Franklin India Overnight Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Franklin India Overnight Fund Direct Growth Plan is an overnight strategy with a current NAV of ₹1,438.3439 as of 15 Sep 2026 and scheme AUM of ₹685 Cr. Its 1-year, 3-year and 5-year returns are 5.33%, 6.07% and 5.68%, and the fund sits in the Low Risk category. In our view, it is better suited to conservative money that values day-to-day stability over aggressive return chasing.
The portfolio is built almost entirely around cash and very short-dated treasury bills, so it may behave more like a parking place than a return-seeking equity substitute. That positioning helps explain why its benchmark comparison and peer comparison matter more for relative steadiness than for standout upside.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹1,438.3439 as of 15 Sep 2026 |
| AUM | ₹685 Cr |
| Expense Ratio | 0.07% |
| Launch Date | 08 May 2019 |
| Min SIP | ₹500 |
| Risk Category | Low Risk |
| Benchmark | Nifty 50 |
| Fund Category | Liquid |
| Exit Load | No exit load |
| Fund Managers | Pallab Roy, Rohan Maru |
The fund is managed by Pallab Roy and Rohan Maru.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.40% | -4.81% |
| 3M | 1.27% | -3.63% |
| 1Y | 5.33% | -8.27% |
| 3Y | 6.07% | 5.59% |
| 5Y | 5.68% | 5.58% |
The fund has held up steadily over the recent periods, which is what we would expect from an overnight product. Over 1 month and 3 months, the returns stayed positive while the benchmark was negative, so the fund preserved value better through a weak market backdrop.
The 1-year figure is also clearly ahead of the benchmark, which suggests the fund has done a good job of maintaining short-term resilience. That said, the longer pattern is more measured: the 3-year and 5-year returns are close to the benchmark, with only a small edge over both periods. This tells us the fund has not been a high-growth compounding vehicle, but it has delivered a fairly consistent drift higher without sharp drawdowns.
Looking at the path of returns rather than just the end points, the movement is gradual rather than jumpy. There is some short-term fluctuation, but nothing that changes the core picture: this is a low-volatility fund where the main appeal is capital preservation and liquidity, not aggressive outperformance.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD Franklin 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 Franklin India Overnight? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Franklin India Overnight Fund Direct Growth Plan | 5.33% | 6.07% | 5.68% |
| Axis Liquid Fund Direct Growth Plan | 6.6% | 7.02% | 6.4% |
| Sundaram Liquid Fund Direct Growth Plan | 6.6% | 7.01% | 6.38% |
| Aditya Birla SL Liquid Fund Direct Growth Plan | 6.59% | 7.02% | 6.41% |
| JioBlackRock Liquid Fund Direct Growth Plan | 6.58% | Data not available | Data not available |
| Edelweiss Liquid Fund Direct Growth Plan | 6.57% | 7.02% | 6.39% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the recent 1-year number, the fund trails the peer names shown here, which all sit in a narrower band around the mid-6% range. The longer horizon picture is more balanced: the 3-year and 5-year figures are below the better peer outcomes available in the table, but the gap is not extreme, and the fund still shows a stable, low-volatility profile rather than a return-chasing one.
The short-term and longer-term comparisons tell the same basic story: this fund is more about consistency than stretching for the highest number in the group. For investors who want overnight exposure with a calm return pattern, that trade-off may be acceptable.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Call, Cash & Other Assets | Cash & Cash Equivalents and Net Assets | 94.62% |
| 91 DTB (24-Sep-2026) $$ ~~ | Treasury Bills | 3.2% |
| 182 DTB (18-Sep-2026) $$ ~~ | Treasury Bills | 2.18% |
The largest holding, Call, Cash & Other Assets, is 94.62% of the portfolio, so the fund is overwhelmingly positioned for liquidity and short-term stability. The next two holdings are treasury bills, and together they account for only a small fraction of the portfolio, which means the return path is likely to be driven mainly by cash-like exposure rather than by diversified market bets.
There are only three disclosed holdings in total, and the weight drops sharply after the largest line item. That concentration may be appropriate for an overnight fund, because the objective is usually to keep the portfolio simple, short dated and easy to redeem. The disclosed holdings also sum to 100%, so there is no hidden tail in the visible portfolio list.
In our view, the structure is very concentrated but not in an equity-style risk sense. Instead, it points to a deliberate low-duration design where a single cash bucket may have the greatest influence on day-to-day behaviour.
Source data date: as of 15 Sep 2026
Who should invest
This fund suits conservative investors who want a low-risk parking option rather than a high-return allocation. The Low Risk label, the steady but modest 1-year, 3-year and 5-year returns, and the close tracking versus the benchmark all point to a product aimed at short holding periods and capital preservation.
The main trade-off is simple: the portfolio may help reduce volatility, but it is unlikely to deliver standout upside. Investors who value liquidity, very short duration and a calm return pattern may find it useful, while those looking for stronger long-term growth may prefer a different category.
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 Franklin India Overnight Fund Direct Growth Plan?
Its current NAV is ₹1,438.3439 as of 15 Sep 2026.
What are the 1-year, 3-year and 5-year returns?
The fund’s returns are 5.33% over 1 year, 6.07% over 3 years and 5.68% over 5 years.
How does the fund compare with its benchmark?
It is ahead of the benchmark over 1 month, 3 months and 1 year, while the 3-year and 5-year figures are very close to the benchmark.
How does it compare with the peer funds listed here?
Its 1-year return trails the peer funds shown here, and its 3-year and 5-year numbers are also below the stronger peer outcomes available in the table. The gap is still consistent with its low-volatility overnight profile.
Is there a minimum SIP amount?
Yes, the minimum SIP amount is ₹500.
Who manages the fund, and what does the portfolio look like?
The fund is managed by Pallab Roy and Rohan Maru. The portfolio is dominated by cash and cash equivalents, with two treasury bills making up the rest of the disclosed holdings.
Bottom line
Franklin India Overnight Fund Direct Growth Plan has a steady return pattern that fits its Low Risk profile. The recent figures are stronger than the benchmark, but the longer-term picture is more measured and sits below the better peer numbers in the comparison set. Its portfolio is extremely simple and highly concentrated in cash-like exposure, which supports liquidity and stability. In our view, this is best understood as a conservative overnight holding rather than a fund for aggressive return seeking.
Published on 16 September 2026 at 12:50 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.