Why these four
Of the 46 liquid funds with a published average AUM for the July–September 2026 quarter, these four are the largest: SBI Liquid, HDFC Liquid, Aditya Birla Sun Life Liquid, and ICICI Prudential Liquid. Together they hold ₹3,02,716 crore, 41% of the category. Liquid funds lend for up to 91 days, so they are the nearest thing a mutual fund has to a parking place for cash. With maturity capped that tightly, the differences among them come down to fees and a little credit quality. Every figure is for the Direct plan, Growth option, from NAVs to 22 October 2026.
| Fund | Average AUM, July–September 2026 (₹ crore) | Share of category | Direct plan expense ratio |
|---|---|---|---|
| SBI Liquid | 92,617 | 12.5% | 0.20% |
| HDFC Liquid | 73,650 | 10.0% | 0.20% |
| Aditya Birla Sun Life Liquid | 71,052 | 9.6% | 0.21% |
| ICICI Prudential Liquid | 65,398 | 8.8% | 0.20% |
Returns
| Fund | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| SBI Liquid | 6.43% | 6.86% | 6.36% | 6.06% |
| HDFC Liquid | 6.42% | 6.88% | 6.37% | 6.05% |
| Aditya Birla Sun Life Liquid | 6.49% | 6.96% | 6.45% | 6.17% |
| ICICI Prudential Liquid | 6.41% | 6.89% | 6.38% | 6.10% |
| Category median | 6.41% | 6.90% | 6.38% | 6.11% |
Returns of a year or more are compounded annual rates. Over three years Aditya Birla Sun Life Liquid led at 6.96% and SBI Liquid was lowest at 6.86%, a gap of 0.10 points a year against a category median of 6.90%. All four were positive over one year.
Calendar years
| Year | SBI Liquid | HDFC Liquid | Aditya Birla Sun Life Liquid | ICICI Prudential Liquid | Category median |
|---|---|---|---|---|---|
| 2022 | 4.85% | 4.85% | 4.93% | 4.84% | 4.89% |
| 2023 | 7.09% | 7.08% | 7.21% | 7.10% | 7.10% |
| 2024 | 7.38% | 7.40% | 7.49% | 7.45% | 7.44% |
| 2025 | 6.53% | 6.59% | 6.66% | 6.58% | 6.58% |
| 2026 to 22 Oct | 5.25% | 5.23% | 5.29% | 5.22% | 5.22% |
The four funds were never more than 0.13 points apart in any calendar year, so fees and duration matter more than which year you look at. A dash means the fund did not hold a full record for that year.
Risk
| Fund | Volatility (3 yr) | Worst fall (3 yr) | Now vs peak |
|---|---|---|---|
| SBI Liquid | 0.15% | −0.01% | 0.00% |
| HDFC Liquid | 0.17% | −0.01% | −0.01% |
| Aditya Birla Sun Life Liquid | 0.17% | −0.02% | −0.02% |
| ICICI Prudential Liquid | 0.16% | −0.01% | −0.01% |
| Category median | 0.17% | −0.01% | −0.01% |
SBI Liquid was the steadiest of the four on three-year volatility (0.15%) and HDFC Liquid the bumpiest (0.17%). Volatility is the annualised standard deviation of daily returns; the worst fall is the deepest peak-to-trough drop in the last three years.
What a monthly SIP earned
| Fund | 3-year SIP return (a year) | 5-year SIP return (a year) |
|---|---|---|
| SBI Liquid | 6.61% | 6.71% |
| HDFC Liquid | 6.63% | 6.72% |
| Aditya Birla Sun Life Liquid | 6.70% | 6.80% |
| ICICI Prudential Liquid | 6.62% | 6.73% |
| Category median | 6.64% | 6.73% |
SIP returns are annualised (XIRR) for ₹10,000 a month. They differ from lump-sum returns because each instalment buys at a different price.
Cost
Among the four, SBI Liquid charged the lowest Direct expense ratio at 0.20% and Aditya Birla Sun Life Liquid the highest at 0.21%. On a ₹10 lakh holding that is a difference of ₹100 a year. Expense ratios are deducted from the NAV every day, so they are already inside the returns shown above.
Reading the comparison
- Size is not a verdict. These are the largest funds in the category, not the best; a fund's rank by AUM says nothing about its rank by return.
- Three years is a short window for an equity fund. A fund that led while yields fell may lag when they rise.
- Returns are historical, computed from NAVs, and not a forecast.
- This is not a recommendation to buy or sell any fund.
- Liquid fund returns in October 2026
- Overnight, liquid, money market and low duration funds
- All liquid funds
Source: AMFI NAVs to 22 October 2026; AMFI average AUM for July–September 2026; fund houses' TER disclosures.
Frequently asked questions
Which is the biggest liquid fund in India?
By average AUM for July–September 2026, SBI Liquid at about ₹92,617 crore, ahead of HDFC Liquid (₹73,650 crore), Aditya Birla Sun Life Liquid (₹71,052 crore) and ICICI Prudential Liquid (₹65,398 crore).
Which of the four biggest liquid funds has the best 3-year return?
Aditya Birla Sun Life Liquid, at 6.96% a year to 22 October 2026, against 6.86% for SBI Liquid and a category median of 6.90%. Direct plan, Growth option.
Which has the lowest expense ratio?
SBI Liquid, at 0.20% for the Direct plan; Aditya Birla Sun Life Liquid charges 0.21%.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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