Bandhan Liquid Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Bandhan Liquid Fund Direct Growth Plan had a NAV of ₹3426.1941 as of 03 Sep 2026 and manages ₹19,030 Cr. Its 1-year, 3-year and 5-year returns are 6.51%, 6.96% and 6.32% respectively, and the scheme sits in the Balanced Risk category.

In our view, this is a cash-like debt option for investors who want stability in the short run and can accept that returns will usually move in a narrow band. The return pattern has been steady rather than sharp, and the portfolio is built around short-duration money-market style instruments, which supports that profile.

Quick facts

The fund is managed by Harshal Joshi and Brijesh Shah.

Source data date: as of 03 Sep 2026

Performance

The recent pattern is calm, but it has not been perfectly linear. Over the latest month and quarter, the fund has delivered small positive returns, which fits a liquid fund profile more than a directional equity-style pattern. The benchmark comparison is less useful at the shortest horizon because the benchmark itself has been volatile, yet the fund still looks steadier through the same periods.

Over 1 year, the fund’s return is comfortably above the benchmark’s negative return. That gap does not mean the fund is taking equity-like risk; it mainly shows that a liquid portfolio can preserve value while an equity benchmark can go through a difficult patch. The key point for investors is that the fund has remained consistently positive across the 1-year, 3-year and 5-year windows.

The 3-year figure is a little higher than the 5-year figure, which suggests the more recent medium-term environment has been slightly better than the longer arc. Even so, the 5-year return remains close to the benchmark’s 5-year figure, so the fund has broadly tracked the longer-term return environment while keeping the shorter-term path smoother.

The daily pattern behind these periods also supports that reading. The fund appears to have moved in a contained band rather than with large jumps, which is what we would expect from a liquid strategy focused on preserving capital and generating modest accrual income. For an investor, that usually matters more than trying to chase a large return difference over a few weeks.

Source data date: as of 03 Sep 2026

Peer comparison

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

Among the available 1-year figures, this fund sits just below the leading peer numbers, with a small gap versus the 6.58% to 6.61% range seen in the comparison set. The difference is modest, so our view is that the short-term picture is more about consistency than standout outperformance.

On longer windows, the gap remains narrow. The 3-year return of 6.96% trails the 7.03% peer figures, while the 5-year return of 6.32% is close to the 6.37% to 6.39% peer band. That tells us the fund has been broadly competitive over time, even if a few peers have edged it on the available return measures.

The short-term and longer-term comparisons point in the same direction: the fund is close to the peer pack on returns, but not ahead of the better available figures. For investors, that means the main appeal is likely to be stable liquid-fund behaviour rather than a strong return surprise.

Source data date: as of 03 Sep 2026

Portfolio: where your money goes

The top 10 holdings account for approximately 50.64% of the portfolio.

To see all holdings, visit the Bandhan Liquid Fund Direct Growth Plan page

The largest holding, HDFC Bank Limited **, has a weight of 7.75%, so no single position dominates the portfolio on its own. The drop from the first holding to the tenth is gradual rather than abrupt, which suggests a fairly even spread across the listed short-term instruments.

That said, the top five positions together already make up a meaningful share of the disclosed holdings, and the full top 10 account for just over half of the portfolio. In our view, that means the fund may still be influenced by a limited group of larger positions, even though the overall structure is not heavily concentrated in one name.

With 42 holdings disclosed, the fund appears to combine a visible core with a longer tail of smaller positions. That mix may help reduce single-security dependence, while the large number of holdings could add diversification across issuers and instruments.

Source data date: as of 03 Sep 2026

Who should invest

This fund suits investors who want low-duration cash management with a relatively steady return pattern rather than high upside. The Balanced Risk label and the liquid-fund portfolio make it more appropriate for conservative to moderately conservative investors who value stability and access to money over chasing higher returns.

The more suitable horizon is short to medium term, especially where the goal is parking surplus money, building an emergency reserve or holding funds for a planned near-term need. The trade-off is simple: the fund has been stable and competitive, but the return profile is designed to stay modest, so investors should not expect equity-like growth.

Tax and exit load

Exit load

• 0.007% for Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5, 0.0045% on Day 6, NIL after 7D
• No exit load after holding period

Source data date: as of 03 Sep 2026

Frequently asked questions

What is the current NAV of Bandhan Liquid Fund Direct Growth Plan?

The current NAV is ₹3426.1941 as of 03 Sep 2026.

What are the 1-year, 3-year and 5-year returns?

The 1-year return is 6.51%, the 3-year return is 6.96% and the 5-year return is 6.32%.

How does the fund compare with its benchmark?

It has outpaced the benchmark over 1 year, 3 years and 5 years. The gap is especially visible over 1 year, where the benchmark return is -4.4%.

How does it compare with other liquid funds on available return data?

Its return profile is close to the better available peer figures, though a few peers are slightly ahead on the same 1-year, 3-year and 5-year windows.

Is there a minimum SIP requirement?

The minimum SIP amount is not stated here, so we do not include one.

What risk, portfolio and management details stand out?

The fund is in the Balanced Risk category and is managed by Harshal Joshi and Brijesh Shah. Its largest holding is HDFC Bank Limited ** at 7.75%, and the top 10 holdings together account for approximately 50.64% of the portfolio.

Bottom line

Bandhan Liquid Fund Direct Growth Plan has a steady return profile rather than a dramatic one, and its short-term behaviour has been consistent with a liquid strategy. On available peer data, it is broadly competitive but slightly behind the better figures, while its benchmark comparison looks stronger over the longer windows. The portfolio is spread across many holdings, yet the larger positions still matter. For investors who want a stable, short-horizon parking option with measured return expectations, that combination may fit well.

Published on 4 September 2026 at 10:07 AM IST