Best Money Market Mutual Funds
Money market funds hold only money market instruments — treasury bills, commercial paper, certificates of deposit — maturing within one year. The one-year ceiling is on each instrument, which keeps both interest-rate and credit risk short.
Top money market mutual funds by 3Y returns
20Direct plan, Growth option — ranked by 3-year CAGR. Open a fund for NAV history, rolling returns, risk metrics and peer rank.
As of 05 Oct 2026, Tata Money Market Fund (Direct plan, Growth option) leads money market mutual funds on 3-year CAGR at +7.52%, followed by Axis Money Market Fund at +7.45% and Aditya Birla Sun Life Money Market Fund at +7.42%. Across 28 money market mutual funds the category averaged +7.01% over three years, at an average expense ratio of 0.17%. All figures are computed from public AMFI NAV history and recomputed daily; past returns do not predict future ones.
| 1 | Tata Money Market Fund Tata | ★★★☆☆ | +6.6% | +7.5% | +6.9% | 0.18% | ₹34,494Cr |
| 2 | Axis Money Market Fund Axis | ★★★☆☆ | +6.6% | +7.5% | +6.8% | 0.18% | ₹19,509Cr |
| 3 | Aditya Birla Sun Life Money Market Fund Aditya Birla Sun Life | ★★★☆☆ | +6.5% | +7.4% | +6.8% | 0.22% | — |
| 4 | Bandhan Money Market Fund Bandhan | ★★★★☆ | +6.6% | +7.4% | +6.7% | 0.11% | ₹15,106Cr |
| 5 | Nippon India Money Market Fund Nippon India | ★★★☆☆ | +6.5% | +7.4% | +6.8% | 0.22% | ₹21,540Cr |
| 6 | Mirae Asset Money Market Fund Mirae Asset | ★★★★☆ | +6.5% | +7.4% | +6.6% | 0.11% | ₹3,971Cr |
| 7 | Franklin India Money Market Fund Franklin Templeton | ★★★★★ | +6.6% | +7.4% | +6.7% | 0.14% | ₹4,240Cr |
| 8 | HDFC Money Market Fund HDFC | ★★★☆☆ | +6.5% | +7.4% | +6.7% | 0.22% | ₹29,388Cr |
| 9 | Kotak Money Market Fund Kotak Mahindra | ★★★☆☆ | +6.6% | +7.4% | +6.7% | 0.16% | ₹32,312Cr |
| 10 | UTI - Money Market Fund UTI | ★★★☆☆ | +6.5% | +7.4% | +6.8% | 0.17% | ₹564.74Cr |
| 11 | Bajaj Finserv Money Market Fund Bajaj Finserv | ★★★★★ | +6.5% | +7.4% | — | 0.13% | ₹4,173Cr |
| 12 | ICICI Prudential Money Market Fund ICICI Prudential | ★★☆☆☆ | +6.5% | +7.4% | +6.7% | 0.21% | ₹31,419Cr |
| 13 | Edelweiss Money Market Fund Edelweiss | ★★★☆☆ | +6.6% | +7.3% | +6.5% | 0.11% | ₹2,396Cr |
| 14 | HSBC Money Market Fund HSBC | ★★★★☆ | +6.5% | +7.3% | — | 0.15% | ₹6,032Cr |
| 15 | SBI Money Market Fund SBI | ★★★★☆ | +6.4% | +7.3% | +6.7% | 0.26% | — |
| 16 | Sundaram Money Market Fund Sundaram | ★☆☆☆☆ | +6.5% | +7.3% | +6.6% | 0.19% | ₹1,772Cr |
| 17 | Baroda BNP Paribas Money Market Fund Baroda BNP Paribas | ★★☆☆☆ | +6.5% | +7.3% | +6.5% | 0.17% | ₹4,112Cr |
| 18 | Invesco India Money Market Fund Invesco | ★★☆☆☆ | +6.5% | +7.2% | +6.5% | 0.16% | ₹6,117Cr |
| 19 | DSP Money Market Fund DSP | ★☆☆☆☆ | +6.6% | +7.2% | +6.5% | 0.18% | — |
| 20 | Union Money Market Fund Union | ★★☆☆☆ | +6.8% | +7.2% | +6.5% | 0.17% | ₹997.67Cr |
NAV data as of 05 Oct 2026. Returns are CAGR for periods ≥1 year, computed from AMFI NAV history. Ratings are WealthTicker’s own, ranked within sub-category peers — not a SEBI or agency rating. See our methodology for every formula. This is data, not investment advice.
Popular comparisons
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From the blog
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Over the year to 1 October 2026 the 25 money market funds returned between 6.35% and 6.76%, a median of 6.52%, against 6.47% for liquid funds.
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Savings account, sweep-in FD, overnight or liquid fund? How fast each pays out, what it earned in the past year, and what can go wrong.
Overnight, liquid or money market? May 2026 numbers
11 May 2026
In the year to early May 2026 the median overnight fund returned 5.39%, liquid 6.29% and money market 6.50%. The month-by-month order was far less tidy.
Frequently asked questions
What are money market mutual funds?
Money market funds hold only money market instruments — treasury bills, commercial paper, certificates of deposit — maturing within one year. The one-year ceiling is on each instrument, which keeps both interest-rate and credit risk short.
Which is the best money market fund right now?
Tata Money Market Fund by Tata currently ranks first among money market mutual funds by 3-year CAGR at +7.52%. Rankings move with NAVs — past returns don't guarantee future performance.
What returns have money market mutual funds given?
The category has averaged +6.28% over 1 year, +7.01% annualized over 3 years, +6.33% annualized over 5 years — peer averages over the live funds in the category, computed from AMFI NAV history.
How are money market mutual funds taxed?
Debt taxation: all gains are added to your income and taxed at your slab rate, regardless of holding period (for units bought on or after 1 April 2023).