DSP Nifty Private Bank Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

DSP Nifty Private Bank Index Fund Direct Growth Plan is a concentrated private-bank index fund with a NAV of ₹11.1556 as of 15 Sep 2026 and scheme AUM of ₹110 Cr. Its 1-year, 3-year and 5-year returns are 3.14%, 0% and 0%, and the fund sits in the High Risk category. Our view is that it suits investors who want sector-specific exposure and can accept uneven short-term moves for the chance to participate in the private banking space.

The portfolio is heavily tilted toward a handful of large private banks, so its behaviour can differ sharply from broader market funds. That makes it more suitable as a satellite allocation than as a core equity holding.

Quick facts

Particular	Details
NAV	₹11.1556 as of 15 Sep 2026
AUM	₹110 Cr
Expense Ratio	0.25%
Launch Date	06 Mar 2025
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Anil Ghelani, Diipesh Shah, Neha Rathi

The fund is managed by Anil Ghelani, Diipesh Shah and Neha Rathi.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.91%	-4.81%
3M	-2.54%	-3.63%
1Y	3.14%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The fund has held up better than the benchmark over the recent one-month, three-month and one-year windows, which tells us the private-bank basket has been more resilient than the broader Nifty 50 during this stretch. Even so, the fund’s own 3-month return is negative, so the recent path has not been smooth.

That matters because the scheme was launched only in March 2025, so there is not yet a long calendar history to judge it over full market cycles. The available path suggests the fund can recover after softer phases, but the movement is still tied closely to a narrow banking theme.

The 1-year return staying positive while the benchmark is negative is a clear relative-strength signal. At the same time, the absence of 3-year and 5-year figures means we should treat the fund as a short-history product rather than a seasoned long-term compounding record.

For investors, the key takeaway is that this is less about broad diversification and more about whether they want focused exposure to private banks. The recent pattern shows resilience versus the benchmark, but the fund is still early in its life and can remain sensitive to shifts in banking sentiment.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD DSP Nifty Private 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 DSP Nifty Private Bank Index? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
DSP Nifty Private Bank Index Fund Direct Growth Plan	3.14%	Data not available	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	32.61%	29.92%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	25.91%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.71%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.15%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	18.11%	18.92%	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

On recent numbers, the fund trails the stronger peer returns in the table, especially over 1 year, where several comparison funds have delivered much higher gains. The same gap remains visible where 3-year data is available: the fund has no 3-year figure, while some peers do.

That said, the comparison is not just about upside. The fund’s more important message is that it has stayed ahead of its benchmark in the periods available, even if the peer set has posted stronger absolute returns in several cases. The short-history nature of the scheme means long-run peer comparison is still limited.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Limited	Bank	22.07%
Kotak Mahindra Bank Limited	Bank	20.73%
Axis Bank Limited	Bank	18.98%
HDFC Bank Limited	Bank	18.64%
Federal Bank Limited	Bank	5.9%
Indusind Bank Limited	Bank	4.5%
IDFC First Bank Limited	Bank	3.83%
Yes Bank Limited	Bank	2.69%
RBL Bank Limited	Bank	1.58%
Bandhan Bank Limited	Bank	1%

The largest holding, ICICI Bank Limited, carries a 22.07% weight, so it could have a noticeable effect on returns whenever the banking theme moves. Kotak Mahindra Bank Limited, Axis Bank Limited and HDFC Bank Limited also sit above 18%, which means the top four positions together dominate the portfolio shape.

Weight falls away after the top quartet, but the decline is not abrupt enough to create a broad, multi-sector spread. The fifth through tenth holdings are all still bank names, with weights ranging from 5.9% down to 1%, so the fund remains tightly tied to one segment of the market.

Because the disclosed holdings account for 99.92% of the portfolio across 10 names, the fund is likely to have greater influence from each of these individual banks than a diversified equity fund would. That concentration may help the strategy stay true to its index mandate, but it also means sector-specific moves could matter more than stock-specific diversification.

Source data date: as of 15 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk exposure and want a focused allocation to private banks rather than a broad market basket. The available return pattern shows better recent resilience than the benchmark, but the scheme is still young, so it does not yet offer a long track record across different market cycles.

It is most sensible for a medium- to long-term horizon, especially if an investor is already diversified elsewhere and wants a thematic equity slice. The main trade-off is concentration: the portfolio is heavily centred on a small set of banks, so the fund may move sharply when the banking theme strengthens or weakens.

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 DSP Nifty Private Bank Index Fund Direct Growth Plan?

The current NAV is ₹11.1556 as of 15 Sep 2026.

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

The 1-year return is 3.14%, while the 3-year and 5-year returns are both shown as Data not available.

How has it performed versus the benchmark?

It has done better than Nifty 50 in the available 1-month, 3-month and 1-year periods. The benchmark figures are lower in each of those windows.

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

Its recent return is much lower than several peer funds in the comparison table, especially over 1 year. The longer-horizon comparison is limited because this fund does not yet have 3-year or 5-year figures.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

What is the risk profile and exit load structure?

The fund is in the High Risk category. It has no exit load, and the portfolio is managed by Anil Ghelani, Diipesh Shah and Neha Rathi.

Bottom line

DSP Nifty Private Bank Index Fund Direct Growth Plan has shown better recent resilience than its benchmark, but its short history means we should avoid reading too much into long-term consistency. The fund also trails several peer schemes on available 1-year figures, even though its benchmark-relative performance is stronger. Its biggest defining feature is concentration in private banks, which can sharpen results when the sector is in favour and raise sensitivity when it is not.

Published on 16 September 2026 at 2:06 PM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

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.