Invesco India Money Market Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 10, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Invesco India Money Market Fund Direct Growth Plan has a NAV of ₹3,405.3904 as of 09 Sep 2026 and scheme assets of ₹6,607 Cr. Its 1-year, 3-year and 5-year returns are 6.62%, 7.29% and 6.46%, and the scheme sits in the Balanced Risk bucket.
Our view is that this is a steady short-duration debt option for investors who want measured return consistency rather than sharp upside. The return pattern is orderly across 1 year, 3 years and 5 years, and the portfolio is built around money-market and treasury-style instruments that generally support stability.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹3,405.3904 as of 09 Sep 2026 |
| AUM | ₹6,607 Cr |
| Expense Ratio | 0.17% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹1,000 |
| Risk Category | Balanced Risk |
| Benchmark | Nifty 50 |
| Fund Category | Debt |
| Exit Load | No exit load |
| Fund Managers | Krishna Cheemalapati, Vikas Garg |
The fund is managed by Krishna Cheemalapati and Vikas Garg.
Source data date: as of 09 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.62% | -4.69% |
| 3M | 2.02% | 0.93% |
| 1Y | 6.62% | -7.16% |
| 3Y | 7.29% | 6% |
| 5Y | 6.46% | 5.87% |
The recent pattern is constructive. Over 1 month and 3 months, the fund stayed positive, which suggests it has remained fairly orderly in a short window rather than showing abrupt swings. That matters in a money-market-oriented debt scheme, where investors often value predictable movement more than dramatic bursts of performance.
Over 1 year, the fund’s 6.62% return stands well above the benchmark’s -7.16% figure. The gap is large, but the more important point is that the fund has kept delivering positive compounding while the benchmark has been weak over the same horizon. That points to a much calmer return profile for the scheme than the benchmark’s recent path.
The longer view is also steady. The 3-year return of 7.29% is above the benchmark’s 6%, while the 5-year return of 6.46% is also ahead of the benchmark’s 5.87%. So the fund has not just held up recently; it has also maintained an edge over the benchmark over multi-year periods. The 5-year chart suggests a gradual, mostly stable compounding profile rather than a volatile leap-and-fall pattern.
Overall, the fund appears consistent across time periods, with recent numbers not deviating materially from the longer trend. That kind of continuity can be useful for investors who prefer debt exposure with a smoother return path and less dependence on short-term market direction.
Source data date: as of 09 Sep 2026
Should you BUY or HOLD Invesco India Money Market?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding Invesco India Money Market? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Invesco India Money Market Fund Direct Growth Plan | 6.62% | 7.29% | 6.46% |
| Union Money Market Fund Direct Growth Plan | 6.92% | 7.26% | 6.49% |
| Bank of India Money Market Fund Direct Growth Plan | 6.79% | Data not available | Data not available |
| LIC MF Money Market Fund Direct Growth Plan | 6.78% | 6.84% | Data not available |
| Bandhan Money Market Fund Direct Growth Plan | 6.78% | 7.45% | 6.68% |
| Tata Money Market Fund Direct Growth Plan | 6.78% | 7.58% | 6.85% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On 1-year returns, this fund trails Union Money Market Fund Direct Growth Plan and is also slightly below the other peer funds listed here. The gap is not dramatic, but it shows that the fund has kept pace without leading this set on the most recent full-year figure.
The picture becomes more balanced over longer periods. Its 3-year return of 7.29% is above Union Money Market Fund Direct Growth Plan and LIC MF Money Market Fund Direct Growth Plan, but below Bandhan Money Market Fund Direct Growth Plan and Tata Money Market Fund Direct Growth Plan. On 5-year returns, it is close to Union Money Market Fund Direct Growth Plan, a little below Bandhan Money Market Fund Direct Growth Plan and Tata Money Market Fund Direct Growth Plan, and ahead of the benchmark figures visible in the performance section. The short-term and longer-term comparisons therefore tell a slightly different story: recent returns are competitive, while the multi-year record is more evenly placed among the peer set.
Source data date: as of 09 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Limited 2027 ** # | Certificate of Deposit | 5.86% |
| 182 Days Tbill (MD 17/12/2026) | Treasury Bills | 5.81% |
| Bank of Baroda 2027 ** # | Certificate of Deposit | 4.4% |
| HDFC Bank Limited 2027 ** # | Certificate of Deposit | 4.4% |
| Canara Bank 2027 # | Certificate of Deposit | 3.66% |
| Indian Bank 2027 ** # | Certificate of Deposit | 3.24% |
| Small Industries Dev Bank of India 2027 ** # | Certificate of Deposit | 3.23% |
| National Bank for Agriculture and Rural Development 2027 # | Certificate of Deposit | 3.14% |
| 364 Days Tbill (MD 10/12/2026) | Treasury Bills | 3.06% |
| IDFC First Bank Limited 2027 ** # | Certificate of Deposit | 2.94% |
The top 10 holdings account for approximately 39.74% of the portfolio.
To see all holdings, visit the Invesco India Money Market Fund Direct Growth Plan page
The largest holding, ICICI Bank Limited 2027 ** #, is 5.86%, which is meaningful but not dominant for a debt portfolio. The drop from the first position to the tenth is moderate rather than steep, with weights staying in a fairly tight band between 5.86% and 2.94%. That pattern suggests no single security is likely to dictate outcomes on its own.
Because the displayed holdings sum to 39.74% across 10 positions, the portfolio appears to spread risk across many additional holdings beyond the visible list. With 48 disclosed holding rows in total, the fund seems to rely on a longer tail of exposures rather than a small cluster alone. That may help reduce dependence on any one issuer while still keeping the portfolio anchored in short-term debt instruments.
In practical terms, the structure looks relatively diversified within the money-market bucket, though the biggest positions may still matter on a day-to-day basis. The overall shape is consistent with a fund that seeks stability through many smaller lines rather than concentrated bets.
Source data date: as of 09 Sep 2026
Who should invest
This fund may suit investors who are comfortable with the risk profile of a short-duration debt scheme and want a steadier return pattern than equity-oriented products can offer. Its 1-year, 3-year and 5-year returns have been consistently positive, and they have remained ahead of the benchmark over the same periods.
The main trade-off is that this steadiness typically comes with limited upside compared with higher-risk assets. The portfolio is built around certificates of deposit and treasury bills, so investors looking for sharp growth may find it too conservative, while those seeking a smoother debt allocation may find the horizon and risk profile more appropriate.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load: No exit load.
Source data date: as of 09 Sep 2026
Frequently asked questions
What is the current NAV of Invesco India Money Market Fund Direct Growth Plan?
The current NAV is ₹3,405.3904 as of 09 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 6.62%, its 3-year return is 7.29%, and its 5-year return is 6.46%.
How has the fund performed against the benchmark?
It has stayed ahead of the benchmark across 1 month, 3 months, 1 year, 3 years and 5 years. The clearest gap is in the 1-year period, where the benchmark was negative while the fund remained positive.
How does it compare with peer money market funds on recent returns?
Its 1-year return is a little below several peer funds in the list, while its 3-year and 5-year numbers are more competitive. The longer-term comparison is tighter than the latest 1-year figure.
What is the minimum SIP amount?
The minimum SIP amount is ₹1,000.
Who manages the fund and what is the exit load?
The fund is managed by Krishna Cheemalapati and Vikas Garg. The exit load is no exit load.
Bottom line
Invesco India Money Market Fund Direct Growth Plan has shown a steady return pattern, with recent results broadly in line with its longer-term record. It stays ahead of the benchmark across all the displayed horizons, while peer comparisons show a mixed but respectable position versus other money market funds. The portfolio is built around short-term debt instruments such as certificates of deposit and treasury bills, which supports the fund’s measured risk profile. That combination may appeal most to investors seeking a stable debt allocation with a multi-year holding mindset.
Published on 10 September 2026 at 11:15 AM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.