# Short Term funds

Debt with a portfolio duration of one to three years. Called Short Duration until SEBI renamed the debt categories in 2026.

Full page: https://discovermf.com/categories/short-term
Figures as of 3 Nov 2026, from DiscoverMF. Information, not investment advice. Past returns do not indicate future returns. Mutual fund investments are subject to market risks; read all scheme-related documents carefully.

24 funds managing ₹93,086 cr. Category averages: +3.9% over one year, +6.5% a year over three years; typical expense ratio 0.98%.

## All funds, by three-year return

| Fund | 1 year | 3 years (a year) | 5 years (a year) | Volatility | Expense ratio | Fund size |
| --- | --- | --- | --- | --- | --- | --- |
| [Axis Short Term Fund](https://discovermf.com/funds/axis-short-term-fund-112354.md) | +4.4% | +7.0% | +6.1% | 1.2% | 0.92% | ₹7,393 cr |
| [HDFC Short Term Fund](https://discovermf.com/funds/hdfc-short-term-fund-113047.md) | +4.1% | +6.9% | +6.1% | 1.2% | 0.67% | ₹13,997 cr |
| [Bank of India Short Term Fund](https://discovermf.com/funds/bank-of-india-short-term-fund-111585.md) | +3.9% | +6.9% | +10.3% | 1.2% | 1.19% | ₹255 cr |
| [ICICI Prudential Short Term Fund](https://discovermf.com/funds/icici-prudential-short-term-fund-101758.md) | +4.5% | +6.9% | +6.4% | 1.2% | 1.05% | ₹18,501 cr |
| [Nippon India Short Term Fund](https://discovermf.com/funds/nippon-india-short-term-fund-101665.md) | +3.9% | +6.8% | +6.0% | 1.3% | 0.95% | ₹6,370 cr |
| [Aditya Birla Sun Life Short Term Fund](https://discovermf.com/funds/aditya-birla-sun-life-short-term-fund-101844.md) | +4.0% | +6.8% | +6.1% | 1.2% | 0.96% | ₹5,276 cr |
| [Sundaram Short Term Fund](https://discovermf.com/funds/sundaram-short-term-fund-149585.md) | +4.2% | +6.7% | — | 1.0% | 0.73% | ₹190 cr |
| [HSBC Short Term Fund](https://discovermf.com/funds/hsbc-short-term-fund-151065.md) | +4.0% | +6.7% | — | 1.2% | 0.70% | ₹3,827 cr |
| [Baroda BNP Paribas Short Term Fund](https://discovermf.com/funds/baroda-bnp-paribas-short-term-fund-113036.md) | +4.0% | +6.6% | +5.8% | 1.1% | 1.05% | ₹465 cr |
| [UTI Short Term Fund](https://discovermf.com/funds/uti-short-term-fund-106624.md) | +3.9% | +6.6% | +5.9% | 1.2% | 0.81% | ₹1,690 cr |
| [SBI Short Term Fund](https://discovermf.com/funds/sbi-short-term-fund-106231.md) | +3.7% | +6.6% | +5.8% | 1.2% | 0.88% | ₹12,984 cr |
| [Mahindra Manulife Short Term Fund](https://discovermf.com/funds/mahindra-manulife-short-term-fund-148727.md) | +4.0% | +6.5% | +5.6% | 1.2% | 1.24% | ₹77.5 cr |
| [TrustMF Short Term Fund](https://discovermf.com/funds/trustmf-short-term-fund-149073.md) | +4.1% | +6.5% | +5.7% | 1.1% | 0.74% | ₹104 cr |
| [Invesco India Short Term Fund](https://discovermf.com/funds/invesco-india-short-term-fund-105185.md) | +3.3% | +6.5% | +5.4% | 1.2% | 1.07% | ₹506 cr |
| [Kotak Short Term Fund](https://discovermf.com/funds/kotak-short-term-fund-101373.md) | +3.7% | +6.4% | +5.6% | 1.2% | 1.12% | ₹13,956 cr |
| [Groww Short Term Fund](https://discovermf.com/funds/groww-short-term-fund-123708.md) | +4.3% | +6.4% | +5.1% | 1.0% | 1.06% | ₹94.2 cr |
| [DSP Short Term Fund](https://discovermf.com/funds/dsp-short-term-fund-101304.md) | +3.6% | +6.4% | +5.6% | 1.3% | 0.96% | ₹3,214 cr |
| [LIC MF Short Term Fund](https://discovermf.com/funds/lic-mf-short-term-fund-145952.md) | +3.7% | +6.3% | +5.2% | 1.3% | 1.14% | ₹120 cr |
| [Mirae Asset Short Term Fund](https://discovermf.com/funds/mirae-asset-short-term-fund-142642.md) | +3.1% | +6.2% | +5.5% | 1.3% | 1.05% | ₹502 cr |
| [Canara Robeco Short Term Fund](https://discovermf.com/funds/canara-robeco-short-term-fund-115077.md) | +4.0% | +6.2% | +5.4% | 0.9% | 0.99% | ₹268 cr |
| [JM Short Term Fund](https://discovermf.com/funds/jm-short-term-fund-150542.md) | +3.7% | +6.2% | — | 1.1% | 0.60% | ₹78.3 cr |
| [Tata Short Term Fund](https://discovermf.com/funds/tata-short-term-fund-101548.md) | +3.5% | +6.1% | +5.4% | 1.2% | 1.11% | ₹2,873 cr |
| [Franklin India Short Term Fund](https://discovermf.com/funds/franklin-india-short-term-fund-154540.md) | — | — | — | 0.7% | 0.96% | ₹233 cr |
| [JioBlackRock Short Term Fund](https://discovermf.com/funds/jioblackrock-short-term-fund-154635.md) | — | — | — | 0.8% | 1.01% | ₹113 cr |

## Questions

### How many Short Term funds are there?

24 funds, managing ₹93,086 cr between them as of 3 Nov 2026. The largest is ICICI Prudential Short Term Fund, at ₹18,501 cr.

### What return have Short Term funds given?

The average Short Term fund returned +3.9% over the last year, +6.5% a year over three years, +6.0% a year over five years. Over the last year the funds ranged from +3.1% to +4.5%. Past returns do not tell you future returns.

### Which Short Term fund has the lowest expense ratio?

JM Short Term Fund, at 0.60% a year, against 0.98% for the average fund in the category. The expense ratio is taken out of the fund every day, so every return shown is already after it.

### Which Short Term fund has the highest three-year return?

Axis Short Term Fund, at +7.0% a year over the last three years, against +6.5% for the average fund. Past returns do not tell you future returns.

### How risky are Short Term funds?

Their volatility over the last year averaged 1.2%: the higher it is, the more the price swings from day to day. 19 of 24 carry the riskometer level Moderate, on SEBI's six-step scale from Low to Very High.