ICICI Prudential Gilt Fund Review: Plans, NAV, Returns and Portfolio Analysis 2026

Offered as part of ICICI Prudential Mutual Fund's open-ended fund lineup, ICICI Prudential Gilt Fund sits in the gilt fund category and targets investors with a risk appetite and time horizon that match its mandate. The fund currently provides 4 active scheme codes, giving investors a choice across Direct and Other Plans and Growth, IDCW. Whether you are looking to reduce cost through a Direct Plan or want periodic payouts via an IDCW option, this scheme has a configuration worth exploring.

This review breaks down the key metrics for ICICI Prudential Gilt Fund: NAV figures across all variants, how the Direct and Regular Plan expense ratios compare, what the returns picture looks like, and which type of investor this scheme is built for. All figures reflect publicly available data as of August 2026.

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ICICI Prudential Gilt Fund: All Plans and Options

Here is a full reference of all active scheme codes under ICICI Prudential Gilt Fund. The Direct Plan cuts out distributor commission, lowering the expense ratio versus the Regular Plan. IDCW options distribute available surplus periodically while Growth options compound it back into the NAV.

Scheme Code	Plan	Option	ISIN	NAV (Rs)	Date
120590	Direct Plan	Growth	INF109K018C5	117.0844	20-Jul-2026
120589	Direct Plan	IDCW	INF109K016C9	18.6847	20-Jul-2026
100369	Other Plan	Growth	INF109K01JR4	108.0765	20-Jul-2026
100368	Other Plan	IDCW	INF109K01JQ6	17.7054	20-Jul-2026

Investment Objective and What the Fund Holds

The mandate of ICICI Prudential Gilt Fund is to invest at least 80% in central government securities, providing sovereign credit quality with no issuer default risk. In practice, the portfolio holds central government securities across maturities with no credit risk, where returns are driven primarily by interest rate movements.

SEBI's category rules mean the fund cannot stray significantly from this structure without approval, which gives investors a predictable sense of what they own. That predictability is especially useful when comparing this scheme against peers in the same category.

Performance and Returns

Returns for ICICI Prudential Gilt Fund are best assessed across at least a full market cycle rather than over six or twelve months, since short-term numbers can be distorted by rate moves or equity swings. The Direct Plan version of the fund typically delivers a slightly higher return than the Regular Plan, driven entirely by the lower expense ratio rather than any difference in the underlying portfolio.

Between the Growth and IDCW options, the Growth variant builds NAV by reinvesting all gains. The IDCW variant distributes whatever surplus is available at the chosen frequency, which means its NAV grows more slowly on paper even though the underlying portfolio generates the same return. This distinction matters for tax planning: IDCW payouts are taxed as income, while Growth option gains are treated as capital gains.

Direct Plan vs Regular Plan

Choosing between the two plans comes down to one question: do you want an advisor or distributor to help manage your investment? If yes, the Regular Plan of the fund makes sense, and its expense ratio will reflect the distributor's fee. If you are comfortable transacting directly with the AMC or through a registered investment advisor, the Direct Plan offers the same portfolio at a lower cost.

Over a decade, even a 0.5 percentage point difference in annual expense compounds meaningfully. Investors who switch from Regular to Direct Plan mid-way lose some of that benefit, so the decision is worth thinking through carefully at the outset.

Expense Ratio and Exit Load

Running costs for the fund are deducted from the scheme's assets on a daily basis before the NAV is published. Investors do not pay these separately; the deduction simply means the NAV grows slightly more slowly than the gross portfolio return. The lower the expense ratio, the more of the portfolio's return the unit holder actually keeps.

Always check the latest scheme information document or the AMC website for the current expense ratio and exit load before transacting. Both can be revised by the AMC with prior notice to unit holders, and the figures in a factsheet from six months ago may not reflect today's structure.

Who Should Consider ICICI Prudential Gilt Fund

Income-focused investors. Debt funds prioritise stable returns and capital preservation over equity-style growth.

Conservative capital allocators. The absence of equity market exposure limits the NAV swings that equity fund investors must stomach.

Short to medium-term investors. Matching the holding period to the fund's duration profile significantly reduces the impact of interim interest rate moves.

Key Risks Before You Invest

Interest rate risk. Rising rates push bond prices down. The longer the fund's duration, the more sensitive the NAV is to rate moves.

Credit risk. A downgrade or default among the portfolio's issuers can cause a sharp NAV decline, especially in higher-yielding categories.

Reinvestment risk. Maturing bonds in a falling rate environment are rolled over at lower yields, compressing future returns.

How to Get Started with ICICI Prudential Gilt Fund

Pick your variant first: Direct or Regular Plan, and Growth or IDCW option. Then confirm your KYC is active. First-time mutual fund investors need to complete KYC online through a SEBI-registered intermediary or the AMC's portal before any investment can be processed.

Once KYC is sorted, you can invest in the fund as a lump sum or via a Systematic Investment Plan. SIP contributions spread purchases across market levels, which is particularly useful for equity and hybrid categories where entry timing matters less over a long horizon.

After investing, set a quarterly calendar reminder to review the fund's latest factsheet. Check whether the NAV trajectory aligns with the category benchmark, and confirm the portfolio allocation has not drifted outside the expected range.

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Conclusion

With 4 plan and option variants and a representative NAV of Rs 117.0844 as on 20-Jul-2026, The fund gives investors meaningful flexibility to align cost structure and payout preference with their specific situation. The Moderate risk rating reflects the category mandate, and the gap between Direct and Regular Plan expense ratios rewards those who choose to transact independently. Review the latest scheme information document and consult a SEBI-registered advisor before committing.

Frequently Asked Questions on ICICI Prudential Gilt Fund

What is the current NAV of ICICI Prudential Gilt Fund?

Ans. The current NAV of the fund for the Direct Growth option is Rs 117.0844 as on 20-Jul-2026. NAV updates at the close of each business day.

How many plans and options does ICICI Prudential Gilt Fund offer?

Ans. The fund offers 4 scheme codes covering Direct and Other Plans and Growth, IDCW.

What is the investment objective of ICICI Prudential Gilt Fund?

Ans. The fund aims to invest at least 80% in central government securities, providing sovereign credit quality with no issuer default risk, holding central government securities across maturities with no credit risk, where returns are driven primarily by interest rate movements.

What is the risk level of ICICI Prudential Gilt Fund?

Ans. The fund carries a Moderate risk rating on the SEBI riskometer scale, reflecting its gilt fund mandate.

Should I choose the Growth or IDCW option in ICICI Prudential Gilt Fund?

Ans. Growth suits investors focused on long-term accumulation since gains compound back into the NAV. IDCW suits those who need periodic cash flow from the investment, with the understanding that payouts depend on distributable surplus and are not guaranteed.

What is the difference between the Direct and Regular Plan in ICICI Prudential Gilt Fund?

Ans. The Direct Plan carries a lower expense ratio than the Regular Plan since it excludes distributor commission. Over long horizons, this cost difference compounds and can noticeably affect the final corpus.

What is the exit load on ICICI Prudential Gilt Fund?

Ans. Exit load terms can vary and are revised periodically by AMCs. Check the latest scheme information document before redeeming.

Is ICICI Prudential Gilt Fund suitable for SIP investment?

Ans. Yes. The fund can be invested through a Systematic Investment Plan, which spreads purchases across market levels and is especially useful for equity and hybrid categories with longer investment horizons.