ICICI Pru Liquid Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru Liquid Fund Direct Growth Plan currently has an NAV of ₹419.9058 as of 03 Sep 2026 and a scheme AUM of ₹61,557 Cr. Its 1-year, 3-year and 5-year returns are 6.5%, 6.97% and 6.32%, and the scheme is tagged with a Balanced Risk profile.

Our view is that this is a steady liquid fund with a long enough track record to judge both consistency and recent behaviour. The return pattern is broadly stable rather than flashy, and the portfolio is built around short-dated money-market and high-quality cash-management instruments, which suits investors who want liquidity with moderated volatility.

Quick facts

Particular	Details
NAV	₹419.9058 as of 03 Sep 2026
AUM	₹61,557 Cr
Expense Ratio	0.2%
Launch Date	31 Dec 2012
Min SIP	₹99
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Liquid
Exit Load	0.007% for Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5, 0.0045% on Day 6, NIL on or after 7D
Fund Managers	Darshil Dedhia, Nikhil Kabra

The fund is managed by Darshil Dedhia and Nikhil Kabra.

Source data date: as of 03 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.56%	-3.01%
3M	1.75%	1.95%
1Y	6.5%	-4.4%
3Y	6.97%	5.74%
5Y	6.32%	6.27%

The recent return pattern is calm, but not entirely one-directional. Over the last month and quarter, the fund has shown only small changes, which is consistent with a liquid strategy, while the benchmark has been more uneven over the same windows.

The 1-year figure is the most striking part of the record because the fund has stayed positive while the benchmark has been negative. That tells us the scheme has held up better in the more recent one-year period, even though the gap is not large over the shortest three-month window.

Looking further out, the 3-year and 5-year returns are close to each other and remain stable in the mid-6% range. That shape suggests the fund has delivered steady compounding rather than sharp bursts of performance, and the long-term trend is more important here than any short-lived fluctuation.

Against the benchmark, the fund is ahead on 1-year, 3-year and 5-year return figures. The margin is most visible over one year, while the 5-year comparison is nearly even, which supports a view of consistency rather than a dramatic performance edge.

Source data date: as of 03 Sep 2026

Should you BUY or HOLD ICICI Pru Liquid?

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
ICICI Pru Liquid Fund Direct Growth Plan	6.5%	6.97%	6.32%
Axis Liquid Fund Direct Growth Plan	6.61%	7.03%	6.38%
Sundaram Liquid Fund Direct Growth Plan	6.61%	7.03%	6.37%
Aditya Birla SL Liquid Fund Direct Growth Plan	6.6%	7.03%	6.39%
JioBlackRock Liquid Fund Direct Growth Plan	6.6%	Data not available	Data not available
Edelweiss Liquid Fund Direct Growth Plan	6.58%	7.03%	6.37%

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

On recent numbers, the fund sits just below the stronger peer entries, with the peer set showing a narrow band around 6.58% to 6.61% for 1-year return. The difference is small, so the comparison reads more as tight clustering than a clear separation.

Over 3 years and 5 years, the fund remains close to the peer group and stays inside a compact range where several peers are slightly ahead. That means the longer-term story is one of solid, consistent participation rather than standout leadership, while the short-term picture is also fairly even.

Because one peer has incomplete longer-horizon figures, the most useful comparison is the available 1-year, 3-year and 5-year set. On that basis, the fund is competitive, but the available figures suggest only a modest edge on consistency rather than a large return gap.

Source data date: as of 03 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
91 Days Treasury Bills	Treasury Bills	15.57%
Small Industries Development Bank of India. **	Commercial Paper	8.85%
Reliance Retail Ventures Ltd **	Commercial Paper	5.48%
HDFC Securities Ltd **	Commercial Paper	5.09%
HDFC Bank Ltd. **	Certificate of Deposit	4.34%
Canara Bank **	Certificate of Deposit	4%
NABARD **	Commercial Paper	3.71%
Kotak Securities Ltd. **	Commercial Paper	3.15%
Bank of India **	Certificate of Deposit	2.82%
Union Bank of India	Certificate of Deposit	2.45%

The largest holding is 91 Days Treasury Bills at 15.57%, so the fund begins with a meaningful allocation to very short-duration government paper. That can help keep the portfolio anchored, although the scheme still carries a mix of commercial paper and certificates of deposit across the rest of the list.

Weight falls gradually from the first holding to the tenth, where the position size is 2.45%. The top ten holdings together account for approximately 55.46% of the portfolio, so the displayed book is not a one-position story; instead, influence is spread across several short-term instruments and issuers.

With 38 holdings disclosed in total, the portfolio likely has a longer tail beyond the top ten. That broader base may soften reliance on any single issuer, while the visible weights still show enough size in the largest names to matter for short-term return behaviour and liquidity management.

To see all holdings, visit the ICICI Pru Liquid Fund Direct Growth Plan page

Source data date: as of 03 Sep 2026

Who should invest

This fund suits investors who are comfortable with a low-to-moderate return profile and want a liquid-style allocation with relatively restrained movement. The Balanced Risk tag and the short-horizon stability make it more appropriate for parking money where capital preservation and liquidity matter, rather than for chasing high growth.

A longer horizon is still helpful, but the return pattern suggests the key use case is short to medium holding periods rather than equity-like wealth creation. The main trade-off is accepting modest return potential in exchange for steadier behaviour, a large short-term cash-like holding base, and performance that has stayed close to the 6% range over longer windows.

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 applies on a very short holding period: 0.007% for Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5, 0.0045% on Day 6, and NIL on or after 7 days. After that window, no exit load applies.

Source data date: as of 03 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Liquid Fund Direct Growth Plan?

The current NAV is ₹419.9058 as of 03 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 6.5%, 6.97% and 6.32%.

How has it done against the benchmark?

It has stayed ahead of the benchmark on 1-year, 3-year and 5-year return figures. The 1-year gap is the clearest, while the 5-year figures are very close.

How does it compare with peer liquid funds?

Its available return figures are close to the peer group, with several peers showing slightly higher 1-year, 3-year and 5-year numbers. The differences are narrow rather than wide.

What is the minimum SIP?

The minimum SIP is ₹99.

Who manages the fund and what is the exit load?

The fund is managed by Darshil Dedhia and Nikhil Kabra. Exit load is 0.007% for Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5, 0.0045% on Day 6, and NIL on or after 7 days.

Bottom line

ICICI Pru Liquid Fund Direct Growth Plan has been steady rather than dramatic, with the most recent year looking better than the benchmark and the longer view staying close to the mid-6% range. Against peers, the return profile is competitive but slightly softer in the available figures. The portfolio leans on Treasury Bills, commercial paper and certificates of deposit, which fits a liquid fund style and helps explain the restrained movement. It is better suited to investors seeking liquidity and stability than those looking for high growth.

Published on 4 September 2026 at 10:10 AM 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.