458.74	+5.35%	+6.16%	+5.65%	+5.09%	—	Q3	—	-0.0%
16	Invesco India Overnight Fund - Direct Plan - Growth Invesco	1,382.03	+5.36%	+6.16%	+5.64%	—	—	Q3	—	-0.0%
17	ICICI Prudential Overnight Fund - Direct Plan - Growth ICICI Prudential	1,473.91	+5.36%	+6.15%	+5.64%	+5.08%	—	Q3	—	-0.0%
18	Sundaram Overnight Fund Direct Plan - Growth Sundaram	1,452.67	+5.31%	+6.14%	+5.63%	+5.09%	—	Q3	—	-0.0%
19	PGIM India Overnight Fund - Direct Plan - Growth Option PGIM India	1,409.78	+5.22%	+6.11%	+5.62%	+5.02%	—	Q3	—	-0.0%
20	Franklin India Overnight Fund- Growth - Direct Franklin India	1,427.00	+5.38%	+6.15%	+5.62%	+5.04%	—	Q3	—	-0.0%
21	SBI OVERNIGHT FUND - DIRECT PLAN - GROWTH SBI	4,447.11	+5.30%	+6.12%	+5.62%	+5.06%	+5.38%	Q4	—	-0.0%
22	HDFC Overnight Fund - Growth Option - Direct Plan HDFC	4,054.40	+5.31%	+6.11%	+5.60%	+5.05%	+5.36%	Q4	—	-0.0%
23	Edelweiss Overnight Fund - Direct Plan - Growth Edelweiss	1,414.88	+5.31%	+6.11%	+5.59%	+5.08%	—	Q4	—	-0.0%
24	CANARA ROBECO OVERNIGHT FUND - DIRECT PLAN - GROWTH OPTION Canara Robeco	1,411.79	+5.26%	+6.07%	+5.59%	+5.05%	—	Q4	—	-0.0%
25	JM Overnight Fund - (Direct) - Growth —	1,385.69	+5.20%	+6.06%	+5.58%	—	—	Q4	—	-0.0%
26	Groww Overnight Fund (formerly known as Indiabulls Overnight Fund)- Direct Plan- Growth Option Groww	1,408.90	+5.26%	+6.09%	+5.51%	+4.98%	—	Q4	—	-0.0%
27	ITI Overnight Fund - Direct Plan - Growth Option ITI	1,383.42	+5.09%	+5.93%	+5.46%	—	—	Q4	—	-0.0%
28	360 ONE Overnight Fund - Direct Plan - Growth 360 ONE	1,055.53	+5.41%	—	—	—	—	—	—	—
29	Bajaj Finserv Overnight Fund - Direct Plan - Growth Bajaj Finserv	1,200.18	+5.41%	+6.17%	—	—	—	—	—	-0.0%
30	Helios Overnight Fund - Direct Plan - Growth Option Helios	1,172.78	+5.16%	—	—	—	—	—	—	—
31	JioBlackRock Overnight Fund - Direct Plan - Growth Option —	1,056.17	+5.34%	—	—	—	—	—	—	—
32	JM Overnight Fund - (Direct) - Unclaimed IDCW - Growth Plan —	1,391.00	+4.94%	+6.19%	—	—	—	—	—	-0.0%
33	JM Overnight Fund - (Direct) - Unclaimed IDCW I.E.F. - Growth Plan —	1,073.99	+0.00%	+0.00%	—	—	—	—	—	-0.0%
34	JM Overnight Fund - (Direct) - Unclaimed Redemption - Growth Plan —	1,385.71	+5.20%	+6.06%	—	—	—	—	—	-0.0%
35	JM Overnight Fund - (Direct) - Unclaimed Redemption I.E.F. - Growth Plan —	1,073.99	+0.00%	+0.00%	—	—	—	—	—	-0.0%
36	NJ Overnight Fund - Direct Plan - Growth Option NJ	1,265.76	+5.29%	+6.09%	—	—	—	—	—	-0.0%
37	quant Overnight Fund - Growth Option - Direct Plan Quant	12.50	+5.16%	+6.26%	—	—	—	—	—	-0.0%
38	Samco Overnight Fund - Direct Plan - Growth Option Samco	1,248.51	+5.09%	+5.94%	—	—	—	—	—	-0.0%
39	Shriram Overnight Fund - Direct Growth Shriram	12.54	+5.33%	+6.15%	—	—	—	—	—	-4.3%
40	TRUST MF OVERNIGHT FUND-DIRECT PLAN-GROWTH Trust	1,293.06	+5.22%	+6.10%	—	—	—	—	—	-0.0%
41	Zerodha Overnight Fund - Direct Plan - Growth Option Zerodha	10.70	+5.22%	—	—	—	—	—	—	—

Direct plans typically outperform Regular plans by around 50 basis points per year because they carry no distributor commission. The "Peer Q (5Y)" column shows the fund's quartile within this category over the 5-year window: Q1 = top 25%.

Frequently asked questions

Generated from this category's live aggregates — average returns, fund counts, quartile spreads. Updated daily.

Overnight Fund is a SEBI-defined mutual-fund category. Each scheme in it must follow the asset-allocation and exposure rules set out in the SEBI October-2017 categorisation circular. Debt bucket for tax purposes.

We currently track 41 active Overnight Fund schemes (Direct plan, Growth option). The list updates daily after AMFI publishes new NAVs and SEBI re-classifies schemes. 6 of them sit in the top quartile by 5-year CAGR.

Over the last 5 years, the average Overnight Fund (Direct plan) has returned 5.63% CAGR — that turns ₹1 lakh into roughly ₹131,521. Over the last 12 months the category averaged 5.04%. Top-quartile funds in this category typically beat the average by 3-6 percentage points per year — fund selection within a category matters more than the category choice itself.

Over the trailing 5-year window, the highest-returning Overnight Fund in our database is **BANK OF INDIA Overnight Fund Direct Plan Growth** (Bank of India) with a CAGR of 5.77%. The category average is 5.63%. Past performance is no guarantee of future returns — top-quartile funds in one window often slip in the next.

The best 1-year return in the Overnight Fund category right now is **BANK OF INDIA Overnight Fund Direct Plan Growth** (Bank of India) at 5.60%. 1-year numbers are noisy and shouldn't be the sole basis for picking — cross-check rolling returns and 5-year CAGR before deciding.

Across all Overnight Fund schemes with 5 years of history, the 5-year CAGR ranges from 5.46% (worst) to 5.77% (best), with a median of 5.65%. That spread of about 0 percentage points between top and bottom is a useful gauge of how much fund selection matters in this category.

On ProfitGuruOnline you can browse either Overnight Fund Direct plans (lower expense ratio, no broker commission baked in) or Regular plans (sold through distributors). Use the filter on the category page. Direct typically outperforms Regular by 0.5-1% per year in the same scheme — meaningful over 10+ years.

Overnight Fund is a Debt scheme. For units bought on or after 1 April 2023, all gains are taxed at slab rate, no indexation. Pre-Apr-2023 holdings keep the old rules (20% LTCG with indexation if held over 36 months).

Less critical. Debt funds have low day-to-day volatility, so lumpsum and SIP outcomes converge. SIP still works for discipline, especially if your savings flow is monthly.

Overnight Fund schemes are designed for very short horizons (a few days to a few months). They're not for capital growth — just better-than-savings yield on idle cash.

Lower risk than equity but not zero — credit-risk funds can lose 10-20% from a single corporate default; long-duration funds lose 5-10% if rates spike. Liquid and overnight funds are the safest debt sub-categories.

Two or three schemes from different AMCs is usually enough for a single category. Beyond that you'd be re-creating the category average minus your selection cost. Focus on consistency (% of rolling-return windows that ended positive) over chasing top performers — top quartile rarely repeats.

Quarterly is plenty for monitoring NAVs and aggregate gain; annually (or after major regulatory changes like Budget 2024) is the right cadence for re-evaluating against alternatives. Don't churn based on 1-month or even 1-year underperformance — equity funds need 3-5 year horizons to fairly judge.

We rank funds within each category by point-to-point CAGR over the chosen window (1Y, 3Y, 5Y, 7Y, 10Y, since inception), then assign quartile and decile bands so any fund's standing relative to peers is one click away. Numbers are recomputed nightly after AMFI's NAV publish.

Daily NAVs are pulled directly from AMFI's published feed. Category classification uses SEBI's October-2017 mutual-fund categorisation circular. We compute returns, rolling-window stats, SIP backtests, drawdowns and Sharpe ratios in-house — no third-party feeds, no hidden adjustments.

Educational content only — not investment advice. Tax rules summarised above reflect Budget 2024; consult a qualified adviser before transacting.