SBI Retirement Benefit Fund-Conservative Direct Growth Plan Review 2026: NAV, Returns, Portfolio & Should You Invest?

SBI Retirement Benefit Fund-Conservative Plan Direct Growth Plan has a NAV of ₹14.9469 as of 15 September 2026 and an AUM of ₹140 Cr. Its 1-year, 3-year and 5-year returns are 2.74%, 6.32% and 6.84%, and the fund sits in the Medium Risk category. Our view is that this is a conservative, solution-oriented retirement fund that has produced modest long-term compounding, with portfolio construction tilted toward cash, sovereign paper and debt-oriented exposures.

The recent return profile is softer than the longer-term trend, and the fund has also stayed well below the NIFTY 50 benchmark on the same horizons. That makes it more suitable for investors who value steadier behaviour and lower volatility than for those seeking faster growth.

Quick facts

Particular	Details
NAV	₹14.9469 as of 15 Sep 2026
AUM	₹140 Cr
Expense Ratio	0.91%
Launch Date	10 Feb 2021
Min SIP	₹500
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Solution Oriented
Exit Load	No exit load
Fund Managers	Rohit Shimpi, Ardhendu Bhattacharya

The fund is managed by Rohit Shimpi and Ardhendu Bhattacharya.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.08%	-4.81%
3M	0.88%	-3.63%
1Y	2.74%	-8.27%
3Y	6.32%	5.59%
5Y	6.84%	5.58%

The near-term pattern has been uneven, with a negative 1-month return and only a mild positive 3-month reading. Even so, the fund has held up better than the benchmark over those same windows, which suggests its conservative structure has helped soften short-term swings.

Over 1 year, the fund’s return remains positive while the benchmark is negative, so the gap is clearly in the fund’s favour for that period. That said, the 1-year figure is still modest, which tells us the recent run has not been particularly strong even against a weak market backdrop.

The longer view is steadier. The 3-year and 5-year numbers both cluster in the mid-6% range, which points to slow but persistent compounding. The benchmark has been close over 3 years and a little weaker over 5 years, so the fund is not dramatically ahead, but it has been more resilient than the index across the full cycle.

The overall picture is one of stability rather than speed. The time pattern suggests the fund has not relied on sharp upside bursts; instead, it has delivered restrained growth with limited momentum in the most recent period. For an investor looking at retirement-style capital preservation with measured return expectations, that behaviour is more relevant than headline highs.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD SBI Retirement Benefit Fund-Conservative Plan?

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
SBI Retirement Benefit Fund-Conservative Plan Direct Growth Plan	2.74%	6.32%	6.84%
Aditya Birla SL Retirement Fund-30 Direct Growth Plan	11.24%	14.92%	11.8%
ICICI Pru Retirement Fund-Hybrid Aggressive Plan Direct Growth Plan	5.77%	16.4%	14.68%
ICICI Pru Retirement Fund-Hybrid Cons Plan Direct Growth Plan	5.21%	9.5%	8.61%
ICICI Pru Retirement Fund-Pure Equity Plan Direct Growth Plan	5.18%	18.43%	18.72%
Tata Retirement Sav Fund – Prog Plan Direct Growth Plan	4.45%	12.25%	10.26%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The current fund’s 1-year return is lower than every peer listed here, while its 3-year and 5-year returns also trail all four peers with available figures. That creates a clear contrast between the fund’s defensive profile and the stronger growth shown by the peer set. The short-term comparison and the longer-term comparison point in the same direction: this fund has been more restrained than the peer group on return delivery.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS	Cash & Cash Equivalents and Net Assets	23.65%
6.94% CGL 2036	Government Securities	10.67%
Bharat Sanchar Nigam Ltd.	Corporate Debt	7.09%
National Bank for Agriculture and Rural Development	Corporate Debt	7.07%
Summit Digitel Infrastructure Pvt. Ltd.	Corporate Debt	5.3%
Torrent Power Ltd.	Corporate Debt	3.62%
Tata Power Renewable Energy Ltd. (Guaranteed BY Tata Power Ltd.)	Corporate Debt	3.61%
REC Ltd.	Corporate Debt	3.56%
Cholamandalam Investment & Finance Co. Ltd.	Corporate Debt	3.55%
Knowledge Realty Trust	Corporate Debt	3.54%

The largest holding, TREPS, is 23.65%, which is large enough to matter meaningfully at the portfolio level. The drop from that position to the tenth holding, Knowledge Realty Trust at 3.54%, is steep, so the visible book is clearly front-loaded rather than evenly spread across the top names.

The top 10 holdings together account for approximately 71.66% of the portfolio, and there are 21 disclosed holdings in total. That combination suggests a fairly concentrated visible core, but not an all-in bet on a single security. In our view, the mix of cash equivalents, government securities and corporate debt may help temper volatility, while the longer tail still leaves room for a range of smaller contributors.

Because more holdings are disclosed beyond the top 10, the table captures the main drivers rather than the entire allocation. Even so, the visible concentration gives a useful read on the fund’s style: it may behave more like a measured income-oriented retirement portfolio than a high-turnover growth portfolio.

To see all holdings, visit the SBI Retirement Benefit Fund-Conservative Plan Direct Growth Plan page

Source data date: as of 15 Sep 2026

Who should invest

This fund is better aligned with investors who can accept Medium Risk and who are looking at a long horizon rather than a quick return story. The 1-year result is modest, but the 3-year and 5-year figures are steadier, which fits a retirement-oriented allocation where consistency matters more than aggressive upside.

The main trade-off is clear: you may get a more stable path than equity-heavy retirement options, but the return potential is also lower than what more growth-oriented peers have delivered. The portfolio’s large cash and debt exposure supports that conservative stance, so this fund is best viewed as a controlled-growth holding for investors who want restraint, not speed.

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

No exit load applies.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of SBI Retirement Benefit Fund-Conservative Plan Direct Growth Plan?
The current NAV is ₹14.9469 as of 15 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 2.74% over 1 year, 6.32% over 3 years and 6.84% over 5 years.

How has it done against the benchmark?
It has beaten the NIFTY 50 over 1 year, 3 years and 5 years, although the margin is much wider over 1 year than over the longer periods.

How does it compare with the peer funds shown here?
Its return figures are lower than the peer funds shown here across the available 1-year, 3-year and 5-year numbers.

What is the minimum SIP amount?
The minimum SIP amount is not stated here, so we have not added a minimum SIP figure.

Who manages the fund and what is the exit load?
The fund is managed by Rohit Shimpi and Ardhendu Bhattacharya. No exit load applies.

Bottom line

This fund has a steadier long-term pattern than its recent numbers alone might suggest, but the latest 1-year return is still modest. It has also lagged the peer group on the available return figures, even though it has held up better than the benchmark in the shorter windows. The portfolio leans toward cash, sovereign paper and debt exposures, which fits a conservative retirement style and may suit investors who prefer measured compounding over rapid growth.

Published on 16 September 2026 at 6:08 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.