SBI Money Market Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 10, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
SBI Money Market Fund Direct Growth Plan currently has a NAV of ₹48.034 as of 09 Sep 2026 and a scheme AUM of ₹32,207 Cr. Its 1-year, 3-year and 5-year returns are 6.54%, 7.36% and 6.65%, and the risk category is Balanced Risk.
Our view is that the fund has delivered steady medium-term compounding rather than sharp swings, which suits investors who want a debt option with a measured return profile. The portfolio is built around certificate of deposit exposure and short-term money-market instruments, so the return pattern is tied more to carry and rate conditions than to equity-style growth.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹48.034 as of 09 Sep 2026 |
| AUM | ₹32,207 Cr |
| Expense Ratio | 0.25% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹500 |
| Risk Category | Balanced Risk |
| Benchmark | Nifty 50 |
| Fund Category | Debt |
| Exit Load | No exit load |
| Fund Managers | Rajeev Radhakrishnan, Sankalp Jain |
The fund is managed by Rajeev Radhakrishnan and Sankalp Jain.
Source data date: as of 09 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.6% | -4.69% |
| 3M | 2% | 0.93% |
| 1Y | 6.54% | -7.16% |
| 3Y | 7.36% | 6% |
| 5Y | 6.65% | 5.87% |
The short-term pattern is stronger than the benchmark on the available figures. Over 1 month and 1 year, the fund stayed in positive territory while the benchmark was negative, which points to a more stable income-like profile than the broad equity index used here.
The 3-month figure is also positive, though the gap versus the benchmark is narrower. That suggests the recent run has been constructive, but not dramatically different from the benchmark over the very latest quarter. For a debt fund, that kind of consistency matters more than a single standout month.
Looking further out, the 3-year return is ahead of the 5-year return, which tells us the fund has done a little better in the more recent multi-year period than across the full five-year window. The 5-year figure still remains solid, and the fund has preserved a fairly even compounding path rather than depending on one strong burst of performance. In our view, that is the right way to read it: not as a high-growth product, but as one that has compounded in a controlled manner.
The daily pattern also looks relatively restrained, with only modest changes across the observed periods. That supports the case for investors who prefer predictable debt-style behaviour over aggressive return chasing.
Source data date: as of 09 Sep 2026
Should you BUY or HOLD SBI 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 SBI Money Market? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| SBI Money Market Fund Direct Growth Plan | 6.54% | 7.36% | 6.65% |
| 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, the fund trails Union Money Market Fund Direct Growth Plan and is also below the three other peers with available figures in this set. The gap is not large, but it does show that the fund has not been the strongest recent performer among comparable money-market options.
The picture improves over longer horizons. The fund’s 3-year return is ahead of Union Money Market Fund Direct Growth Plan and LIC MF Money Market Fund Direct Growth Plan, while its 5-year return edges above Union Money Market Fund Direct Growth Plan and Bandhan Money Market Fund Direct Growth Plan. Tata Money Market Fund Direct Growth Plan remains above it on both 3-year and 5-year figures, so the longer-term comparison is mixed rather than one-sided.
That split matters. The short-term comparison suggests the fund has been a little less competitive recently, while the longer-term comparison shows it has still compounded well enough to stay relevant versus peers with available data. In our view, the return profile is steady rather than flashy, and that is the point of this category.
Source data date: as of 09 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Canara Bank | Certificate of Deposit | 6.75% |
| Bank of Baroda | Certificate of Deposit | 6.57% |
| Punjab National Bank | Certificate of Deposit | 6.31% |
| Union Bank of India | Certificate of Deposit | 6.08% |
| ICICI Bank Ltd. | Certificate of Deposit | 5.1% |
| Small Industries Development Bank of India | Certificate of Deposit | 4.89% |
| Jio Credit Ltd. | Commercial Paper | 4.48% |
| National Bank for Financing Infrastructure and Development | Certificate of Deposit | 4.35% |
| National Bank for Agriculture and Rural Development | Certificate of Deposit | 4.22% |
| LIC Housing Finance Ltd. | Commercial Paper | 4.07% |
The top 10 holdings account for approximately 52.82% of the portfolio.
To see all holdings, visit the SBI Money Market Fund Direct Growth Plan page
The largest holding, Canara Bank at 6.75%, is meaningful but not dominant. The tenth holding is still 4.07%, so the drop from the top position to the tenth is fairly contained rather than steep.
That pattern suggests a portfolio that may spread exposure across several short-duration instruments instead of leaning heavily on just one name. With 52.82% of the portfolio covered by the top 10 holdings and 39 disclosed holdings in total, the fund is likely to have a reasonably broad tail beyond the largest positions.
For investors, that mix may support a more stable return path, because no single holding appears large enough to drive the whole outcome on its own. The main takeaway is measured concentration: the biggest positions matter, but the portfolio does not look narrowly dependent on one or two exposures.
Source data date: as of 09 Sep 2026
Who should invest
This fund fits investors who are comfortable with debt-fund style ups and downs and are looking for steadier compounding than an equity-led product. The Balanced Risk label and the return pattern both point to a profile that is more suited to medium-term parking of surplus money than to a high-growth allocation.
The main trade-off is simple: you may accept a more modest upside than equity funds in exchange for a smoother path and a portfolio that is built around money-market instruments. The 1-year, 3-year and 5-year return pattern suggests it can keep pace reasonably well over time, but the benchmark comparison shows that recent performance is not dramatic. That makes it more relevant for investors who value consistency and capital preservation orientation over chasing the highest possible return.
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 SBI Money Market Fund Direct Growth Plan?
The current NAV is ₹48.034 as of 09 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 6.54%, the 3-year return is 7.36%, and the 5-year return is 6.65%.
How does the fund compare with the benchmark?
It has done better than the benchmark over 1 month, 1 year and 5 years, while the 3-month gap is smaller. Over 3 years, the fund and benchmark are fairly close, with the fund slightly ahead.
How does it compare with peer funds on available return data?
Its short-term return is a little softer than several comparable peers, but its 3-year and 5-year figures remain broadly competitive. The longer-term picture is mixed rather than weak.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
Who manages the fund and what is the exit load?
The fund is managed by Rajeev Radhakrishnan and Sankalp Jain. The exit load is nil, so there is no exit load on redemption.
Bottom line
SBI Money Market Fund Direct Growth Plan shows a steadier longer-term return profile than its most recent one-year stretch, and that is reflected in how it compares with peers as well. The fund has remained broadly competitive over 3 years and 5 years, even though some peers have been a touch stronger in the near term. With a Balanced Risk label and a portfolio built around deposit-like and commercial paper exposures, it looks better suited to investors who want controlled debt-fund behaviour and a measured return path rather than aggressive upside.
Published on 10 September 2026 at 1:10 PM 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.