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

SBI Overnight Fund Direct Growth Plan has a NAV of ₹4,478.6567 as of 09 Sep 2026 and a scheme AUM of ₹23,407 Cr. Its 1-year, 3-year and 5-year returns are 5.25%, 6.05% and 5.67% respectively, and the fund carries a Low Risk classification.

Our view is that this is a cash-like, stability-first overnight strategy rather than a return-chasing fund. The portfolio is dominated by TREPS and short-dated money-market instruments, so the fund is most relevant for investors who want very low day-to-day volatility, steady liquidity and a conservative parking option.

Quick facts

Particular	Details
NAV	₹4,478.6567 as of 09 Sep 2026
AUM	₹23,407 Cr
Expense Ratio	0.08%
Launch Date	01 Jan 2013
Risk Category	Low Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	No exit load
Fund Managers	Ranjana Gupta

The fund is managed by Ranjana Gupta.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.4%	-4.69%
3M	1.26%	0.93%
1Y	5.25%	-7.16%
3Y	6.05%	6%
5Y	5.67%	5.87%

The recent pattern has been steady rather than sharp. Over the last month and three months, the fund stayed positive, which fits an overnight strategy that aims to preserve capital and keep returns smooth. The benchmark was weaker over 1M and 1Y, so the fund’s shorter-period outcome looks more stable than the broad-market reference used here.

The 1-year return is a useful reminder that this is not a high-growth product. Even so, the fund has held up better than the benchmark over 1Y, while the 3M gap is modest. That tells us the fund is not relying on a sudden spike in returns; it is delivering the kind of incremental compounding investors usually expect from a very short-duration cash-management solution.

Across 3Y and 5Y, the fund remains in a narrow return band, which is typical for overnight style investing. The 3Y return is a touch above the benchmark, while the 5Y return is slightly below it. Our view is that the longer record points to consistency more than outperformance, with the most important feature being return stability.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD SBI 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.

Already holding SBI Overnight? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
SBI Overnight Fund Direct Growth Plan	5.25%	6.05%	5.67%
Axis Liquid Fund Direct Growth Plan	6.61%	7.02%	6.39%
Sundaram Liquid Fund Direct Growth Plan	6.61%	7.02%	6.38%
Aditya Birla SL Liquid Fund Direct Growth Plan	6.6%	7.03%	6.4%
JioBlackRock Liquid Fund Direct Growth Plan	6.6%	Data not available	Data not available
Edelweiss Liquid Fund Direct Growth Plan	6.58%	7.03%	6.38%

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

On the latest 1-year figures, the fund trails the liquid-fund peers listed here, which are clustered around the mid-6% range. The longer-period comparison is similar: where 3Y and 5Y figures are available, the peer set has generally run ahead of this fund by a meaningful margin. JioBlackRock Liquid Fund Direct Growth Plan does not yet have 3Y or 5Y figures available, so its longer-term comparison cannot be made on the same basis.

The important nuance is that the fund’s objective is not to compete with liquid funds on return alone. The peer table shows that its recent and long-term returns are lower than the peer liquid funds with available data, but the overnight profile usually trades some return for higher liquidity and lower day-to-day movement. In that sense, the short-term and longer-term comparisons tell a consistent story: this fund is built for stability, while the liquid-fund peers shown here have historically delivered higher returns.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS	Cash & Cash Equivalents and Net Assets	82.09%
Canara Bank	Certificate of Deposit	7.37%
Bank of Baroda	Certificate of Deposit	5.66%
182 Day T-Bill 10.09.26	Treasury Bills	1.07%
182 Day T-Bill 18.09.26	Treasury Bills	0.92%
364 Day T-Bill 03.09.26	Treasury Bills	0.85%
Kotak Mahindra Prime Ltd.	Commercial Paper	0.85%
Indian Bank	Certificate of Deposit	0.53%

The largest holding, TREPS, accounts for 82.09% of the portfolio, so the fund’s day-to-day behaviour is likely to be driven primarily by very short-term money-market placement rather than security selection across a wide spread of assets. That is consistent with the overnight mandate and helps explain the low-volatility profile.

Weight drops sharply after the first line item. The second and third positions are far smaller at 7.37% and 5.66%, and the remaining holdings are all below 1.10% each. With only 8 disclosed holdings and 99.34% of the portfolio covered by the rows above, the exposure is highly concentrated in a short list of cash and near-cash instruments.

That concentration may be a feature rather than a flaw for an overnight strategy. It can make the portfolio easier to understand, but it also means a handful of short-term instruments could have greater influence on returns and liquidity conditions than in a more diversified debt fund.

Source data date: as of 09 Sep 2026

Who should invest

This fund suits conservative investors who want very low volatility and short holding periods rather than upside potential. The Low Risk tag, the narrow return range across 1Y, 3Y and 5Y, and the small gap versus the benchmark over longer periods all point to a parking-place style fund.

It is most appropriate for investors who may need quick access to money and are comfortable with returns that usually stay close to money-market levels. The main trade-off is clear: you give up the chance of higher gains in exchange for stability, liquidity and a portfolio built around overnight and near-cash 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 09 Sep 2026

Frequently asked questions

What is the current NAV of SBI Overnight Fund Direct Growth Plan?
Its NAV is ₹4,478.6567 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The returns are 5.25% for 1 year, 6.05% for 3 years and 5.67% for 5 years.

How does it compare with the benchmark?
It has stayed ahead of the benchmark over 1 year, while the 3-year and 5-year figures are close to the benchmark’s return pattern.

How does it compare with the peer funds listed here?
Its returns are lower than the liquid-fund peers shown here on the available 1-year, 3-year and 5-year figures. One peer has missing longer-term figures, so that comparison is incomplete for those periods.

Is there any minimum SIP amount mentioned?
No minimum SIP amount is stated here.

Who manages the fund and what is its exit load?
Ranjana Gupta manages the fund, and the scheme has no exit load.

Bottom line

SBI Overnight Fund Direct Growth Plan has delivered a steady, low-volatility return profile, with shorter-period performance that is stable and longer-term returns that stay in a narrow band. It trails the liquid-fund peers shown here on the available return figures, but that gap is consistent with its overnight positioning rather than a high-yield mandate. The portfolio is heavily concentrated in TREPS and other near-cash instruments, which supports the fund’s conservative profile and makes it best suited to investors seeking liquidity and capital stability over return maximisation.

Published on 10 September 2026 at 1:18 PM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

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.