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

ICICI Pru Overnight Fund Direct Growth Plan has a NAV of ₹1485.5825 as of 15 September 2026 and a scheme AUM of ₹14,368 Cr. Its 1-year, 3-year and 5-year returns are 5.28%, 6.06% and 5.7%, respectively, and the fund sits in the Low Risk category.

Our view is that this is a defensive overnight strategy with steady but modest compounding. The portfolio is overwhelmingly parked in cash and treasury instruments, so it may suit conservative investors who want limited volatility and are comfortable with returns that track short-term money-market style outcomes rather than equity-style growth.

Quick facts

Particular	Details
NAV	₹1,485.5825 as of 15 Sep 2026
AUM	₹14,368 Cr
Expense Ratio	0.08%
Launch Date	15 Nov 2018
Min SIP	₹500
Risk Category	Low Risk
Benchmark	Nifty 50
Fund Category	Liquid
Exit Load	No exit load
Fund Managers	Nikhil Kabra, Darshil Dedhia

The fund is managed by Nikhil Kabra and Darshil Dedhia.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.4%	-4.81%
3M	1.26%	-3.63%
1Y	5.28%	-8.27%
3Y	6.06%	5.59%
5Y	5.7%	5.58%

The recent picture is consistent with an overnight fund that is designed to stay stable rather than chase sharp moves. Over 1 month and 3 months, the fund has continued to post small positive returns while the benchmark has been negative, which highlights how differently this strategy behaves from an equity index.

Over 1 year, the gap is still wide in the fund’s favour because the benchmark has remained weak while the fund has compounded positively. That said, the return level itself is still modest, which is exactly what investors should expect from an overnight-oriented liquid strategy.

Looking at 3 years and 5 years together, the fund has held a fairly even growth path. The 3-year return of 6.06% is slightly ahead of the benchmark’s 5.59%, and the 5-year return of 5.7% is also a touch above the benchmark’s 5.58%. That tells us the fund has not only protected capital well, but has also delivered marginally better compounding than the benchmark over longer periods.

The time pattern also suggests limited drawdowns and a smooth trajectory rather than a lumpy return profile. For investors, that matters more than headline acceleration here: the fund’s job is to keep money liquid with low volatility, and the return record is in line with that role.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD ICICI Pru 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
ICICI Pru Overnight Fund Direct Growth Plan	5.28%	6.06%	5.7%
Bank of India Overnight Fund Direct Growth Plan	5.51%	6.21%	5.83%
360 ONE Overnight Fund Direct Growth Plan	5.32%	Data not available	Data not available
Baroda BNP Paribas Overnight Fund Direct Growth Plan	5.3%	6.08%	5.72%
Nippon India Overnight Fund Direct Growth Plan	5.29%	6.09%	5.73%
DSP Overnight Fund Direct Growth Plan	5.28%	6.08%	5.72%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the available return figures, the fund sits close to the peer cluster rather than away from it. Its 1-year return is below Bank of India Overnight Fund Direct Growth Plan and also a little behind Baroda BNP Paribas Overnight Fund Direct Growth Plan and Nippon India Overnight Fund Direct Growth Plan, while matching DSP Overnight Fund Direct Growth Plan and staying just ahead of 360 ONE Overnight Fund Direct Growth Plan.

The longer-term comparison is similar. The fund’s 3-year and 5-year returns are respectable, but they are slightly below the stronger figures shown by Bank of India Overnight Fund Direct Growth Plan and sit a shade under Baroda BNP Paribas Overnight Fund Direct Growth Plan and Nippon India Overnight Fund Direct Growth Plan. That tells us the fund is broadly competitive, but not the most assertive compounding profile among the peers with available long-term numbers.

What stands out is that the short-term and longer-term comparisons tell a consistent story rather than two different ones. The fund has been steady, but the peer set has also delivered a narrow spread of outcomes, so small gaps matter. For investors, the main question is less about outperformance and more about how much stability they want from an overnight allocation.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Reverse Repo (9/1/2026)	Cash & Cash Equivalents and Net Assets	81.76%
TREPS	Cash & Cash Equivalents and Net Assets	13.61%
182 Days Treasury Bills	Treasury Bills	3.13%
91 Days Treasury Bills	Treasury Bills	0.83%
Net Current Assets	Cash & Cash Equivalents and Net Assets	0.68%

The largest holding is Reverse Repo (9/1/2026) at 81.76%, which makes the portfolio’s day-to-day behaviour likely to be driven mainly by short-term cash deployment. TREPS is the next meaningful position at 13.61%, so the fund still keeps most of its exposure in very short-duration liquidity instruments rather than stretching into credit or longer-duration assets.

The drop from the largest holding to the smaller positions is steep. After the top two lines, the allocation falls to 3.13% in 182 Days Treasury Bills, then 0.83% in 91 Days Treasury Bills, and 0.68% in Net Current Assets. That pattern points to a highly compact structure with very little weight in minor sleeves.

Because the disclosed holdings total just five rows and account for 100% of the portfolio, the exposure is concentrated rather than spread across a long tail. That concentration is not unusual for an overnight fund, and it may help keep the portfolio simple and liquid, but it also means the fund’s return pattern is likely to remain closely tied to short-term money-market conditions.

Source data date: as of 15 Sep 2026

Who should invest

This fund fits investors with a low risk tolerance who want a parking place for money rather than a return-seeking growth allocation. The 1-year, 3-year and 5-year return pattern shows steady compounding, while the benchmark comparison indicates that it has behaved more defensively than equity markets during weaker periods.

The suitable horizon is short term to very short term, especially where liquidity and stability matter more than upside. The main trade-off is clear: investors accept modest returns in exchange for low volatility and easy access to money, with the portfolio staying heavily anchored in cash and treasury-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.

Source data date: as of 15 Sep 2026

Frequently asked questions

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

The current NAV is ₹1485.5825 as of 15 September 2026.

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

The fund’s returns are 5.28% over 1 year, 6.06% over 3 years and 5.7% over 5 years.

How has the fund performed versus the benchmark?

It has done better than the benchmark over 1 month, 3 months and 1 year, and it is also slightly ahead over 3 years and 5 years.

How does it compare with peer funds on returns?

Its return profile is competitive, but several peers such as Bank of India Overnight Fund Direct Growth Plan have slightly higher 1-year and longer-term numbers where available.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

What is the fund’s risk profile and exit load?

The fund is in the Low Risk category and has no exit load. Its holdings are dominated by reverse repo, TREPS and treasury bills, which supports that conservative profile.

Bottom line

ICICI Pru Overnight Fund Direct Growth Plan is a steady overnight fund with a low-risk profile and a highly liquid portfolio. Its recent returns do not look materially different from its longer-term pattern: consistent, modest compounding rather than sharp swings. Against peers with available data, it is competitive but not the strongest on return numbers. The portfolio’s heavy reliance on reverse repo and TREPS reinforces its conservative character, which is the main reason an investor would use it.

Published on 16 September 2026 at 9:28 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.