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

Invesco India Overnight Fund Direct Growth Plan is an overnight fund with a current NAV of ₹1,392.9623 as of 15 September 2026 and scheme AUM of ₹343 Cr. Its 1-year, 3-year and 5-year returns are 5.28%, 6.08% and 5.7%, and the risk category is Low Risk.

Our view is that this fund suits conservative investors who want very low volatility rather than equity-style upside. The return pattern has stayed steady, and the portfolio is dominated by cash-like and short-duration instruments, which supports stability over aggressive growth.

Quick facts

Particular	Details
NAV	₹1,392.9623 as of 15 Sep 2026
AUM	₹343 Cr
Expense Ratio	0.06%
Launch Date	08 Jan 2020
Risk Category	Low Risk
Benchmark	Nifty 50
Exit Load	No exit load
Fund Managers	Krishna Cheemalapati

The fund is managed by Krishna Cheemalapati.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.4%	-4.81%
3M	1.27%	-3.63%
1Y	5.28%	-8.27%
3Y	6.08%	5.59%
5Y	5.7%	5.58%

Recent behaviour has been stable rather than dramatic. Over the past month and quarter, the fund has delivered small positive returns while the benchmark has been negative, which is what we expect from an overnight strategy when markets are choppy.

The longer view is also steady. The 1-year return of 5.28% is below the 3-year return of 6.08%, but the 5-year figure of 5.7% shows that the fund has held a fairly tight band of outcomes over time. That kind of pattern matters more here than a single strong month because overnight funds are built to preserve liquidity and keep day-to-day swings contained.

Against the benchmark, the fund is ahead across every listed period. The gap is widest over 1 year and remains positive over 3 years and 5 years. That tells us the fund has done a better job than the benchmark at delivering short-term cash management style returns while keeping the return path smooth.

The time pattern also points to limited turbulence. There is no sign of a sharp drawdown or a sudden jump in outcomes, which reinforces the idea that the fund is being used for parking money rather than for return chasing. For conservative capital, that consistency is often the main point.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Invesco India 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
Invesco India Overnight Fund Direct Growth Plan	5.28%	6.08%	5.7%
Axis Liquid Fund Direct Growth Plan	6.6%	7.02%	6.4%
Sundaram Liquid Fund Direct Growth Plan	6.6%	7.01%	6.38%
Aditya Birla SL Liquid Fund Direct Growth Plan	6.59%	7.02%	6.41%
JioBlackRock Liquid Fund Direct Growth Plan	6.58%	Data not available	Data not available
Edelweiss Liquid Fund Direct Growth Plan	6.57%	7.02%	6.39%

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

On recent return data, the fund trails the listed liquid-fund peers, which have 1-year returns around 6.57% to 6.6% versus 5.28% for this scheme. That difference is meaningful in the short term, especially when the fund is being compared with peers that are closer to the mid-6% range.

The longer-term picture is less stretched, but the peers with available 3-year and 5-year figures still sit above this fund. Their 3-year returns are mostly around 7% and their 5-year returns are around 6.38% to 6.41%, while this fund stands at 6.08% and 5.7%. The short-term and longer-term stories therefore point in the same direction: steadier than the benchmark, but not as strong as the peer group on available return data.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Reverse Repo	Cash & Cash Equivalents and Net Assets	79.84%
5.25% Repo in Corporate Debt Securities	Cash & Cash Equivalents and Net Assets	14.57%
91 Days Tbill (MD 10/09/2026)	Treasury Bills	4.07%
Triparty Repo	Cash & Cash Equivalents and Net Assets	1.27%

The largest holding is Reverse Repo at 79.84%, which is large enough to anchor the fund’s day-to-day behaviour. That level of weight means the portfolio is built primarily around cash management rather than active security selection.

The drop from the largest position to the next few holdings is steep. The second holding is 14.57%, the third is 4.07%, and the fourth is 1.27%, so the disclosed book becomes progressively smaller very quickly. That shape suggests the fund’s returns are likely to be influenced most by a very small set of short-duration instruments and cash-equivalent exposures.

Because the four disclosed holdings together account for 99.75% of the portfolio and the total disclosed holding count is 4, the portfolio is highly concentrated in the listed instruments rather than spread across a long tail. In our view, that concentration is typical for an overnight structure and may help keep maturity and liquidity risk contained.

Source data date: as of 15 Sep 2026

Who should invest

This fund fits investors with a conservative risk tolerance who want very short holding periods and high liquidity. The Low Risk classification and the stable return pattern make it more appropriate as a parking place for money than as a core growth holding.

The main trade-off is that stability comes with modest return potential. It has stayed ahead of the benchmark across the listed periods, but the peer comparison shows that some liquid-fund alternatives have delivered higher available returns. That means investors who prioritise capital stability and low volatility may find it suitable, while those seeking a higher return runway will likely look elsewhere.

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 if units are sold anytime.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of Invesco India Overnight Fund Direct Growth Plan?
Its current NAV is ₹1,392.9623 as of 15 September 2026.

What are the 1-year, 3-year and 5-year returns?
The returns are 5.28% for 1 year, 6.08% for 3 years and 5.7% for 5 years.

How does the fund compare with the benchmark?
It is ahead of the benchmark across all listed periods. The gap is most visible over 1 year, where the fund shows a positive return while the benchmark is negative.

How does it compare with the peer funds listed here?
The listed peer liquid funds have higher available 1-year returns, and where 3-year and 5-year figures are available, they also sit above this scheme.

Is there a minimum SIP amount?
No minimum SIP amount is stated here, so we do not list one.

What are the key risk and portfolio features?
The fund is in the Low Risk category and the portfolio is concentrated in cash-equivalent and short-duration holdings, led by Reverse Repo at 79.84%.

Bottom line

This fund has delivered a steady return pattern rather than an aggressive one. It is ahead of the benchmark across the listed horizons, but the peer comparison shows that some liquid-fund alternatives have stronger available returns on both short and longer windows. The portfolio is heavily anchored in Reverse Repo and other cash-like instruments, which supports stability and liquidity. Our view is that it is best suited to conservative investors who value predictability over chasing the highest available return.

Published on 16 September 2026 at 2:26 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.