DSP Nifty Private Bank Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
DSP Nifty Private Bank Index Fund Direct Growth Plan is a concentrated private-bank index fund with a NAV of ₹11.1556 as of 15 Sep 2026 and scheme AUM of ₹110 Cr. Its 1-year, 3-year and 5-year returns are 3.14%, 0% and 0%, and the fund sits in the High Risk category. Our view is that it suits investors who want sector-specific exposure and can accept uneven short-term moves for the chance to participate in the private banking space.
The portfolio is heavily tilted toward a handful of large private banks, so its behaviour can differ sharply from broader market funds. That makes it more suitable as a satellite allocation than as a core equity holding.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹11.1556 as of 15 Sep 2026 |
| AUM | ₹110 Cr |
| Expense Ratio | 0.25% |
| Launch Date | 06 Mar 2025 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | No exit load |
| Fund Managers | Anil Ghelani, Diipesh Shah, Neha Rathi |
The fund is managed by Anil Ghelani, Diipesh Shah and Neha Rathi.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -0.91% | -4.81% |
| 3M | -2.54% | -3.63% |
| 1Y | 3.14% | -8.27% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The fund has held up better than the benchmark over the recent one-month, three-month and one-year windows, which tells us the private-bank basket has been more resilient than the broader Nifty 50 during this stretch. Even so, the fund’s own 3-month return is negative, so the recent path has not been smooth.
That matters because the scheme was launched only in March 2025, so there is not yet a long calendar history to judge it over full market cycles. The available path suggests the fund can recover after softer phases, but the movement is still tied closely to a narrow banking theme.
The 1-year return staying positive while the benchmark is negative is a clear relative-strength signal. At the same time, the absence of 3-year and 5-year figures means we should treat the fund as a short-history product rather than a seasoned long-term compounding record.
For investors, the key takeaway is that this is less about broad diversification and more about whether they want focused exposure to private banks. The recent pattern shows resilience versus the benchmark, but the fund is still early in its life and can remain sensitive to shifts in banking sentiment.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD DSP Nifty Private Bank 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 DSP Nifty Private Bank Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| DSP Nifty Private Bank Index Fund Direct Growth Plan | 3.14% | Data not available | Data not available |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 32.61% | 29.92% | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 25.91% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 21.71% | Data not available | Data not available |
| Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan | 20.15% | Data not available | Data not available |
| ICICI Pru Nifty Pharma Index Fund Direct Growth Plan | 18.11% | 18.92% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On recent numbers, the fund trails the stronger peer returns in the table, especially over 1 year, where several comparison funds have delivered much higher gains. The same gap remains visible where 3-year data is available: the fund has no 3-year figure, while some peers do.
That said, the comparison is not just about upside. The fund’s more important message is that it has stayed ahead of its benchmark in the periods available, even if the peer set has posted stronger absolute returns in several cases. The short-history nature of the scheme means long-run peer comparison is still limited.
Source data date: as of 15 Sep 2026
Want to know more? Log in to Univest for more mutual fund insights.
Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Limited | Bank | 22.07% |
| Kotak Mahindra Bank Limited | Bank | 20.73% |
| Axis Bank Limited | Bank | 18.98% |
| HDFC Bank Limited | Bank | 18.64% |
| Federal Bank Limited | Bank | 5.9% |
| Indusind Bank Limited | Bank | 4.5% |
| IDFC First Bank Limited | Bank | 3.83% |
| Yes Bank Limited | Bank | 2.69% |
| RBL Bank Limited | Bank | 1.58% |
| Bandhan Bank Limited | Bank | 1% |
The largest holding, ICICI Bank Limited, carries a 22.07% weight, so it could have a noticeable effect on returns whenever the banking theme moves. Kotak Mahindra Bank Limited, Axis Bank Limited and HDFC Bank Limited also sit above 18%, which means the top four positions together dominate the portfolio shape.
Weight falls away after the top quartet, but the decline is not abrupt enough to create a broad, multi-sector spread. The fifth through tenth holdings are all still bank names, with weights ranging from 5.9% down to 1%, so the fund remains tightly tied to one segment of the market.
Because the disclosed holdings account for 99.92% of the portfolio across 10 names, the fund is likely to have greater influence from each of these individual banks than a diversified equity fund would. That concentration may help the strategy stay true to its index mandate, but it also means sector-specific moves could matter more than stock-specific diversification.
Source data date: as of 15 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk exposure and want a focused allocation to private banks rather than a broad market basket. The available return pattern shows better recent resilience than the benchmark, but the scheme is still young, so it does not yet offer a long track record across different market cycles.
It is most sensible for a medium- to long-term horizon, especially if an investor is already diversified elsewhere and wants a thematic equity slice. The main trade-off is concentration: the portfolio is heavily centred on a small set of banks, so the fund may move sharply when the banking theme strengthens or weakens.
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 15 Sep 2026
Frequently asked questions
What is the current NAV of DSP Nifty Private Bank Index Fund Direct Growth Plan?
The current NAV is ₹11.1556 as of 15 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 3.14%, while the 3-year and 5-year returns are both shown as Data not available.
How has it performed versus the benchmark?
It has done better than Nifty 50 in the available 1-month, 3-month and 1-year periods. The benchmark figures are lower in each of those windows.
How does it compare with peer funds on available return data?
Its recent return is much lower than several peer funds in the comparison table, especially over 1 year. The longer-horizon comparison is limited because this fund does not yet have 3-year or 5-year figures.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
What is the risk profile and exit load structure?
The fund is in the High Risk category. It has no exit load, and the portfolio is managed by Anil Ghelani, Diipesh Shah and Neha Rathi.
Bottom line
DSP Nifty Private Bank Index Fund Direct Growth Plan has shown better recent resilience than its benchmark, but its short history means we should avoid reading too much into long-term consistency. The fund also trails several peer schemes on available 1-year figures, even though its benchmark-relative performance is stronger. Its biggest defining feature is concentration in private banks, which can sharpen results when the sector is in favour and raise sensitivity when it is not.
Published on 16 September 2026 at 2:06 PM IST
Explore mutual funds with Univest
Review mutual fund data, compare performance and explore fund insights on Univest.
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.