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HDFC Liquid Fund

Q: What is the NAV of HDFC Liquid Fund?

As of 04 Oct 2026, the NAV of HDFC Liquid Fund is ₹5,531.74 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has HDFC Liquid Fund delivered?

HDFC Liquid Fund has returned +6.38% over 1 year, +6.83% per year over 3 years, +6.26% per year over 5 years and +6.97% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of HDFC Liquid Fund?

HDFC Liquid Fund charges an expense ratio of 0.30% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of HDFC Liquid Fund?

HDFC Liquid Fund's largest holdings are 6.97% GOI MAT 060926 (5.4%), Reliance Retail ventures Ltd. (2.8%), 182 Days TBILL MAT 100926 (2.5%), Small Industries Development Bank (2.4%) and Export - Import Bank of India (2.1%). Holdings are disclosed monthly and change over time.

Q: How risky is HDFC Liquid Fund?

HDFC Liquid Fund is rated low on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 0.2% and its worst peak-to-trough fall in our sample was -0.2%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What is the benchmark of HDFC Liquid Fund?

HDFC Liquid Fund is benchmarked against the CRISIL Liquid Debt A-I Index. Its alpha and beta on this page are measured against that index.

Q: Who manages HDFC Liquid Fund?

HDFC Liquid Fund is managed by Rohan Pillai, Swapnil Jangam and Gopal Agrawal at HDFC.

Q: How is HDFC Liquid Fund taxed?

HDFC Liquid Fund is a debt / non-equity fund. Since April 2023 there is no long-term or indexation benefit — capital gains are added to your income and taxed at your income-tax slab rate regardless of how long you held the units.

HDFC Mutual Fund · Best Liquid Mutual Funds

NAV

₹5,531.74

+0.02% 1D

as of 04 Oct 2026

This is the Regular plan of HDFC Liquid Fund — bought through a distributor, whose commission is paid out of its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.

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NAV history

+6.39%CAGR

52-week rangePrev NAV ₹5,530.86

Latest ₹5,531.74

Low ₹5,200.66100th percentile of its 52-week rangeHigh ₹5,531.74

Scorecard

★★★☆☆3/5 vs 42 of 45 Liquid Fund peers

Performance 60%
Risk 15%
Cost 10%
Downside 15%

How this is computed

Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Liquid Fund (same plan and option). 42 of the 45 Liquid Funds in this cohort carry the full record the stars need, so they are the ones ranked against.

PerformanceAverage

3Y CAGR +6.83% · ranks 18 of 39 Liquid Funds

RiskModerate

Volatility 0.2% vs 0.2% category avg

CostHigh

0.3% expense vs 0.3% category avg

ConsistencyHigh

100% of rolling 3Y windows were positive

Strengths & concerns

Generated from this fund's own numbers against its sub-category — each point names the figure behind it.

Strengths

Consistent — positive in 100% of rolling 3-year windows

Concerns

High expense ratio (0.30%) vs the Liquid Fund average of 0.26%

Key Metrics

Annual fee charged by the fund, already deducted from NAV

0.30%

Category 0.26%▲0.04%

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

—

Category —

Excess return per unit of total volatility (rf = 6.5%)

—

Category —

Scheme Info

Definitions

Plan

Regular · Growth

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

Day 1 - 0.0070% (Note 1 refer) Day 2 - 0.0065% Day 3 - 0.0060% Day 4 - 0.0055% Day 5 - 0.0050% Day 6 - 0.0045% Day 7 onwards - Nil Note 1- For the purpose of levying exit load, if subscription (application & funds) is received within cut-off time on a day, Day 1 shall be considered to be the same day, else the day after the date of allotment of units shall be considered as Day 1.

Up to 0.01%

tiered — see the full terms

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹100

Smallest one-time (lumpsum) investment the scheme accepts

₹100

CRISIL Liquid Debt A-I Index

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

02 Apr 2006

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

+0.45%

Absolute return over the last 3 months (not annualized)

+1.51%

Absolute return over the last 6 months (not annualized)

+3.23%

Absolute return since 1 Jan of this year (not annualized)

+4.91%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

+6.38%

3-year annualized return (CAGR)

+6.83%

5-year annualized return (CAGR)

+6.26%

10-year annualized return (CAGR)

+5.96%

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+6.97%

Advanced metrics — risk

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

0.16%

Excess return per unit of total volatility (rf = 6.5%)

—

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

—

Largest peak-to-trough decline over full history

-0.18%

Benchmark ratios

Not shown for Liquid Fund — a debt, arbitrage or cash-like fund isn't measured against an equity index, so alpha/beta vs one would be noise rather than signal.

Fund vs category average (Liquid Fund)

Period	Fund	Category avg.	Diff
1M abs	+0.45%	+0.45%	0.00%
3M abs	+1.51%	+1.49%	+0.02%
6M abs	+3.23%	+3.19%	+0.04%
1Y CAGR	+6.38%	+6.27%	+0.11%
3Y CAGR	+6.83%	+6.73%	+0.10%
5Y CAGR	+6.26%	+6.17%	+0.09%

Category average across peers in Liquid Fund (up to 45 funds with data), same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Category rank

Vs 45 peers in Liquid Fund

1Y return

+6.38%

Beats 61% · rank #17

3Y return

+6.83%

Beats 55.3% · rank #18

5Y return

+6.26%

Beats 58.3% · rank #16

Sharpe

—

Sortino

—

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹6.00L

Current value

₹7.06L

Absolute

+17.69%

XIRR

+6.66%

Value vs. invested

ValueInvested

60 monthly installments of ₹10,000 into HDFC Liquid Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund
2026part	+4.93%
2025	+6.50%
2024	+7.33%
2023	+6.97%
2022	+4.75%
2021	+3.21%
2020	+4.11%
2019	+6.52%
2018	+7.23%
2017	+6.53%

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in.

History points

6,326

Expense ratio

0.30%

AUM

₹73,267Cr

YTM

6.23%

Macaulay duration

35 days

Average maturity

36 days

Exit load

Taxation

Taxed as debt

This is a debt / non-equity fund. Since April 2023 there is no long-term or indexation benefit — every rupee of gain is added to your income and taxed at your income-tax slab rate, whatever the holding period.

Any holding period

30%

Short- and long-term alike

Your income-tax slab — no LTCG or indexation benefit

Your income-tax slab

Pick your slab to see the rate that applies to you.

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · Liquid Fund

Compare all


HDFC Liquid FundThis fund HDFC · Regular · Growth	★★★☆☆	+6.38%	+6.83%	+6.26%	—	0.30%	₹73,267Cr
Franklin India Liquid Fund - Regular Plan - Unclaimed Redemption Franklin Templeton · Regular · Growth	—	+6.52%	+6.97%	+6.39%	—	—	₹57.00K
Bank of India Liquid Fund Bank of India · Regular · Growth	★★★★☆	+6.47%	+6.92%	+6.37%	—	0.15%	₹1,767Cr
Franklin India Liquid Fund - Regular Plan - Super Franklin Templeton · Regular · Institutional · Growth	★★★★★	+6.46%	+6.91%	+6.32%	—	0.20%	₹4,069Cr
Axis Liquid Fund Axis · Regular · Growth	★★★★★	+6.47%	+6.90%	+6.34%	—	0.23%	₹55,968Cr
DSP Liquid Fund DSP · Regular · Growth	★★★★★	+6.44%	+6.87%	+6.30%	—	0.21%	—

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Debt98.48%
Cash & Equivalents1.24%
Other0.28%

Cash & cash-like: 11.18% — the 1.24% above plus treasury bills, certificates of deposit, commercial paper and TREPS, which the allocation files under Debt but the market counts as cash-equivalent.

which companies this fund invests in

As on 31 Aug 2026 · AMC disclosure

Reliance Retail ventures Ltd.

2.79%

Small Industries Development Bank

2.38%

Export - Import Bank of India

2.10%

Union Bank of India

2.09%

Bank of Baroda

2.05%

Union Bank of India

1.75%

National Bank for Agri & Rural Dev.

1.73%

National Bank for Agri & Rural Dev.

1.58%

Reliance Retail ventures Ltd.

1.40%

Punjab National Bank

1.39%

Fund size over time

Quarterly average AUM · AMFI

₹73,267Cr

April - June 2026

+11%

since January - March 2026

+₹6,112Cr

est. net flow, last quarter

At or near its largest, ₹73,267Cr in April - June 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.

Net flow is an estimate: AMFI publishes a quarterly average AUM, not a closing balance, and it covers every plan and option of this scheme together, so it is a read on direction and rough size rather than a cash-flow statement.

AMC Profile

HDFC Mutual Fund is run by HDFC Asset Management, part of the HDFC Bank group and listed on the exchanges since 2018. It has been in business since 1999, absorbed Zurich India's schemes in 2003, and is consistently among the two or three largest fund houses by assets.

Launched

09 Dec 1999

Total AUM

₹9,35,100Cr+0.8% QoQ

Avg AUM · April - June 2026

Website

hdfcfund.com

Fund Managers

RPRohan PillaiManaging since 01 Oct 2025

Funds managed (1)

HDFC NIFTY 1D Rate Liquid ETF - Growth Option

All schemes Rohan Pillai runs →

SJSwapnil JangamManaging since 06 Oct 2022

Education

• B.Com., • Chartered Accountant, • CFA (CFA Institute, USA)

Experience

Collectively over 15 years experience in dealing in fixed income products, debt investment operations, cashflow management and statutory audit of companies in financial sector. Designated as Manger - Dealing and Investments since October 24, 2016. • September 2012 till Date: HDFC Asset Management Company Limited

Funds managed (2)

All schemes Swapnil Jangam runs →

GAGopal AgrawalManaging since 01 Sep 2026

Education

• B.E., • MBM • B.E (Jadavpur University)

Experience

Collectively over 22 years experience in Fund Management and 2.5 years in Equity Research • July 9, 2020 till Date: HDFC Asset Management Company Limited • July 23, 2018 till June 30, 2020: DSP Investment Managers Private Limited Last Position Held: Senior Fund Manager and Head-Macro strategy • April 03, 2017 till July 16, 2018: TATA Asset Management Company Limited Last Position Held: CIO-Equity • October 01, 2007 till March 31, 2017: Mirae Asset Global Investments (India) Pvt. Ltd.. Last Position Held: CIO-Equity and Chief Strategist

Funds managed (3)

All schemes Gopal Agrawal runs →

Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Benchmark and dealing terms from it and this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Fund managers

Swapnil Jangam Gopal Agrawal

HDFC in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

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Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

About Liquid funds

Liquid funds invest in very short-term debt (maturing within 91 days). They're used to park money for days or weeks — low risk and easy to redeem, but low return too.

Frequently asked questions

What is the NAV of HDFC Liquid Fund?

As of 04 Oct 2026, the NAV of HDFC Liquid Fund is ₹5,531.74 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has HDFC Liquid Fund delivered?

HDFC Liquid Fund has returned +6.38% over 1 year, +6.83% per year over 3 years, +6.26% per year over 5 years and +6.97% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of HDFC Liquid Fund?

HDFC Liquid Fund charges an expense ratio of 0.30% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of HDFC Liquid Fund?

HDFC Liquid Fund's largest holdings are 6.97% GOI MAT 060926 (5.4%), Reliance Retail ventures Ltd. (2.8%), 182 Days TBILL MAT 100926 (2.5%), Small Industries Development Bank (2.4%) and Export - Import Bank of India (2.1%). Holdings are disclosed monthly and change over time.

How risky is HDFC Liquid Fund?

HDFC Liquid Fund is rated low on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 0.2% and its worst peak-to-trough fall in our sample was -0.2%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What is the benchmark of HDFC Liquid Fund?

HDFC Liquid Fund is benchmarked against the CRISIL Liquid Debt A-I Index. Its alpha and beta on this page are measured against that index.

Who manages HDFC Liquid Fund?

HDFC Liquid Fund is managed by Rohan Pillai, Swapnil Jangam and Gopal Agrawal at HDFC.

How is HDFC Liquid Fund taxed?

HDFC Liquid Fund is a debt / non-equity fund. Since April 2023 there is no long-term or indexation benefit — capital gains are added to your income and taxed at your income-tax slab rate regardless of how long you held the units.