Best Money Market Mutual Funds
Debt funds lend money to governments and companies and earn interest. They're generally steadier than equity funds; their risk comes from interest-rate moves and, for some, the creditworthiness of borrowers.
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 20 Aug 2026, Tata Money Market Fund (Direct plan, Growth option) leads money market mutual funds on 3-year CAGR at +7.54%, followed by Axis Money Market Fund at +7.46% and Nippon India Money Market Fund at +7.43%. Across 27 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 | ★★★★☆ | +6.5% | +7.5% | +6.8% | 0.18% | ₹34,494Cr |
| 2 | Axis Money Market Fund Axis | ★★★☆☆ | +6.5% | +7.5% | +6.7% | 0.16% | ₹19,509Cr |
| 3 | Nippon India Money Market Fund Nippon India | ★★★☆☆ | +6.4% | +7.4% | +6.7% | 0.22% | ₹21,540Cr |
| 4 | Aditya Birla Sun Life Money Manager Fund Aditya Birla Sun Life | ★★★☆☆ | +6.4% | +7.4% | +6.7% | 0.22% | ₹29,121Cr |
| 5 | Bandhan Money Market Fund Bandhan | ★★★★☆ | +6.5% | +7.4% | +6.6% | 0.10% | ₹15,106Cr |
| 6 | Mirae Asset Money Market Fund Mirae Asset | ★★★★☆ | +6.3% | +7.4% | +6.5% | 0.11% | ₹3,971Cr |
| 7 | Bajaj Finserv Money Market Fund Bajaj Finserv | ★★★★★ | +6.4% | +7.4% | — | 0.13% | ₹4,173Cr |
| 8 | Franklin India Money Market Fund - Direct Plan - Retail Franklin Templeton | ★★★★★ | +6.4% | +7.4% | +6.6% | 0.14% | ₹4,240Cr |
| 9 | HDFC Money Market Fund HDFC | ★★★☆☆ | +6.4% | +7.4% | +6.7% | 0.22% | ₹29,388Cr |
| 10 | UTI - Money Market Fund UTI | ★★★☆☆ | +6.4% | +7.4% | +6.7% | 0.15% | ₹564.74Cr |
| 11 | Kotak Money Market Fund - Direct Plan Kotak Mahindra | ★★★☆☆ | +6.5% | +7.4% | +6.6% | 0.16% | ₹32,312Cr |
| 12 | ICICI Prudential Money Market Fund ICICI Prudential | ★★☆☆☆ | +6.4% | +7.4% | +6.6% | 0.21% | ₹31,419Cr |
| 13 | SBI Savings Fund SBI | ★★★★☆ | +6.3% | +7.3% | +6.6% | 0.26% | ₹34,575Cr |
| 14 | HSBC Money Market Fund HSBC | ★★★★☆ | +6.4% | +7.3% | — | 0.16% | ₹6,032Cr |
| 15 | Edelweiss Money Market Fund Edelweiss | ★★★☆☆ | +6.4% | +7.3% | +6.4% | 0.11% | ₹2,396Cr |
| 16 | Sundaram Money Market Fund Sundaram | ★☆☆☆☆ | +6.4% | +7.3% | +6.5% | 0.20% | ₹1,772Cr |
| 17 | Invesco India Money Market Fund Invesco | ★★☆☆☆ | +6.4% | +7.3% | +6.4% | 0.16% | ₹6,117Cr |
| 18 | DSP Savings Fund DSP | ★☆☆☆☆ | +6.5% | +7.2% | +6.4% | 0.64% | ₹9,253Cr |
| 19 | Baroda BNP Paribas Money Market Fund Baroda BNP Paribas | ★★☆☆☆ | +6.4% | +7.2% | +6.4% | 0.17% | ₹4,112Cr |
| 20 | Union Money Market Fund Union | ★★☆☆☆ | +6.7% | +7.2% | +6.4% | 0.18% | ₹997.67Cr |
NAV data as of 20 Aug 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.
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Frequently asked questions
What are money market mutual funds?
Debt funds lend money to governments and companies and earn interest. They're generally steadier than equity funds; their risk comes from interest-rate moves and, for some, the creditworthiness of borrowers.
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 +7.54%. Rankings move with NAVs — past returns don't guarantee future performance.
What returns have money market mutual funds given?
The category has averaged +6.17% over 1 year, +7.01% annualized over 3 years, +6.24% 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).