Bandhan Overnight Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Bandhan Overnight Fund Direct Growth Plan is trading at ₹1470.2971 as of 15 Sep 2026, with an AUM of ₹1,160 Cr. Its 1-year, 3-year and 5-year returns are 5.28%, 6.08% and 5.71%, and the fund sits in the Low Risk category.

Our view is that this is a steady, cash-and-short-duration oriented overnight fund for conservative investors who want low volatility more than high return potential. The portfolio is dominated by reverse repo, certificates of deposit and treasury bills, which supports stability, but also means the return profile is likely to stay close to short-term rates rather than equity-style growth.

Quick facts

Particular	Details
NAV	₹1,470.2971 as of 15 Sep 2026
AUM	₹1,160 Cr
Expense Ratio	0.05%
Launch Date	18 Jan 2019
Risk Category	Low Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	No exit load
Fund Managers	Brijesh Shah

The fund is managed by Brijesh Shah.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.4%	-4.81%
3M	1.26%	-3.63%
1Y	5.28%	-8.27%
3Y	6.08%	5.59%
5Y	5.71%	5.58%

The recent return pattern is calm rather than dramatic. Over 1 month and 3 months, the fund has stayed positive while the benchmark has been negative, which points to the portfolio acting as a defensive parking place when markets are choppy.

That short-term stability also matches the broader 1-year result. The fund’s 5.28% one-year return is positive, while the benchmark shows a decline over the same period, so the fund has held up better through the latest cycle. The shape of the return path suggests only modest movement, which is what we would expect from an overnight strategy.

Over longer horizons, the picture is more measured. The 3-year return of 6.08% is slightly ahead of the benchmark’s 5.59%, and the 5-year return of 5.71% is also just above the benchmark’s 5.58%. That tells us the fund has done what conservative cash management products are meant to do: preserve stability first, while still generating a small edge over the index over time.

What stands out is that the recent period and the longer horizon point in the same direction. The fund has not shown sharp swings, and the consistency versus the benchmark is more important here than any single period figure. For an overnight fund, that steady compounding profile is the main takeaway.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Bandhan 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Bandhan Overnight Fund Direct Growth Plan	5.28%	6.08%	5.71%
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 latest one-year number, the fund trails the better-performing liquid-fund peers in this set, which is not surprising for a more defensive overnight strategy. The gap is visible in both the 1-year and longer-period figures, where the liquid peers cluster above 6% while this fund stays closer to the mid-5% to low-6% range.

Even so, the 3-year and 5-year numbers still show a stable, respectable outcome rather than clear weakness. The comparison is useful because it shows two different objectives: peers in the table have pursued a somewhat higher return band, while this fund has focused more on capital stability and low movement. For investors, the distinction matters more than the raw spread in returns.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Reverse Repo	Cash & Cash Equivalents and Net Assets	57.72%
Bank of Baroda	Certificate of Deposit	10.78%
Canara Bank	Certificate of Deposit	10.78%
Indian Bank	Certificate of Deposit	10.78%
Triparty Repo TRP_010926	Cash & Cash Equivalents and Net Assets	6.14%
91 Days Tbill (MD 10/09/2026)	Treasury Bills	3.44%
182 Days Tbill (MD 03/09/2026)	Treasury Bills	1.29%
182 Days Tbill (MD 18/09/2026)	Treasury Bills	1.29%

The largest holding, Reverse Repo, is 57.72% of the portfolio, so it is likely to have the greatest influence on day-to-day stability. The next three positions are all certificates of deposit at 10.78% each, which creates a very clear core around short-term money-market instruments.

Weight falls quickly after that first block. From 57.72% in the largest holding to 6.14% in triparty repo, the fund shifts sharply toward smaller support positions, and the treasury-bill holdings are lighter still at 3.44%, 1.29% and 1.29%. That pattern suggests a portfolio built for liquidity and low movement rather than for broad diversification across many unrelated assets.

Because the disclosed holdings list contains only 8 lines and the top holdings together account for 100% of the portfolio, the structure looks highly concentrated in a handful of very short-duration cash instruments. That concentration may help keep the fund’s behaviour steady, but it also means the portfolio is not designed to spread risk across a long tail of positions.

Source data date: as of 15 Sep 2026

Who should invest

This fund is best suited to investors who are comfortable with low-risk positioning and want a short-horizon parking option rather than a return-maximising product. The 1-year, 3-year and 5-year figures are steady, but they are not meaningfully above liquid-fund-style alternatives in the peer set, so the trade-off is clear: lower movement and simple cash-like exposure in exchange for a more modest return profile.

Our view is that the fund fits investors who value stability, quick access and a portfolio built largely around reverse repo, CDs and treasury bills. The benchmark comparison also supports that read, because the fund has held up better than the benchmark in the recent period and stayed close to it over longer horizons. A longer holding period is not required for this kind of strategy, but investors should still expect incremental gains rather than large jumps.

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 Bandhan Overnight Fund Direct Growth Plan?

The current NAV is ₹1470.2971 as of 15 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The fund’s 1-year, 3-year and 5-year returns are 5.28%, 6.08% and 5.71%.

How does it compare with the benchmark?

It has stayed above the benchmark over 1 month, 3 months, 1 year, 3 years and 5 years. The recent gap is especially visible in the 1-year period, where the benchmark is negative and the fund remains positive.

How does it compare with the peer funds listed here?

The fund trails the listed liquid-fund peers on the 1-year figure, and the longer-period returns are also generally lower where data is available. That difference reflects a more defensive overnight profile rather than a high-return liquid-fund stance.

Is there a minimum SIP amount?

No minimum SIP amount is stated here. The fund does allow SIPs, but the minimum SIP value is not specified.

What are the risk level, key holdings and exit load?

The fund is in the Low Risk category. Its portfolio is dominated by reverse repo, certificates of deposit and treasury bills, and it has no exit load. Brijesh Shah is the current fund manager.

Bottom line

Bandhan Overnight Fund Direct Growth Plan has a calm return pattern that is more consistent than exciting, and that is exactly what its portfolio suggests. It has edged the benchmark over the medium and long term, while the peer set here shows that liquid-fund alternatives have delivered somewhat higher returns. The fund’s strength is its low-risk, cash-heavy structure, led by reverse repo and short-term paper. For investors who want stability and liquidity first, it fits the role well.

Published on 16 September 2026 at 11:52 AM 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.