Why these four
Of the 27 money market funds with a published average AUM for the July–September 2026 quarter, these four are the largest: ICICI Prudential Money Market, Tata Money Market, SBI Money Market, and HDFC Money Market. Together they hold ₹1,32,316 crore, 44% of the category. Money market funds invest in instruments of up to one year, such as treasury bills, commercial paper and certificates of deposit. That sits between a liquid fund and a short duration fund on both yield and bumpiness. 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 |
|---|---|---|---|
| ICICI Prudential Money Market | 35,029 | 11.5% | 0.21% |
| Tata Money Market | 33,960 | 11.2% | 0.18% |
| SBI Money Market | 32,054 | 10.6% | 0.26% |
| HDFC Money Market | 31,273 | 10.3% | 0.22% |
Returns
| Fund | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| ICICI Prudential Money Market | 6.30% | 7.28% | 6.70% | 6.68% |
| Tata Money Market | 6.41% | 7.43% | 6.87% | 6.03% |
| SBI Money Market | 6.17% | 7.22% | 6.66% | 6.74% |
| HDFC Money Market | 6.32% | 7.29% | 6.73% | 6.74% |
| Category median | 6.31% | 7.28% | 6.66% | 6.69% |
Returns of a year or more are compounded annual rates. Over three years Tata Money Market led at 7.43% and SBI Money Market was lowest at 7.22%, a gap of 0.21 points a year against a category median of 7.28%. All four were positive over one year.
Calendar years
| Year | ICICI Prudential Money Market | Tata Money Market | SBI Money Market | HDFC Money Market | Category median |
|---|---|---|---|---|---|
| 2022 | 4.85% | 5.06% | 4.86% | 4.93% | 4.85% |
| 2023 | 7.47% | 7.64% | 7.45% | 7.47% | 7.43% |
| 2024 | 7.84% | 8.00% | 7.81% | 7.84% | 7.81% |
| 2025 | 7.56% | 7.67% | 7.51% | 7.55% | 7.55% |
| 2026 to 22 Oct | 5.08% | 5.19% | 4.96% | 5.11% | 5.09% |
The four funds were never more than 0.23 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 |
|---|---|---|---|
| ICICI Prudential Money Market | 0.44% | −0.18% | −0.09% |
| Tata Money Market | 0.43% | −0.15% | −0.09% |
| SBI Money Market | 0.43% | −0.14% | −0.10% |
| HDFC Money Market | 0.43% | −0.15% | −0.10% |
| Category median | 0.43% | −0.15% | −0.09% |
Tata Money Market was the steadiest of the four on three-year volatility (0.43%) and ICICI Prudential Money Market the bumpiest (0.44%). 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) |
|---|---|---|
| ICICI Prudential Money Market | 6.95% | 7.09% |
| Tata Money Market | 7.07% | 7.23% |
| SBI Money Market | 6.86% | 7.02% |
| HDFC Money Market | 6.96% | 7.10% |
| Category median | 6.95% | 7.09% |
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, Tata Money Market charged the lowest Direct expense ratio at 0.18% and SBI Money Market the highest at 0.26%. On a ₹10 lakh holding that is a difference of ₹800 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.
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 money market fund in India?
By average AUM for July–September 2026, ICICI Prudential Money Market at about ₹35,029 crore, ahead of Tata Money Market (₹33,960 crore), SBI Money Market (₹32,054 crore) and HDFC Money Market (₹31,273 crore).
Which of the four biggest money market funds has the best 3-year return?
Tata Money Market, at 7.43% a year to 22 October 2026, against 7.22% for SBI Money Market and a category median of 7.28%. Direct plan, Growth option.
Which has the lowest expense ratio?
Tata Money Market, at 0.18% for the Direct plan; SBI Money Market charges 0.26%.
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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