UTI Nifty Private Bank Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

UTI Nifty Private Bank Index Fund Direct Growth Plan currently has an NAV of ₹10.145 as of 10 Sep 2026 and an AUM of ₹238 Cr. Its 1-year, 3-year and 5-year returns are 3.18%, 0% and 0% respectively, and it is tagged as High Risk. Our view is that this is a focused bank-oriented index strategy that has shown a modest recent rebound, but the longer return record is still too short to build a strong long-term pattern.

The portfolio is heavily tilted toward private bank names, so the fund may behave differently from a broader market index and can move with the banking cycle. That concentration can help when the theme is strong, but it can also make the ride uneven.

Quick facts

Particular	Details
NAV	₹10.145 as of 10 Sep 2026
AUM	₹238 Cr
Expense Ratio	0.65%
Launch Date	20 Sep 2024
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Sharwan Kumar Goyal, Ayush Jain, Lokesh Kulthia

The fund is managed by Sharwan Kumar Goyal, Ayush Jain, and Lokesh Kulthia.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.28%	-4.06%
3M	2.03%	1.37%
1Y	3.18%	-7.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

Recent performance has been better than the benchmark in the shorter windows. Over 1 month, the fund fell less than the benchmark, and over 3 months it stayed a little ahead. That suggests the scheme has been relatively resilient in a mixed phase for the banking theme.

The 1-year figure is more useful for context because it is still short, yet it shows the fund ahead of the benchmark by a wide margin. Even so, the return is still modest in absolute terms, which tells us the fund has not produced a strong compounding run so far.

The daily pattern also points to an uneven path rather than a smooth climb. There were dips and recoveries across the year, which fits a concentrated sector fund more than a broad diversified equity fund. For an investor, that means the fund may work better as a thematic building block than as a stand-alone equity core.

Since 3-year and 5-year figures are not yet available, we would treat the available history as early evidence rather than a full track record. The recent improvement is encouraging, but it does not yet change the fact that the fund’s live history is still short.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD UTI Nifty Private Bank Index?

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
UTI Nifty Private Bank Index Fund Direct Growth Plan	3.18%	Data not available	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	33.08%	30.07%	Data not available
Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan	26.95%	Data not available	Data not available
Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan	26.94%	Data not available	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	24.33%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	23.74%	Data not available	Data not available

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

On recent numbers, this fund trails the stronger peer returns by a wide margin, even though it has stayed ahead of its benchmark in the shorter windows. The gap is even more visible when we compare the 1-year return with the peer set’s much higher figures.

For longer periods, the comparison is limited because only one peer has a 3-year figure available, and that figure is far stronger than this fund’s current 1-year return. That leaves the current fund looking weaker on visible medium-term evidence, while still better aligned to a banking-theme allocation than the more cyclical peer categories.

The short-term and longer-term stories do not fully match. Short-term relative stability has been better than the benchmark, but the peer set suggests there are faster-moving thematic funds with much stronger recent outcomes.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Eq – ICICI Bank Ltd	Bank	22.05%
Eq – Kotak Mahindra Bank Ltd.	Bank	20.71%
Eq – Axis Bank Ltd.	Bank	18.96%
Eq – HDFC Bank Limited	Bank	18.62%
Eq – Federal Bank Ltd.	Bank	5.9%
Eq – Indusind Bank	Bank	4.49%
Eq – IDFC First Bank Ltd	Bank	3.83%
Eq – Yes Bank Ltd.	Bank	2.69%
Eq – RBL Bank Ltd	Bank	1.58%
Eq – Bandhan Bank Ltd.	Bank	1%

The largest holding, ICICI Bank Ltd, carries a weight of 22.05%, so it is likely to have greater influence on the fund than any other single position. The next three names are also close in size, which means the top end of the portfolio is not spread across many small positions.

Weight drops quite sharply after the first four holdings, moving from the high teens into the mid-single digits and then lower. By the tenth holding, the weight is just 1%, which shows a clear tapering pattern rather than a broad evenly weighted book.

The top 10 holdings account for approximately 99.83% of the portfolio, and all disclosed holdings belong to the bank sector. That tells us the fund is very concentrated and may respond strongly to changes in the private banking space, even though there are 10 separate positions in the basket.

Source data date: as of 10 Sep 2026

Who should invest

This fund is suited to investors who are comfortable with High Risk products and can tolerate theme-linked swings. The short history shows a modest 1-year gain, but the path has been uneven, so a longer horizon would matter more than a quick entry-and-exit view.

It may appeal to investors who want a focused private-bank allocation alongside broader equity holdings, rather than a diversified core fund. The main trade-off is clear: concentrated exposure can help when the banking cycle is supportive, but it can also lag when the theme is under pressure.

Compared with a broad market index, the benchmark-relative movement has been better in recent short windows, yet the peer comparison shows that other thematic strategies have delivered much stronger recent gains. That makes this fund more suitable for investors who value sector focus and are prepared to accept a potentially uneven return path.

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 10 Sep 2026

Frequently asked questions

What is the current NAV of UTI Nifty Private Bank Index Fund Direct Growth Plan?
Its current NAV is ₹10.145 as of 10 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 3.18%, while the 3-year and 5-year returns are Data not available.

How has the fund performed against the benchmark?
It has done better than NIFTY 50 in the recent windows shown here. The 1-month, 3-month and 1-year returns are all ahead of the benchmark figures provided.

How does it compare with the peer funds listed here?
Its recent return is much lower than the stronger peer figures shown in the comparison table. The visible peer data suggests that several other thematic funds have had a far stronger 1-year run.

Is there a minimum SIP amount?
Yes, the minimum SIP amount is ₹500.

What is the portfolio style and exit load?
The portfolio is concentrated entirely in bank holdings, with ICICI Bank Ltd at 22.05% and the top 10 holdings accounting for 99.83% of the portfolio. There is no exit load.

Bottom line

This fund has shown a better short-term run than its benchmark, but the broader return picture is still early and uneven. Against the listed peer funds, its visible 1-year return is clearly weaker, which keeps expectations grounded. The risk profile is High Risk, and the portfolio is heavily concentrated in bank names, so it may suit investors who want a focused private-bank theme and can accept a narrow portfolio with a return path that may remain uneven.

Published on 11 September 2026 at 6:01 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.