Best Overnight Mutual Funds
Overnight funds hold securities maturing the very next day, making them the lowest-risk debt category. They're a place to park cash for a few days with almost no interest-rate risk.
Top overnight 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, Bank of India Overnight Fund (Direct plan, Growth option) leads overnight mutual funds on 3-year CAGR at +6.18%, followed by quant Overnight Fund at +6.09% and Axis Overnight Fund at +6.08%. Across 55 overnight mutual funds the category averaged +5.43% over three years, at an average expense ratio of 0.12%. All figures are computed from public AMFI NAV history and recomputed daily; past returns do not predict future ones.
| 1 | Bank of India Overnight FundSmall fund Bank of India | ★★★★☆ | +5.5% | +6.2% | +5.9% | 0.09% | ₹80.05Cr |
| 2 | quant Overnight FundSmall fund quant | ★★★★★ | +5.0% | +6.1% | — | 0.19% | ₹61.28Cr |
| 3 | Axis Overnight Fund Axis | ★★★☆☆ | +5.3% | +6.1% | +5.8% | 0.09% | ₹12,334Cr |
| 4 | Tata Overnight Fund Tata | ★★★★☆ | +5.3% | +6.1% | +5.8% | 0.09% | ₹5,354Cr |
| 5 | Bajaj Finserv Overnight Fund Bajaj Finserv | ★★★★☆ | +5.3% | +6.1% | — | 0.11% | ₹958.32Cr |
| 6 | Nippon India Overnight Fund Nippon India | ★★★☆☆ | +5.3% | +6.1% | +5.8% | 0.10% | ₹8,030Cr |
| 7 | Mirae Asset Overnight Fund Mirae Asset | ★★★★★ | +5.3% | +6.1% | +5.8% | 0.09% | ₹1,961Cr |
| 8 | Baroda BNP Paribas Overnight Fund Baroda BNP Paribas | ★★★☆☆ | +5.3% | +6.1% | +5.7% | 0.08% | ₹1,480Cr |
| 9 | Kotak Overnight Fund Kotak Mahindra | ★★★☆☆ | +5.3% | +6.1% | +5.7% | 0.09% | ₹8,752Cr |
| 10 | LIC MF Overnight Fund LIC | ★★★★☆ | +5.3% | +6.0% | +5.7% | 0.10% | ₹1,054Cr |
| 11 | HSBC Overnight Fund HSBC | ★★★★☆ | +5.3% | +6.0% | +5.7% | 0.07% | ₹4,457Cr |
| 12 | UTI - Overnight Fund UTI | ★★★★★ | +5.3% | +6.0% | +5.7% | 0.09% | ₹5,715Cr |
| 13 | Bandhan Overnight Fund Bandhan | ★★★☆☆ | +5.3% | +6.0% | +5.7% | 0.07% | ₹1,041Cr |
| 14 | Invesco India Overnight Fund Invesco | ★★★★☆ | +5.3% | +6.0% | +5.7% | 0.09% | ₹544.65Cr |
| 15 | DSP Overnight Fund DSP | ★★☆☆☆ | +5.3% | +6.0% | +5.7% | 0.11% | ₹2,697Cr |
| 16 | Union Overnight Fund Union | ★★☆☆☆ | +5.3% | +6.0% | +5.7% | 0.14% | ₹845.33Cr |
| 17 | Aditya Birla Sun Life Overnight Fund Aditya Birla Sun Life | ★★☆☆☆ | +5.2% | +6.0% | +5.7% | 0.09% | ₹7,833Cr |
| 18 | Franklin India Overnight Fund Franklin Templeton | ★★★☆☆ | +5.3% | +6.0% | +5.7% | 0.07% | ₹1,011Cr |
| 19 | Mahindra Manulife Overnight Fund Mahindra Manulife | ★★☆☆☆ | +5.2% | +6.0% | +5.7% | 0.10% | ₹132.09Cr |
| 20 | ICICI Prudential Overnight Fund ICICI Prudential | ★★☆☆☆ | +5.3% | +6.0% | +5.7% | 0.09% | ₹13,575Cr |
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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Frequently asked questions
What are overnight mutual funds?
Overnight funds hold securities maturing the very next day, making them the lowest-risk debt category. They're a place to park cash for a few days with almost no interest-rate risk.
Which is the best overnight fund right now?
Bank of India Overnight Fund by Bank of India currently ranks first among overnight mutual funds by 3-year CAGR at +6.18%. Rankings move with NAVs — past returns don't guarantee future performance.
What returns have overnight mutual funds given?
The category has averaged +4.76% over 1 year, +5.43% annualized over 3 years, +5.72% annualized over 5 years — peer averages over the live funds in the category, computed from AMFI NAV history.
How are overnight 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).