Returns as of: 27 October 2026
- ₹10,000 put in three years ago is worth ₹12,209 now
- 1-year return: 6.43%, higher than the category average of 6.06%
- 3-year return: 6.87% a year, higher than the category average of 6.49%
- Expense ratio (Direct plan): 0.20%, higher than the category average of 0.14%
- Assets: ₹66,295 crore at 30 September 2026
- Largest holding: 91 Days TBILL MAT 171226^, 4.25% of the fund; the top ten are 29.54%
- Volatility over three years: 0.13% a year
HDFC Liquid Fund turned ₹10,000 into ₹12,209 over three years, while its 1-year return was 6.43% for this Debt – Liquid Fund. The expense ratio was 0.20% and assets were ₹66,295 crore at 30 September 2026.
HDFC Liquid Fund: key details
| Fund house | HDFC Mutual Fund |
| Category | Debt – Liquid Fund |
| Benchmark | CRISIL Liquid Debt Index |
| Expense ratio (Direct plan) | 0.20% |
| Assets | ₹66,295 crore (30 September 2026) |
| Minimum investment | ₹100 |
| Minimum SIP | ₹100 |
| Exit load | 0.007% for Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5, 0.0045% on Day 6, NIL after 7D |
| Fund managers | Swapnil Jangam, Rohan Pillai |
HDFC Liquid Fund: returns
| Period | Fund return | Category average | Rank in category |
|---|---|---|---|
| 1 week | 0.07% | – | – |
| 1 month | 0.44% | – | – |
| 3 months | 1.49% | – | – |
| 6 months | 3.13% | – | – |
| 1 year (a year) | 6.43% | 6.06% (43 funds) | 21 of 43 |
| 3 years (a year) | 6.87% | 6.49% (39 funds) | 25 of 39 |
| 5 years (a year) | 6.38% | – | – |
The 1-year return of 6.43% for HDFC Liquid Fund was higher than the category average of 6.06%. Over three years, the fund returned 6.87% a year, which was also higher than the category average of 6.49%.
Assets over recent months
| Month | Assets (₹ crore) |
|---|---|
| 30 April 2026 | 72,873 |
| 31 May 2026 | 67,998 |
| 30 June 2026 | 65,878 |
| 31 July 2026 | 65,870 |
| 31 August 2026 | 71,323 |
| 30 September 2026 | 66,295 |
Volatility and largest fall
| Measure | Fund | Category median |
|---|---|---|
| Volatility (annualised) | 0.13% | 0.12% |
| Largest fall from a high (5 July 2026 to 7 July 2026) | −0.01% | −0.01% |
The fund recorded a volatility of 0.13% a year, which was higher than the category median of 0.12%. The largest fall of the NAV from a high was −0.01%, which was the same as the category median.
Portfolio: top holdings
| Holding | Sector | Weight | Value (₹ crore) |
|---|---|---|---|
| 91 Days TBILL MAT 171226^ | – | 4.25% | 2,817 |
| Union Bank of India^ | – | 3.75% | 2,485 |
| 91 Days TBILL MAT 031226^ | – | 3.73% | 2,472 |
| Union Bank of India^ | – | 2.99% | 1,984 |
| Reliance Retail ventures Ltd.^ | – | 2.98% | 1,976 |
| Small Industries Development Bank^ | – | 2.69% | 1,781 |
| 91 Days TBill Mat 151026 | – | 2.41% | 1,597 |
| Union Bank of India^ | – | 2.26% | 1,496 |
| The Federal Bank Ltd.^ | – | 2.25% | 1,491 |
| Export – Import Bank of India^ | – | 2.24% | 1,482 |
| Type | Weight |
|---|---|
| Commercial Paper | 56.36% |
| Certificate of Deposit | 28.42% |
| Treasury Bills | 19.33% |
| Corporate Debt | 2.36% |
| Alternative Investment Fund | 0.30% |
| Cash & Cash Equivalents and Net Assets | -6.78% |
The ten largest holdings accounted for 29.54% of the fund at 30 September 2026. The largest holding was 91 Days TBILL MAT 171226^ at 4.25% of the portfolio. Commercial Paper made up 56.36% of the total holdings.
Objective
The scheme states its objective as follows.
To generate income through a portfolio comprising money market and debt instruments. There is no assurance that the investment objective of the Scheme will be realized.
Fund managers
| Name | Role | Experience |
|---|---|---|
| Swapnil Jangam | Co-Fund Manager and Dealer – Fixed Income | 11 Years |
| Rohan Pillai | Fund Manager and Dealer – Fixed Income | 7 Years |
HDFC Liquid Fund: FAQs
What would ₹10,000 in the HDFC Liquid Fund be worth today?
₹10,000 put into the Direct Growth plan on 27 October 2023 would have been worth ₹12,209 on 27 October 2026. This is what happened over those three years, not a forecast.
What is the return of the HDFC Liquid Fund?
The Direct Growth plan returned 6.43% over one year to 27 October 2026, higher than the category average of 6.06%. Over three years it returned 6.87% a year.
What is the expense ratio of the HDFC Liquid Fund?
The expense ratio of the Direct plan is 0.20%; the average for 44 Direct plans in the category is 0.14%.
How large is the HDFC Liquid Fund?
Its assets were ₹66,295 crore at 30 September 2026.
What are the top holdings of the HDFC Liquid Fund?
At 30 September 2026 the largest holdings were 91 Days TBILL MAT 171226^ (4.25%), Union Bank of India^ (3.75%), 91 Days TBILL MAT 031226^ (3.73%). The top ten made up 29.54% of the fund.
Who manages the HDFC Liquid Fund?
The fund is managed by Swapnil Jangam, Rohan Pillai.
What is the minimum investment in the HDFC Liquid Fund?
The minimum investment is ₹100. The minimum SIP is ₹100.
What is the exit load of the HDFC Liquid Fund?
The scheme states its exit load as: 0.007% for Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5, 0.0045% on Day 6, NIL after 7D
What is the benchmark of the HDFC Liquid Fund?
The scheme’s benchmark is the CRISIL Liquid Debt Index.
NAV, expense and portfolio data: Accord Fintech. Calculations: ThePip. For information only; not investment advice.