Nippon India Overnight Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Nippon India Overnight Fund Direct Growth Plan has a NAV of ₹148.1453 as of 17 Sep 2026 and a scheme AUM of ₹8,547 Cr. Its 1-year, 3-year and 5-year returns are 5.29%, 6.09% and 5.73%, and the fund sits in the Low Risk category.
Our view is that this is a conservative overnight-style allocation with steady long-term compounding rather than sharp upsides. The benchmark has been weaker over the shorter periods, while the fund has stayed comparatively stable, which makes it more suitable for investors who value liquidity, low volatility and a narrow return band over aggressive growth.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹148.1453 as of 17 Sep 2026 |
| AUM | ₹8,547 Cr |
| Expense Ratio | 0.08% |
| Launch Date | 18 Dec 2018 |
| Risk Category | Low Risk |
| Benchmark | Nifty 50 |
| Fund Category | Liquid |
| Exit Load | No exit load |
| Fund Managers | Vikash Agarwal |
The fund is managed by Vikash Agarwal.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.4% | -3.66% |
| 3M | 1.27% | -3.71% |
| 1Y | 5.29% | -7.13% |
| 3Y | 6.09% | 5.82% |
| 5Y | 5.73% | 5.72% |
The fund has held up better than the benchmark over the shorter periods. The 1-month and 3-month results are modest but positive, while the benchmark was negative in both windows. That points to a smoother short-term path for the fund, which is what investors usually want from an overnight-style product.
Over 1 year, the gap is wider: the fund returned 5.29% while the benchmark fell 7.13%. That is a meaningful divergence and suggests the fund has been far less exposed to the benchmark’s weaker direction in the recent cycle. For a conservative allocation, that relative resilience matters more than chasing a high headline return.
The longer view is steadier than dramatic. The 3-year return of 6.09% is only slightly ahead of the benchmark at 5.82%, and the 5-year return of 5.73% is almost identical to the benchmark’s 5.72%. Our view is that this pattern shows consistency rather than a sudden change in style: the fund has not needed a strong market backdrop to stay in line over longer periods.
Recent behaviour is therefore better than the benchmark, but it is not a story of accelerating performance. The fund’s return pattern across 3 years and 5 years suggests slow, controlled compounding, while the last 12 months show a clearer cushion versus the benchmark’s weakness. That combination suits investors who want stability first and only moderate return expectations.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD Nippon India Overnight?
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 Nippon India Overnight? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Nippon India Overnight Fund Direct Growth Plan | 5.29% | 6.09% | 5.73% |
| Bank of India Overnight Fund Direct Growth Plan | 5.51% | 6.21% | 5.83% |
| 360 ONE Overnight Fund Direct Growth Plan | 5.31% | Data not available | Data not available |
| Baroda BNP Paribas Overnight Fund Direct Growth Plan | 5.29% | 6.08% | 5.72% |
| JioBlackRock Overnight Fund Direct Growth Plan | 5.28% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The current fund sits close to the middle of this peer set on the 1-year figure, with Bank of India Overnight Fund Direct Growth Plan and 360 ONE Overnight Fund Direct Growth Plan showing slightly higher recent returns. The 3-year and 5-year numbers are also very close across the fully available peers, which tells us the recent spread is narrow rather than decisive.
Against Bank of India Overnight Fund Direct Growth Plan, this fund is a touch lighter on 1-year, 3-year and 5-year returns. Against Baroda BNP Paribas Overnight Fund Direct Growth Plan, it is essentially in line over 1 year and marginally ahead over longer periods. The shorter-term and longer-term comparisons therefore tell a similar story: the fund is broadly competitive, but not clearly separated from the peer group on return data alone.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Reverse Repo | Cash & Cash Equivalents and Net Assets | 64.34% |
| Triparty Repo | Cash & Cash Equivalents and Net Assets | 21.1% |
| 5.35% Corporate Bond Repo (MD 01-09-2026) | Cash & Cash Equivalents and Net Assets | 9.52% |
| 182 Days Tbill | Treasury Bills | 3.62% |
| 91 Days Tbill | Treasury Bills | 1.63% |
| Cash Margin – Ccil | Cash & Cash Equivalents and Net Assets | 0.55% |
The largest holding, Reverse Repo, accounts for 64.34% of the portfolio. That is a very large single position, and it means the portfolio’s short-term cash and collateral structure is likely to have the greatest influence on day-to-day movement.
Weight falls fairly quickly after that first line item: Triparty Repo is 21.1%, and the third holding is 9.52%. By the time we reach the treasury bill positions and cash margin, the weights are much smaller. That pattern suggests a clearly front-loaded structure rather than a balanced spread across many similarly sized holdings.
All six disclosed holdings together add up to 100%, so the portfolio is fully visible in these line items. Even so, the combined structure remains concentrated in cash-equivalent and repo exposure, which is consistent with the fund’s low-risk profile and may help explain the comparatively steady return pattern.
Source data date: as of 17 Sep 2026
Who should invest
This fund is best suited to investors with low risk tolerance who want a short holding horizon and value capital stability over high upside. Its return pattern across 1 year, 3 years and 5 years is steady rather than exciting, and the benchmark comparison shows that it has been more resilient over weak shorter periods.
The main trade-off is simple: investors may accept modest return expectations in exchange for a low-risk structure and liquidity-oriented portfolio mix. In our view, that makes it more suitable as a parking avenue or an ultra-conservative allocation than as a growth engine. The peer comparison also shows that returns are closely clustered, so the choice here is more about stability and fit than about chasing a large performance gap.
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 17 Sep 2026
Frequently asked questions
What is the current NAV of Nippon India Overnight Fund Direct Growth Plan?
The current NAV is ₹148.1453 as of 17 Sep 2026.
What are the 1-year, 3-year and 5-year returns?
The 1-year return is 5.29%, the 3-year return is 6.09% and the 5-year return is 5.73%.
How has the fund performed versus the benchmark?
It has outperformed the benchmark over 1 month, 3 months and 1 year, while the 3-year and 5-year numbers are very close to the benchmark.
How does it compare with peer funds?
Its 1-year return is close to the peer group, while its 3-year and 5-year figures are also broadly in line with the peers that have those periods available.
What is the minimum SIP amount?
There is no minimum SIP amount shown for this fund here.
Who manages the fund and what is the exit load?
The fund is managed by Vikash Agarwal, and the exit load is no exit load.
Bottom line
Nippon India Overnight Fund Direct Growth Plan has delivered a steadier recent stretch than its benchmark, while its 3-year and 5-year results remain close to the broader peer and benchmark pattern. That makes it a lower-risk, liquidity-oriented fund rather than a return-chasing one. The portfolio is heavily tilted toward reverse repo and other cash-equivalent exposures, which aligns with the low-volatility profile. Our view is that it fits investors seeking conservative parking with modest compounding and minimal portfolio complexity.
Published on 18 September 2026 at 4:12 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.