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

Choice Overnight Fund Direct Growth Plan currently has an NAV of ₹101.0213 as of 16 Sep 2026 and an AUM of ₹152 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the scheme sits in the Low Risk bucket. Our view is that this is a conservative overnight strategy, but the current return profile is still very early and has not yet built a long performance history.

The portfolio is almost entirely in TREPS and cash-like balances, which fits an overnight mandate. That makes it more about capital preservation and liquidity than return generation, so it is better suited to investors who value stability over growth.

Quick facts

Particular	Details
NAV	₹101.0213 as of 16 Sep 2026
AUM	₹152 Cr
Expense Ratio	0.0%
Launch Date	04 Jul 2026
Min SIP	₹500
Risk Category	Low Risk
Benchmark	Nifty 50
Fund Category	Liquid
Exit Load	No exit load
Fund Managers	Rochan Pattnayak

The fund is managed by Rochan Pattnayak.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.39%	-4.41%
3M	Data not available	Data not available
1Y	0%	Data not available
3Y	0%	Data not available
5Y	0%	Data not available

The most visible short-term point is that the fund was steady over one month, while the benchmark moved down over the same window. That is consistent with an overnight-style portfolio that is designed to avoid large swings rather than to chase market moves. For investors, the useful signal is not excess return, but the lack of drama in the month-to-month path.

The longer view is still limited because the scheme launched only on 04 Jul 2026. The 1-year, 3-year and 5-year figures are all zero in the return history available to us, so there is no mature compounding record to evaluate yet. That means we should treat the recent reading as a snapshot of a new scheme rather than evidence of a proven cycle-through-cycle outcome.

Against the benchmark, the fund looks more defensive in the immediate period reviewed. The benchmark’s negative one-month move contrasts with the fund’s flat-to-slightly-positive drift, but that comparison should be read in the context of the scheme’s overnight mandate. In our view, the important point is consistency of very low-volatility positioning, not equity-style outperformance.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Choice 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
Choice Overnight Fund Direct Growth Plan	0%	0%	0%
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%
Nippon India Overnight Fund Direct Growth Plan	5.29%	6.09%	5.73%
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’s recent return is far below the peer set with available 1-year figures, but that gap is mainly a function of how early the scheme is in its life. Where multi-year numbers are available for older peers, they sit meaningfully above the fund’s still-unformed track record. The short-term comparison and the longer-term comparison therefore tell the same broad story: peers have history, while this fund does not yet have a comparable compounding record.

That makes the fund less useful for investors trying to compare established long-run overnight schemes, and more useful for those who are simply looking for an overnight parking option inside a conservative sleeve. We would place more weight on the mandate and portfolio structure than on the current return table.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS	Cash & Cash Equivalents and Net Assets	99.13%
Net Receivable / Payable	Cash & Cash Equivalents and Net Assets	0.87%

The largest holding, TREPS, accounts for 99.13% of the portfolio, so the fund is overwhelmingly positioned in overnight cash-management instruments. That leaves very little room for security-specific movement to influence outcomes, which is exactly what we would expect from a low-risk liquid-style allocation.

Weight falls sharply from the first line item to the second, which shows a highly compact structure rather than a spread of many active positions. With only two disclosed holdings and a combined weight of 100%, the portfolio looks fully concentrated in cash-equivalent exposures and receivables rather than in a longer tail of securities.

In our view, this structure may help keep day-to-day volatility low and may also support liquidity, but it is unlikely to create meaningful diversification in the usual sense. For an investor, the main takeaway is that the portfolio is built to stay close to cash, not to deliver a broad market return stream.

Source data date: as of 16 Sep 2026

Who should invest

This fund is most suitable for investors with a very low tolerance for price movement and a short holding need. The Low Risk label and overnight-style portfolio make it a fit for money that needs to stay accessible, rather than for capital that is expected to compound meaningfully over time.

The main trade-off is simple: stability and liquidity come with limited return potential. The early return history is flat, and there is not yet a long track record to judge through different market conditions, so the fund makes more sense as a parking vehicle than as a core growth allocation.

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 Choice Overnight Fund Direct Growth Plan?

The current NAV is ₹101.0213 as of 16 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 0%, 0% and 0%.

How does the fund compare with its benchmark?

In the one-month view, the fund is steadier than the benchmark, which moved lower over the same period. The benchmark used here is Nifty 50.

How does it compare with peer overnight funds on available return data?

Older peer funds show materially higher 1-year and longer-term returns, while this scheme is still too new to show a mature multi-year record. That means the comparison currently favours peers on history, not on mandate fit.

What is the minimum SIP amount?

There is no minimum SIP amount listed here, so we do not state one.

What is the risk level and who manages the fund?

The fund is in the Low Risk category and is managed by Rochan Pattnayak. Its portfolio is dominated by TREPS and receivables, which keeps the structure very close to cash.

Bottom line

Choice Overnight Fund Direct Growth Plan looks like a very early-stage overnight-style liquid fund with a low-risk profile and a portfolio almost entirely in cash-equivalent exposure. The recent one-month behaviour is steady, but the longer return record is not yet mature, so the scheme cannot be judged the same way as older peers. It suits investors who want liquidity and stability first, and who accept that the trade-off is limited return potential rather than market-like growth.

Published on 17 September 2026 at 5:27 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.