431 equity schemes sorted by direct expense ratio band

The file behind the table

AMCs disclose each scheme's total expense ratio (TER) for the regular and direct plan. The most recent disclosure in our database is dated 22 October 2026 and covers 1,513 schemes. This post uses the 431 equity-oriented schemes in it that report both a regular and a direct TER above zero.

For each, the direct plan TER is the one that matters if you invest without a distributor. Here is how the 431 distribute:

Sixty percent (260 of 431) of these schemes charge 1% or more even in the direct plan. Just 171, about 40%, charge less than 1%.

Averages

• Average direct TER: 1.22%
• Average regular TER: 2.47%
• Highest direct TER in the file: 4.86%
• Regular-plan TER of 2.5% or more: 183 schemes, 42% of the 431

The average gap between regular and direct is 1.25 percentage points. On a ₹10 lakh holding that is about ₹12,500 a year, every year, which is the commission built into the regular plan.

Where the highest costs sit

Cost differs by category as well as by scheme. Median direct TER by category, from the same file, for categories with at least ten schemes:

The file uses two spellings for several categories ("Equity Scheme" and "Equity Schemes"), so the table gives the range across the two. The pattern holds either way: sectoral and thematic schemes are the costliest at the median, and mid-cap and small-cap funds sit at the bottom of the equity range.

Reading the bands

• 0.5% to 1.0% holds 169 schemes.
• 1.0% to 1.5% is the largest single group, 172 schemes.
• 2.0% and above is a minority, 32 schemes, but a 2% annual cost equals a fifth of a 10% annual return.

None of this ranks quality. A scheme in the 1.5% band can still beat one in the 0.5% band after costs. But if two funds are otherwise close, the cheaper one starts ahead. The TER is also not the whole cost: it excludes exit loads, brokerage on purchases and any tax.

How a band becomes rupees

The table above is a ladder; here is what each rung costs on ₹10 lakh a year:

Costs compound against you the same way returns compound for you: see expense ratio in rupees per day on ₹10 lakh and the direct vs regular gap in 2026.

Checking your own fund

Open any fund's page to see its regular and direct TER side by side, or use the screener to filter by expense ratio. If you hold a regular plan and want to understand what switching changes, the direct vs regular calculator walkthrough shows the arithmetic, including the tax consequences of moving.

TER disclosures dated 22 October 2026; 431 equity-oriented schemes reporting both plans. Figures as of 2 November 2026.