SBI Nifty Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 10, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
SBI Nifty Index Fund Direct Growth Plan closed at ₹219.2822 as of 09 Sep 2026, with AUM of ₹13,927 Cr. Its 1-year, 3-year and 5-year returns are -5%, 6.69% and 7.16%, and the scheme sits in the High Risk bucket.
Our view is that this is a plain-vanilla Nifty 50 index strategy rather than a differentiated return engine. The longer-term record is modest, while the recent 1-year stretch has been weak, so the fund fits investors who want broad large-cap market exposure and can tolerate a full equity drawdown cycle.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹219.2822 as of 09 Sep 2026 |
| AUM | ₹13,927 Cr |
| Expense Ratio | 0.19% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | 0.20% on or before 15D, Nil after 15D |
| Fund Managers | Viral Chhadva |
The fund is managed by Viral Chhadva.
Source data date: as of 09 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -4.67% | -4.69% |
| 3M | 1.48% | 0.93% |
| 1Y | -5% | -7.16% |
| 3Y | 6.69% | 6% |
| 5Y | 7.16% | 5.87% |
The recent pattern has been mixed, but not erratic. Over 1 month, the fund tracked the benchmark closely and only slightly outpaced it, which tells us the portfolio is behaving like a broad market tracker rather than trying to deviate meaningfully from index moves.
The 3-month return is better than the benchmark, so the fund has recovered more cleanly in the short term. That said, the 1-year return is still negative, which means the last full year has been uncomfortable for investors even though the scheme has done better than the Nifty 50 on the same horizon.
The longer record is steadier. Both the 3-year and 5-year numbers are ahead of the benchmark, and that supports the idea that tracking a large-cap index can still deliver acceptable compounding when the market broadens over time. The shape of the time pattern also suggests periodic drawdowns rather than a smooth climb, which is normal for equity index exposure.
Our view is that the fund has not shown a distinct style edge, but it has defended itself better than the benchmark across the 1-year, 3-year and 5-year windows. For an index fund, that relative consistency matters more than short bursts of outperformance.
Source data date: as of 09 Sep 2026
Should you BUY or HOLD SBI Nifty Index?
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 Nifty Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| SBI Nifty Index Fund Direct Growth Plan | -5% | 6.69% | 7.16% |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 33.02% | 30.03% | Data not available |
| Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan | 32.69% | Data not available | Data not available |
| Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan | 31.48% | Data not available | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 25.59% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 24.6% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On 1-year numbers, the fund trails the peer set we can compare directly, because several thematic index funds have far stronger short-term gains. That does not make the comparison apples-to-apples, but it does show that a Nifty 50 tracker has a more muted payoff profile when the market favours narrow themes.
The longer-term picture is different. The fund’s 3-year and 5-year returns are positive and consistent, while most of the peer examples here do not provide comparable long-run figures. Within the available data, the fund therefore looks more stable on longer horizons than the thematic funds that dominate the short-term list.
Source data date: as of 09 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| HDFC Bank Ltd. | Bank | 9.85% |
| ICICI Bank Ltd. | Bank | 9.45% |
| Reliance Industries Ltd. | Crude Oil | 7.83% |
| Bharti Airtel Ltd. | Telecom | 5% |
| Larsen & Toubro Ltd. | Infrastructure | 4.3% |
| State Bank of India | Bank | 3.98% |
| Infosys Ltd. | IT | 3.61% |
| Axis Bank Ltd. | Bank | 3.39% |
| Kotak Mahindra Bank Ltd. | Bank | 2.8% |
| Mahindra & Mahindra Ltd. | Automobile & Ancillaries | 2.66% |
The top 10 holdings account for approximately 52.87% of the portfolio.
To see all holdings, visit the SBI Nifty Index Fund Direct Growth Plan page
The largest holding, HDFC Bank Ltd., carries a 9.85% weight, so it is large enough to matter but not so large that one position dominates the scheme. The gap from the first holding to the tenth is also fairly contained, which suggests the portfolio is anchored by a cluster of large names rather than a single oversized bet.
That pattern may reduce reliance on any one company inside the Nifty 50 basket, while still leaving the fund sensitive to the largest banks and other major index constituents. With 49 disclosed holdings and just over half of the portfolio shown in the top 10, the tail beyond the largest positions is likely to remain important, but less influential at the individual stock level.
In practical terms, this is the kind of portfolio construction that can deliver broad market participation without extreme single-stock concentration. It also means the fund may move closely with the index’s largest constituents, especially because several of the leading holdings are from the banking space.
Source data date: as of 09 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk equity exposure and want a simple Nifty 50 tracker for long holding periods. The 1-year result is negative, but the 3-year and 5-year figures are positive and better than the benchmark, so the fund fits people who can stay invested through down phases instead of reacting to short-term swings.
The main trade-off is straightforward: you get low-cost large-cap market exposure and benchmark-style diversification, but you should accept that returns will still move with equity cycles. The portfolio is concentrated in a set of large index names, so the experience will be closely tied to the broader market rather than to a specialised theme.
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: 0.20% if units are sold on or before 15 days; nil after 15 days.
Source data date: as of 09 Sep 2026
Frequently asked questions
What is the current NAV of SBI Nifty Index Fund Direct Growth Plan?
The current NAV is ₹219.2822 as of 09 Sep 2026.
How has SBI Nifty Index Fund Direct Growth Plan performed over 1 year, 3 years and 5 years?
Its returns are -5% over 1 year, 6.69% over 3 years and 7.16% over 5 years.
How does the fund compare with the Nifty 50 benchmark?
It has done better than the benchmark over 3 years and 5 years, and it also held up better over 1 year. Over 1 month, it was very close to the benchmark.
What is the minimum SIP for this fund?
The minimum SIP is ₹500.
Who manages SBI Nifty Index Fund Direct Growth Plan?
Viral Chhadva manages the fund.
What is the exit load and risk category?
The fund is in the High Risk category. The exit load is 0.20% if units are sold on or before 15 days, and nil after 15 days.
Bottom line
SBI Nifty Index Fund Direct Growth Plan has a mixed recent record, but its 3-year and 5-year results are positive and ahead of the benchmark, which points to steadier long-run tracking than the weak 1-year number suggests. Compared with the peer examples here, its short-term return is much more restrained because it follows the Nifty 50 rather than a hot theme. The portfolio is built around a set of large index names, so it suits investors who want broad large-cap exposure and can live with equity volatility.
Published on 10 September 2026 at 1:16 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.