Franklin India Ultra Short Bond Fund Review: Plans, NAV, Returns and Portfolio Analysis 2026

Franklin India Ultra Short Bond Fund is a ultra short duration fund offered by Franklin Templeton Mutual Fund, available in Direct and Other Plans across Daily IDCW, Weekly IDCW, Growth. The scheme aims to generate income by investing in debt and money market instruments such that the Macaulay duration of the portfolio stays between 3 months and 6 months. With multiple variants, Franklin India Ultra Short Bond Fund lets investors choose between different cost structures and payout approaches within the same base scheme.

This article reviews Franklin India Ultra Short Bond Fund across all its available plans and options, covering the latest NAV, expense ratio, portfolio approach, performance, exit load and investor suitability, based on publicly available data as of August 2026.

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Franklin India Ultra Short Bond Fund Plans and Options Available

Franklin India Ultra Short Bond Fund is offered across 11 scheme codes. The table below lists all available variants with ISIN codes and latest NAV figures.

Scheme Code	Plan	Option	ISIN (Growth / Payout)	ISIN (Reinvestment)	NAV (Rs)	NAV Date
118561	Direct Plan	Daily IDCW	INF090I01JB4	-	12.1512	07-Aug-2022
118562	Direct Plan	Weekly IDCW	INF090I01JC2	-	12.196	07-Aug-2022
118560	Direct Plan	Growth	INF090I01JA6	-	34.2355	07-Aug-2022
107251	Other Plan	Daily IDCW	-	INF090I01CD5	12.37	07-Aug-2022
107252	Other Plan	Daily IDCW	-	INF090I01CH6	12.4137	07-Aug-2022
107250	Other Plan	Daily IDCW	-	INF090I01CL8	12.4788	07-Aug-2022
109575	Other Plan	Weekly IDCW	INF090I01CI4	INF090I01CJ2	12.5163	07-Aug-2022
109576	Other Plan	Weekly IDCW	INF090I01CM6	-	12.5111	07-Aug-2022
107248	Other Plan	Growth	INF090I01CG8	-	33.7757	07-Aug-2022
107247	Other Plan	Growth	INF090I01CK0	-	32.9262	07-Aug-2022
107249	Other Plan	Growth	INF090I01CN4	-	34.9131	07-Aug-2022

Investment Objective and Portfolio Approach

Franklin India Ultra Short Bond Fund seeks to generate income by investing in debt and money market instruments such that the Macaulay duration of the portfolio stays between 3 months and 6 months.

In terms of portfolio construction, the scheme holds a diversified basket of money market and short term debt instruments targeting a Macaulay duration of 3 to 6 months.

Franklin India Ultra Short Bond Fund Performance and Returns

Franklin India Ultra Short Bond Fund has delivered returns that are dependent on the fund manager's portfolio decisions, market conditions and the expense ratio differential between plans; investors should check the latest factsheet for current figures. Performance across individual plans and options may vary slightly due to differing expense ratios and whether gains are paid out under the IDCW option or reinvested under the Growth option.

The Direct Plan of any mutual fund typically delivers a slightly higher return than the Regular Plan of the same scheme over time, since it charges a lower expense ratio by excluding distributor commission. Investors should review the latest scheme factsheet from the AMC for current performance figures.

Direct Plan vs Regular Plan: Key Differences in Franklin India Ultra Short Bond Fund

The Direct Plan of Franklin India Ultra Short Bond Fund is available for investors transacting directly with the AMC or through a registered investment advisor, and carries lower than the Regular Plan of the same scheme, since it excludes distributor commission. The Regular Plan carries not independently verified; investors should check the latest expense ratio on the AMC website or Univest Screener.

Over longer holding periods, the compounding effect of this cost difference can be meaningful, which is why cost conscious investors often prefer the Direct Plan when they are comfortable transacting without distributor support.

Growth Option vs IDCW Option in Franklin India Ultra Short Bond Fund

The Growth option of Franklin India Ultra Short Bond Fund reinvests any gains back into the scheme NAV, supporting long term wealth compounding for investors who do not need periodic payouts.

The IDCW option of Franklin India Ultra Short Bond Fund distributes available surplus to unit holders according to the chosen frequency, subject to the fund house declaring a distribution. Payouts under any IDCW option are not guaranteed and depend on distributable surplus.

Expense Ratio and Exit Load

The expense ratio for the Regular Plan of Franklin India Ultra Short Bond Fund is not independently verified; investors should check the latest expense ratio on the AMC website or Univest Screener, while the Direct Plan carries lower than the Regular Plan of the same scheme, since it excludes distributor commission. This is the annual fee deducted from the scheme's assets.

The exit load on Franklin India Ultra Short Bond Fund is typically Nil or a very small exit load for redemptions within a few days; investors should confirm in the scheme information document.

Who Should Consider Franklin India Ultra Short Bond Fund

Conservative income seekers. Franklin India Ultra Short Bond Fund suits investors looking for stable income with lower volatility than equity funds.

Medium term investors. A holding period matching the scheme's duration target is generally advisable for Franklin India Ultra Short Bond Fund.

Investors stepping down risk. The scheme can be suitable for investors shifting from equity to debt as they approach a financial goal.

Key Risks in the scheme

Interest rate risk. The NAV of the scheme is sensitive to changes in interest rates and benchmark yields.

Credit risk. Debt holdings carry issuer credit risk, and any downgrade or default in the portfolio can affect NAV.

Reinvestment risk. Maturing bonds may need to be reinvested at lower yields in a falling interest rate environment.

How to Invest in Franklin India Ultra Short Bond Fund

Investors evaluating Franklin India Ultra Short Bond Fund should begin by deciding between the Direct and Regular Plan, and between the Growth option for long term compounding and the IDCW option for periodic payouts.

Completing KYC through a SEBI registered intermediary or the AMC portal is mandatory before investing for the first time. Investors who have existing KYC registration can proceed directly.

Investment in Franklin India Ultra Short Bond Fund can be made as a lump sum or through a Systematic Investment Plan of at least Rs 500 to Rs 1,000 lump sum; SIP amounts vary by AMC, followed by regular monitoring of NAV and portfolio composition at least quarterly.

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Conclusion

Franklin India Ultra Short Bond Fund is a ultra short duration fund scheme from Franklin Templeton Mutual Fund available across 11 plan and option variants, giving investors flexibility in cost structure and payout approach. The representative NAV of Rs 34.2355 for the Direct Plan Growth option as on 07-Aug-2022 reflects the scheme's performance since launch. Investors should review the latest scheme information document and consult a SEBI registered advisor before investing.

Frequently Asked Questions on Franklin India Ultra Short Bond Fund

What plans and options are available in Franklin India Ultra Short Bond Fund?

Ans. Franklin India Ultra Short Bond Fund is available in Direct and Other Plans and Daily IDCW, Weekly IDCW, Growth, giving investors 11 scheme codes to choose from depending on cost preference and payout requirements.

What is the latest NAV of Franklin India Ultra Short Bond Fund?

Ans. The latest NAV of the Direct Plan Growth option of Franklin India Ultra Short Bond Fund is Rs 34.2355 as on 07-Aug-2022. NAVs for all plan and option variants are updated at the end of every business day.

What is the investment objective of Franklin India Ultra Short Bond Fund?

Ans. The primary objective of Franklin India Ultra Short Bond Fund is to generate income by investing in debt and money market instruments such that the Macaulay duration of the portfolio stays between 3 months and 6 months.

What is the difference between the Direct and Regular Plan in Franklin India Ultra Short Bond Fund?

Ans. The Direct Plan of Franklin India Ultra Short Bond Fund carries lower than the Regular Plan of the same scheme, since it excludes distributor commission, excluding distributor commission. The Regular Plan carries not independently verified; investors should check the latest expense ratio on the AMC website or Univest Screener. The lower cost of the Direct Plan can improve long term compounding.

What is the expense ratio of Franklin India Ultra Short Bond Fund?

Ans. The Regular Plan of Franklin India Ultra Short Bond Fund carries an expense ratio of not independently verified; investors should check the latest expense ratio on the AMC website or Univest Screener, and the Direct Plan carries lower than the Regular Plan of the same scheme, since it excludes distributor commission. The exact current figure can be confirmed in the latest AMC factsheet.

What is the exit load on Franklin India Ultra Short Bond Fund?

Ans. The exit load on Franklin India Ultra Short Bond Fund is typically Nil or a very small exit load for redemptions within a few days; investors should confirm in the scheme information document. Investors should confirm this in the current scheme information document before redeeming.

Who should invest in Franklin India Ultra Short Bond Fund?

Ans. Franklin India Ultra Short Bond Fund can suit investors whose financial goals, risk appetite and investment horizon align with the ultra short duration fund category. Consult a SEBI registered advisor to assess personal suitability.

Is Franklin India Ultra Short Bond Fund a good investment?

Ans. Franklin India Ultra Short Bond Fund can be appropriate for investors who understand the ultra short duration fund category mandate and are comfortable with the associated risk. Past performance does not guarantee future returns.