ICICI Pru Nifty Bank Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Nifty Bank Index Fund Direct Growth Plan had a NAV of ₹16.2615 as of 16 Sep 2026 and scheme AUM of ₹793 Cr. Its 1-year, 3-year and 5-year returns are 2.52%, 7.33% and 0% respectively, and it sits in the High Risk category.
Our view is that this fund suits investors who want focused exposure to banking stocks and can accept sharp swings. The return pattern has been uneven over the short run, but the 3-year result is better than the benchmark’s, which suggests the fund has held up more effectively than its reference index over that window.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹16.2615 as of 16 Sep 2026 |
| AUM | ₹793 Cr |
| Expense Ratio | 0.15% |
| Launch Date | 02 Mar 2022 |
| Min SIP | ₹1,000 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | No exit load |
| Fund Managers | Nishit Patel, Ashwini Shinde, Ajaykumar Solanki, Venus Ahuja |
The fund is managed by Nishit Patel, Ashwini Shinde, Ajaykumar Solanki and Venus Ahuja.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.1% | -4.41% |
| 3M | -1.81% | -3.6% |
| 1Y | 2.52% | -7.76% |
| 3Y | 7.33% | 5.74% |
| 5Y | Data not available | Data not available |
The recent picture is softer than the 3-year trend, but it is not weak relative to the benchmark. The fund fell in the 1-month and 3-month windows, yet the declines were smaller than the benchmark’s, which tells us the portfolio weathered the recent stretch better than the reference index.
The 1-year figure is modest at 2.52%, but the benchmark is lower at -7.76%. That gap matters: even though the fund has not delivered a strong absolute one-year gain, it has clearly done better than the benchmark over the same period. For an index strategy, that relative resilience is important.
Over 3 years, the fund has compounded at 7.33% versus 5.74% for the benchmark. That suggests the longer holding period has been more rewarding than the shorter one, and it also shows that the fund’s banking exposure has been able to produce steadier compounding than the broad reference measure used here.
The 5-year field is not available, so we do not treat the fund as having a long full-cycle record in this review. In practical terms, our reading is that the fund’s current phase looks uneven, but its medium-term behaviour is still ahead of the benchmark and better supported than the recent one-month and three-month softness might first suggest.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD ICICI Pru Nifty 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 ICICI Pru Nifty Bank Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Nifty Bank Index Fund Direct Growth Plan | 2.52% | 7.33% | Data not available |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 29.31% | 30.01% | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 21.45% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 21.13% | Data not available | Data not available |
| Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan | 20.68% | Data not available | Data not available |
| ICICI Pru Nifty Pharma Index Fund Direct Growth Plan | 17.57% | 18.84% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The current fund trails the stronger recent one-year returns seen in the peer set, but the comparison changes when we look at the longer window. Its 3-year return of 7.33% is lower than the available 3-year peer figures in this group, which means the medium-term outcome has been steadier than the short-term drop in the benchmark but still more subdued than some peers with multi-year data.
That contrast matters because the peer set is not telling one single story. Some peers have much stronger short-term returns, while others do not have longer-term figures available. Against that backdrop, this fund looks more like a defensive banking-index play than a high-growth compounding story. The recent softness therefore needs to be read alongside its benchmark-relative resilience and the concentrated nature of the portfolio.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| HDFC Bank Ltd. | Bank | 17.01% |
| ICICI Bank Ltd. | Bank | 14.84% |
| State Bank of India | Bank | 10.26% |
| Kotak Mahindra Bank Ltd. | Bank | 9.87% |
| Axis Bank Ltd. | Bank | 9.19% |
| The Federal Bank Ltd. | Bank | 7.14% |
| Indusind Bank Ltd. | Bank | 5.44% |
| AU Small Finance Bank Ltd. | Bank | 4.82% |
| IDFC First Bank Ltd. | Bank | 4.67% |
| Bank of Baroda | Bank | 3.47% |
The top 10 holdings account for approximately 86.71% of the portfolio.
To see all holdings, visit the ICICI Pru Nifty Bank Index Fund Direct Growth Plan page
The largest holding, HDFC Bank Ltd., is 17.01%, so it is likely to have greater influence on the fund than any single smaller position in the list. The next four holdings are also all near or above 9%, which tells us the portfolio is not a broad, evenly spread basket inside this visible slice.
Weight then falls to 7.14% at the sixth holding and to 3.47% by the tenth, so the concentration tapers gradually rather than dropping off sharply. With 86.71% of the portfolio in the top 10 and 14 holdings disclosed in total, our view is that this is a fairly concentrated banking portfolio with a meaningful long tail beyond the visible core.
That structure may help explain why the fund’s behaviour tracks bank-stock swings closely. It could also mean that changes in a few large banks may contribute more to near-term movement than changes across the smaller positions.
Source data date: as of 16 Sep 2026
Who should invest
This fund fits investors who are comfortable with High Risk exposure and can stay invested through bank-sector volatility. The recent 1-year result is modest, but the 3-year track is better than the benchmark, which suggests the fund has been able to recover more effectively over a fuller holding period.
The main trade-off is clear: you get concentrated exposure to banking names, but that concentration can mean sharper swings when the sector weakens. Investors with a medium to long horizon and a clear view that they want bank-heavy index exposure may find the structure easier to understand than a broader, more diversified equity fund.
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 16 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Nifty Bank Index Fund Direct Growth Plan?
The current NAV is ₹16.2615 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 2.52%, the 3-year return is 7.33%, and the 5-year return is Data not available.
How does the fund compare with its benchmark?
It has outperformed the benchmark over 1 year and 3 years. The fund returned 2.52% over 1 year versus -7.76% for the benchmark, and 7.33% over 3 years versus 5.74% for the benchmark.
How does it compare with the peer funds listed here?
Its 1-year return is lower than the stronger peer figures shown here, while its 3-year return is also below the available multi-year peer figures in this set. That makes it look more measured on returns than the faster-growing peers in the table.
Is there a minimum SIP for this fund?
Yes. The minimum SIP is ₹1000.
Who manages the fund and what is the exit load?
The fund is managed by Nishit Patel, Ashwini Shinde, Ajaykumar Solanki and Venus Ahuja. There is no exit load.
Bottom line
ICICI Pru Nifty Bank Index Fund Direct Growth Plan has had a mixed short-term run, but its 3-year return is more constructive and it has done better than the benchmark over both 1 year and 3 years. Against the listed peers, the return picture is less forceful, especially on the shorter horizon. The portfolio is tightly centred on banks, with HDFC Bank and ICICI Bank carrying the largest weights, so this is best read as a concentrated sector exposure rather than a broad equity allocation.
Published on 17 September 2026 at 2:16 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.