This is the Direct plan of DSP Liquid Fund — bought from the fund house, with no distributor commission in its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.
NAV history
Scorecard
★★★★☆4/5 vs 36 of 43 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). 36 of the 43 Liquid Funds in this cohort carry the full record the stars need, so they are the ones ranked against.
3Y CAGR +6.97% · ranks 7 of 36 Liquid Funds
Volatility 0.2% vs 0.2% category avg
0.1% expense vs 0.1% category avg
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
- Ranks #6 of 41 on 1-year return in its Liquid Fund cohort
- Less volatile than its Liquid Fund peers (0.2% vs 0.2%)
- Low expense ratio (0.12%) vs the Liquid Fund average of 0.15%
- Consistent — positive in 100% of rolling 3-year windows
Concerns
No significant concerns identified.
Key Metrics
Scheme Info
DefinitionsPeriod returns (<1Y, absolute — not annualized)
DefinitionsAnnualized returns (≥1Y — CAGR)
DefinitionsAdvanced metrics — risk
Fund vs category average (Liquid Fund)
| Period | Fund | Category avg. | Diff |
|---|---|---|---|
| 1M abs | +0.46% | +0.46% | 0.00% |
| 3M abs | +1.54% | +1.52% | +0.02% |
| 6M abs | +3.30% | +3.26% | +0.04% |
| 1Y CAGR | +6.54% | +6.40% | +0.14% |
| 3Y CAGR | +6.97% | +6.88% | +0.09% |
| 5Y CAGR | +6.40% | +6.32% | +0.08% |
Category average across peers in Liquid Fund (up to 43 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 43 peers in Liquid Fund
Backtest this fund
What a SIP or one-time investment would have grown to over this fund’s real NAV history.
60 monthly installments of ₹10,000 into DSP 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 | +5.04% | |
| 2025 | +6.62% | |
| 2024 | +7.48% | |
| 2023 | +7.09% | |
| 2022 | +4.90% | |
| 2021 | +3.35% | |
| 2020 | +4.25% | |
| 2019 | +6.59% | |
| 2018 | +7.52% | |
| 2017 | +6.75% |
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.
Taxation
Taxed as debtThis 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.
Your income-tax slab — no LTCG or indexation benefit
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.
Asset allocation
As on 31 Aug 2026 · AMC disclosure- Debt94.14%
- Cash & Equivalents5.86%
Cash & cash-like: 10.02% — the 5.86% above plus treasury bills, certificates of deposit, commercial paper and TREPS, which the allocation files under Debt but the market counts as cash-equivalent.
AMC Profile
DSP Mutual Fund is run by DSP Asset Managers, part of the DSP Group, a Mumbai financial firm whose broking lineage runs back to 1860. The house operated as a joint venture with BlackRock — and Merrill Lynch before it — until the DSP family bought out the foreign stake in 2018.
Fund Managers
KMKaran MundhraManaging since 01 May 2021
BCOM. Charted Accountant (CA)
Over 16 years of experience as under: From April 01, 2023 onwards- Fund manager- DSPAM From May 1, 2021 to March 31, 2023- Fund manager- DSPIM From July 2016 to April 30, 2021- Dealer, Fixed Income – DSPIM. From February 2016 to July 2016 – Manager – Fixed Income - DSPIM From April 2012 to January 2016 – Manager - Fund Accounting – DSPIM
SVShalini VasantaManaging since 01 Aug 2024
MBA (Finance); BA (Economics & Statistics Hons)
Over 12 years of Experience: From April 01, 2023 onwards: AVP, Fixed Income Investments - DSP Asset & Managers Private Limited From Jan 2017 to March 31, 2023 -AVP, Fixed Income Investments - DSP Investment Managers Private Limited From March 2012 – December 2016: Senior Credit Analyst - ICRA Limited
KKKunal KhudaniaManaging since 01 Jan 2026
Chartered Accountant B.Com (Honors)
8 years of experience: From July 01, 2025 to present: Fund Manager (Fixed Income) DSP Asset Managers Private Limited From August 02, 2024 to present: Dealer (Fixed Income) – DSP Asset Managers Private Limited From April 01, 2023 to August 01, 2024: Credit Analyst – DSP Asset Managers Private Limited From August 16, 2022 to March 31, 2023: Credit Analyst – DSP Investment Managers Private Limited From March 17, 2017 to August 12, 2022 – Credit Analyst – Mirae Asset Investment Managers India Private Limited From July, 2016 to March, 2017 – Market Analyst – Futures First Info Services Private Limited
Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. 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.
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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 DSP Liquid Fund?
As of 04 Oct 2026, the NAV of DSP Liquid Fund is ₹4,078.48 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.
What returns has DSP Liquid Fund delivered?
DSP Liquid Fund has returned +6.54% over 1 year, +6.97% per year over 3 years, +6.40% per year over 5 years and +6.83% 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 DSP Liquid Fund?
DSP Liquid Fund charges an expense ratio of 0.12% 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 DSP Liquid Fund?
DSP Liquid Fund's largest holdings are 91 DAYS T-BILL 03092026 (3.2%), Canara Bank (1.8%), HDFC Bank Limited (1.8%), National Bank For Agriculture & Rural Development (1.6%) and 91 DAYS T-BILL 08102026 (1.6%). Holdings are disclosed monthly and change over time.
How risky is DSP Liquid Fund?
DSP 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 DSP Liquid Fund?
DSP 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 DSP Liquid Fund?
DSP Liquid Fund is managed by Karan Mundhra, Shalini Vasanta and Kunal Khudania at DSP.
How is DSP Liquid Fund taxed?
DSP 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.