DSP Money Market Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Updated: 10 Sept 2026 • 9:14 am

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DSP Money Market Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

DSP Money Market Fund Direct Growth Plan has a NAV of ₹58.6721 as of 09 Sep 2026 and a scheme AUM of ₹10,991 Cr. Its 1-year, 3-year and 5-year returns are 6.74%, 7.28% and 6.46%, and it carries a Balanced Risk profile. Our view is that the fund has delivered a steady income-oriented pattern rather than sharp swings, which may suit investors looking for a debt allocation with moderate variability and a portfolio built largely around short-duration money-market instruments.

The fund has been in the market since 01 Jan 2013 and has a low expense ratio of 0.15%. The combination of stable recent compounding, a large scheme size and a money-market-style holding mix makes it better suited to investors who want liquidity and relatively controlled price movement than to those chasing higher return potential.

Table of Contents

Quick facts

Particular	Details
NAV	₹58.6721 as of 09 Sep 2026
AUM	₹10,991 Cr
Expense Ratio	0.15%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Debt
Exit Load	No exit load after holding period
Fund Managers	Karan Mundhra, Shalini Vasanta

The fund is managed by Karan Mundhra and Shalini Vasanta.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.62%	-4.69%
3M	2.05%	0.93%
1Y	6.74%	-7.16%
3Y	7.28%	6%
5Y	6.46%	5.87%

The short-term profile has been firmer than the benchmark, especially over 1 month and 1 year. That matters because the benchmark has been negative over 1 year and 1 month, while the fund still posted positive returns in both periods. In our view, that tells us the fund has been relatively resilient through a weaker benchmark phase, which supports its role as a defensive debt-style allocation rather than a market-linked return engine.

The 3-month number also stays positive, but the pace is modest compared with the 1-year figure. That suggests recent returns have been steady rather than fast. The underlying compounding pattern over the 1-year and 3-year windows looks smoother than the benchmark’s, which is useful for investors who care more about continuity than headline spikes.

Over longer periods, the fund remains ahead of the benchmark in both 3-year and 5-year return terms. The margin is not dramatic, but it is consistent enough to show that the fund has kept delivering where the benchmark has been mixed. The 5-year return of 6.46% against 5.87% for the benchmark also shows that long-run results have remained broadly aligned with the fund’s conservative profile.

Overall, recent behaviour and longer-term behaviour point in the same direction: stable, positive compounding with a modest edge over the benchmark. That is a constructive pattern for a money-market fund, provided investors are comfortable with return levels that are moderate rather than aggressive.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD DSP Money Market?

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
DSP Money Market Fund Direct Growth Plan	6.74%	7.28%	6.46%
Union Money Market Fund Direct Growth Plan	6.92%	7.26%	6.49%
Bank of India Money Market Fund Direct Growth Plan	6.79%	Data not available	Data not available
LIC MF Money Market Fund Direct Growth Plan	6.78%	6.84%	Data not available
Bandhan Money Market Fund Direct Growth Plan	6.78%	7.45%	6.68%
Tata Money Market Fund Direct Growth Plan	6.78%	7.58%	6.85%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The fund’s 1-year return sits close to the peer set rather than separating sharply from it, while the 3-year and 5-year numbers are also broadly in line with the better long-run results shown here. We read that as a profile built around consistency, not outlier performance. Where peers show a little more strength over 3 years and 5 years, this fund stays competitive enough to remain relevant for investors who prefer steadier money-market compounding.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Small Industries Development Bank of India**	Certificate of Deposit	7.61%
Bank of Baroda**	Certificate of Deposit	5.31%
HDFC Bank Limited**	Certificate of Deposit	4.86%
National Bank for Agriculture & Rural Development	Certificate of Deposit	4.41%
National Bank for Agriculture & Rural Development**	Certificate of Deposit	4.41%
Kotak Mahindra Bank Limited**	Certificate of Deposit	4.2%
Punjab National Bank	Certificate of Deposit	3.96%
Indian Bank**	Certificate of Deposit	3.46%
Canara Bank**	Certificate of Deposit	3.3%
364 Days T-Bill 03122026	Treasury Bills	2.74%

The largest disclosed holding is Small Industries Development Bank of India** at 7.61%, which is meaningful but not overwhelming on its own. The tenth holding is 364 Days T-Bill 03122026 at 2.74%, so the drop from first to tenth is noticeable but still measured rather than abrupt. That shape suggests no single position dominates the visible book.

The top 10 holdings together account for approximately 44.26% of the portfolio, and the scheme has 48 disclosed holdings in total. In our view, that points to a portfolio that is spread across many positions rather than concentrated in just a few. Because the table contains several certificate of deposit positions alongside treasury bills, the fund may be relying on a fairly short-duration credit and government-backed mix, which can help keep the overall profile balanced.

Even so, the disclosed holdings show enough spread for several positions to matter over time. The largest names may have greater influence, but the presence of a long tail means the portfolio is not simply dependent on one or two exposures. That is consistent with the fund’s money-market style and with the moderate, controlled pattern seen in its returns.

To see all holdings, visit the DSP Money Market Fund Direct Growth Plan page

Source data date: as of 09 Sep 2026

Who should invest

This fund may suit investors who are comfortable with a debt-oriented, balanced-risk profile and want a steadier return pattern than equity-linked options can provide. Its 1-year, 3-year and 5-year numbers show consistent positive compounding, and the benchmark comparison suggests it has held up better than the benchmark in weaker periods. The trade-off is clear: the return profile is moderate, so investors seeking high upside will likely find it too restrained.

A longer horizon can help smooth short-term variation, but the fund also works for investors who need a relatively stable parking place within a broader allocation. The portfolio mix, dominated by certificate-of-deposit exposures with some treasury bills, supports that role. In our view, the main fit is for investors who want controlled risk, liquidity orientation and a return stream that is built for consistency rather than excitement.

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 after holding period.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of DSP Money Market Fund Direct Growth Plan?
Its current NAV is ₹58.6721 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 6.74%, the 3-year return is 7.28% and the 5-year return is 6.46%.

How has the fund performed versus the benchmark?
It has stayed ahead of the benchmark across the periods shown. The difference is especially clear over 1 year and 1 month, where the benchmark was negative while the fund remained positive.

How does the fund compare with the peer funds shown here?
Its return pattern is broadly competitive with the peer set. The 1-year result is close to other money-market funds shown, while the 3-year and 5-year figures remain in the same general range as the stronger long-run peer results.

What is the minimum SIP amount?
No minimum SIP amount is stated here.

What are the fund managers, and what is the exit load?
The fund is managed by Karan Mundhra and Shalini Vasanta. Exit load is not charged after the holding period.

Bottom line

DSP Money Market Fund Direct Growth Plan shows a steady return pattern that looks more consistent than aggressive. Its recent numbers are solid, and the longer-term results remain broadly in line with the same theme. Compared with the peers shown here, it stays competitive rather than distinctively ahead or behind. The portfolio is built around certificate-of-deposit exposures with some treasury bills, which supports a controlled-risk profile that may appeal to investors seeking liquidity and moderate compounding.

Published on 10 September 2026 at 9:14 AM IST

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.