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

HDFC Overnight Fund Direct Growth Plan has a NAV of ₹4082.6656 as of 08 Sep 2026 and manages ₹12,190 Cr. Its 1-year, 3-year and 5-year returns are 5.25%, 6.04% and 5.66%, respectively, and it sits in the Low Risk bucket.

Our view is that the fund suits conservative investors who want very short-duration debt exposure with low volatility rather than high return chasing. The portfolio is dominated by cash and money-market instruments, so the return pattern is steady, but it has still stayed a little behind the benchmark over longer periods.

Quick facts

Particular	Details
NAV	₹4,082.6656 as of 08 Sep 2026
AUM	₹12,190 Cr
Expense Ratio	0.1%
Launch Date	31 Dec 2012
Risk Category	Low Risk
Benchmark	Nifty 50
Fund Category	Liquid
Exit Load	No exit load after holding period
Fund Managers	Swapnil Jangam, Rohan Pillai

The fund is managed by Swapnil Jangam and Rohan Pillai.

Source data date: as of 08 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.4%	-3.86%
3M	1.27%	1.69%
1Y	5.25%	-5.72%
3Y	6.04%	6.3%
5Y	5.66%	6.05%

The short-term picture has been stable, with a positive 1-month return and a modest 3-month return. That is consistent with an overnight strategy: the fund is built to preserve capital first and to deliver small, steady accrual rather than sharp moves.

The longer record is also steady. Over 1 year, the fund has delivered 5.25%, while the benchmark is negative over the same period, which shows the fund held up much better in the latest year. Over 3 years and 5 years, however, the benchmark has been slightly ahead, so the fund has not fully matched the index in the broader compounding window.

That split matters for interpretation. The fund’s recent year looks stronger than the benchmark, but the 3-year and 5-year numbers tell a more balanced story where the benchmark retains a small edge. In other words, the fund has shown defensive consistency, but not a clear return advantage across all time frames.

The time pattern also points to low day-to-day drama rather than large swings. For investors, that is usually the point of an overnight portfolio: predictable movement, limited volatility, and modest return expectations.

Source data date: as of 08 Sep 2026

Should you BUY or HOLD HDFC 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
HDFC Overnight Fund Direct Growth Plan	5.25%	6.04%	5.66%
Bank of India Overnight Fund Direct Growth Plan	5.52%	6.22%	5.83%
360 ONE Overnight Fund Direct Growth Plan	5.33%	Data not available	Data not available
Baroda BNP Paribas Overnight Fund Direct Growth Plan	5.31%	6.1%	5.71%
Nippon India Overnight Fund Direct Growth Plan	5.3%	6.11%	5.73%
DSP Overnight Fund Direct Growth Plan	5.29%	6.09%	5.71%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the 1-year number, the fund trails the strongest peer in this set and also sits just below the other available peers. The gap is not large, but it does show that the fund has been slightly more conservative on recent accrual than the better-performing comparisons.

On 3-year and 5-year returns, the fund is again a little below the available peer figures. The difference is still narrow, which suggests the fund has stayed close to the group rather than drifting materially away from it. The one exception is the missing long-term history for 360 ONE Overnight Fund Direct Growth Plan, so the long-horizon comparison is better read through the peers with available 3-year and 5-year figures.

Overall, the peer set tells a consistent story: the fund has kept pace reasonably well, but the available longer-term numbers are mostly a touch stronger elsewhere. That leaves the fund looking steady rather than standout on return delivery.

Source data date: as of 08 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Reverse Repo	Cash & Cash Equivalents and Net Assets	79.41%
TREPS – Tri-Party Repo	Cash & Cash Equivalents and Net Assets	8.69%
Canara Bank	Certificate of Deposit	5.33%
182 Days Tbill Mat 180926	Treasury Bills	2.66%
91 Days Tbill Mat 170926^	Treasury Bills	1.23%
Net Current Assets	Cash & Cash Equivalents and Net Assets	1.04%
Bank of Baroda	Certificate of Deposit	0.62%
182 Days Tbill Mat 100926^	Treasury Bills	0.61%

The largest holding, Reverse Repo, is 79.41% of the portfolio, so the fund is heavily anchored in very short-term cash management exposure. That large single position may help explain why the portfolio remains so muted in movement.

Weight drops sharply after the top line item. The second holding is 8.69%, and the remaining positions fall quickly into the mid-single digits and then below 3%. That steep drop suggests the portfolio is not broadly spread across many similarly sized bets.

The disclosed holdings add up to 99.59% across 8 positions, which indicates a highly concentrated, short list of instruments rather than a long tail of many small lines. For investors, that usually means the fund’s behaviour is likely to be driven mainly by a few cash-like instruments and money-market holdings rather than by a diversified spread across many issuers.

Source data date: as of 08 Sep 2026

Who should invest

This fund fits investors with a conservative risk tolerance who want short holding periods and low volatility. The Low Risk label and the portfolio mix point to capital preservation and liquidity as the main objectives, not aggressive return generation.

It is more suitable for someone who values steadiness over upside and can accept that returns may stay close to overnight and money-market levels. The 1-year result has been better than the benchmark, but the 3-year and 5-year comparisons show only a modest edge or slight lag, so the trade-off is stability rather than consistent outperformance.

For investors, the key balance is simple: you give up the chance of higher returns in exchange for a portfolio that is built to move gently and remain close to cash-like instruments.

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 08 Sep 2026

Frequently asked questions

What is the current NAV of HDFC Overnight Fund Direct Growth Plan?
Its NAV is ₹4082.6656 as of 08 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 5.25%, 6.04% and 5.66%.

How does the fund compare with its benchmark?
The fund has been ahead of the benchmark over 1 year, but slightly behind over 3 years and 5 years. That makes the recent year look stronger than the broader trailing record.

How does it compare with the listed peer funds on returns?
Its 1-year return is a little below the better peer figures in the comparison set, and its 3-year and 5-year numbers are also slightly behind the available peer returns. The differences are small, so the fund remains close to the group rather than far away from it.

Is there a minimum SIP amount mentioned for this fund?
No minimum SIP amount is listed here. The fund does allow SIP investing.

Who manages the fund and what is the exit load?
Swapnil Jangam and Rohan Pillai manage the fund. The exit load is shown as no exit load after the holding period.

Bottom line

HDFC Overnight Fund Direct Growth Plan has behaved like a conservative overnight debt fund should: the recent year has been stronger than the benchmark, but the 3-year and 5-year records are only slightly weaker than the benchmark and a bit below several peer returns. The risk profile is Low Risk, and the portfolio is dominated by cash-like holdings, with Reverse Repo carrying the largest weight by far. That makes it a fit for investors who want short-horizon stability and are comfortable with modest return expectations.

Published on 9 September 2026 at 4:33 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.