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Low Duration Fund


Mutual funds have always been a popular investment choice, offering various options based on an investor’s risk appetite and financial goals. Among them, Low Duration Funds stand out for those seeking stability over a short Read more..investment horizon. These funds fall under the debt mutual fund category and invest in fixed-income securities with maturities ranging between 6 to 12 months. They offer a balance between returns and risk, making them an attractive alternative to traditional savings instruments. Read less

 

Low Duration Fund List

Name
AUM
1Y Returns

ICICI Pru Savings Fund - Regular (IDCW-M) - Reinvestment

Debt|Low Duration Fund

Buy

 ₹22798.01 cr. 9.04%

ICICI Pru Savings Fund - Regular (IDCW-F) - Reinvestment

Debt|Low Duration Fund

Buy

 ₹22798.01 cr. 7.99%

ICICI Pru Savings Fund - Regular (IDCW-Others)

Debt|Low Duration Fund

Buy

 ₹22798.01 cr. 3.21%

ICICI Pru Savings Fund - Regular (IDCW-F)

Debt|Low Duration Fund

Buy

 ₹22798.01 cr. 7.99%

ICICI Pru Savings Fund - Regular (IDCW-Q)

Debt|Low Duration Fund

Buy

 ₹22798.01 cr. 8.43%

ICICI Pru Savings Fund - Regular (IDCW-W)

Debt|Low Duration Fund

Buy

 ₹22798.01 cr. 8.42%

ICICI Pru Savings Fund - Regular (IDCW-W)

Debt|Low Duration Fund

Buy

 ₹22798.01 cr. 8.42%

ICICI Pru Savings Fund - Regular (IDCW-Q) - Reinvestment

Debt|Low Duration Fund

Buy

 ₹22798.01 cr. 8.43%

ICICI Pru Savings Fund - Regular (IDCW-D)

Debt|Low Duration Fund

Buy

 ₹22798.01 cr. 8.53%

ICICI Pru Savings Fund - Regular (G)

Debt|Low Duration Fund

Buy

 ₹22798.01 cr. 8.43%
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What is a Low Duration Fund?

A Low Duration Fund is a type of debt mutual fund that primarily invests in money market instruments and fixed-income securities, ensuring that the Macaulay Duration of the portfolio remains between six and twelve months. These funds are ideal for investors looking for a short-term investment option with relatively lower risk compared to equity funds.

Key Features of Low Duration Funds:

  • Investment Horizon - Suitable for investors with a short-term investment goal, typically ranging from 6 to 12 months.
  • Risk Profile - Moderate risk level, lower than long-term debt funds but slightly higher than liquid funds.
  • Returns - Potentially higher than savings accounts and liquid funds, with average returns ranging from 6.5% to 8.5%.
  • Liquidity - Higher liquidity than fixed deposits, allowing investors to access funds relatively quickly.
  • Taxation - Subject to debt mutual fund taxation rules, with short-term capital gains taxed as per income tax slabs and long-term gains taxed at 20% with indexation benefits.

 

How Does a Low Duration Fund Work?

Low Duration Funds operate by strategically investing in a mix of debt securities and money market instruments to maintain a portfolio duration of 6 to 12 months. The fund manager ensures that the selected securities align with the investment objective of the fund while balancing risk and return potential.

Working Mechanism of Low Duration Funds:

  • Asset Allocation - Investments are spread across government securities, corporate bonds, money market instruments, securitised debt, and permitted derivatives.
  • Maturity Management - The fund manager adjusts the portfolio to maintain the mandated duration range while optimising yield.
  • Risk Considerations - While the risk level is moderate, factors like credit risk and interest rate fluctuations may affect fund performance.
  • Potential Returns - By taking slightly higher credit and duration risk than liquid funds, low-duration funds aim to generate superior returns over a short-term horizon.

 

What are the Features of Low Duration Funds?

  • Moderate Risk-Reward Ratio - Balance risk and reward by investing in a mix of debt securities and money market instruments.
  • Macaulay Duration of 6-12 Months - Suitable for short-term investors looking for better returns than liquid funds.
  • Higher Returns Compared to Liquid Funds - Average returns generally range between 6.5% and 8.5%.
  • Lower Sensitivity to Interest Rate Changes - Less affected by interest rate fluctuations due to short-term investments.
  • Diversification Across Debt Securities - Includes corporate bonds, government securities, money market instruments, and securitised debt.
  • High Liquidity - Investors can access funds quickly, offering flexibility and ease of redemption.

 

Types of Low Duration Funds

  • Government Securities-Based Funds - Invest in high-quality government securities, offering low credit risk.
  • Corporate Bond-Based Funds - Allocate to high-rated corporate bonds for slightly higher returns.
  • Money Market Instrument-Based Funds - Invest in instruments like treasury bills, CPs, and CDs for high liquidity.
  • Securitised Debt-Based Funds - Include asset-backed securities; offer diversification with consideration for credit quality.
  • Hybrid Low-Duration Funds - Mix of government securities, corporate bonds, and money market instruments to balance risk and return.


Understanding these types of low-duration funds can help investors choose the most suitable option based on their financial goals and risk tolerance.

 

Who Should Invest in Low-Duration Funds?

  • Investors with a short-term investment horizon - If you plan to invest for more than three months but less than a year, low-duration funds may be a suitable option. These funds generally offer higher returns than liquid or overnight funds while maintaining a relatively low risk.
  • Investors seeking regular income - Low-duration funds generate returns through a combination of interest income and capital gains. By using a Systematic Withdrawal Plan (SWP), investors can create a regular income stream while managing their risk exposure.
  • Investors looking for an alternative to bank deposits - Those who want better returns than traditional savings or fixed deposits may consider low-duration funds. These funds provide a balance of liquidity, low volatility, and potential for higher returns.
  • Investors transitioning into equity investments - A Systematic Transfer Plan (STP) can help investors shift funds from low-duration investments into equity or hybrid funds over time. This approach helps manage risk while gradually increasing exposure to higher-return investments.
  • Investors looking for a stable short-term option - Those who want to park funds temporarily before making long-term investment decisions can benefit from low-duration funds due to their moderate risk and predictable returns.

 

How to Invest in Low-Duration Funds?

  1. Select a Low-Duration Fund - Research different funds and assess their past performance, expense ratios, and risk levels. Consider your investment horizon and risk appetite before making a decision.
  2. Check Fund Details - Analyse the fund’s portfolio composition, tax implications, and expected returns. Many funds provide historical data and risk ratings to help investors make informed choices.
  3. Decide on Investment Type - Choose between a lump sum investment or a Systematic Investment Plan (SIP), depending on your financial goals. SIPs allow for disciplined investing with smaller, regular contributions, while a lump sum may be suitable for those with a one-time investment amount.
  4. Complete KYC Requirements - Before investing, ensure that you have completed Know Your Customer (KYC) formalities, including identity and address verification.
  5. Invest and Monitor Performance - Once invested, regularly review your fund’s performance and make adjustments if needed. Consider reinvesting or shifting funds based on changes in financial goals and market conditions.

 

Advantages of Investing in Low-Duration Fund

  • Moderate Risk Level - Low-duration funds carry a moderate level of interest rate risk compared to long-term debt funds. Since these funds invest in instruments with short maturities, they are less affected by fluctuations in interest rates, offering a stable investment avenue.
  • Higher Returns Compared to Savings Accounts - Investors looking for a short-term investment option that offers better returns than a savings bank account can benefit from low-duration funds. These funds generally yield higher returns than liquid and overnight funds while maintaining reasonable liquidity.
  • Regular Income Generation - Low-duration funds provide a steady income stream through a combination of interest earnings and capital gains. Investors can also opt for a Systematic Withdrawal Plan (SWP) to receive periodic payouts, making them a suitable choice for those looking for regular income.
  • Liquidity and Accessibility - Unlike fixed deposits, which may have a lock-in period, low-duration funds offer high liquidity. Investors can redeem their holdings easily when required, making them a practical choice for short-term financial goals.
  • Ideal for Short-Term Investment Goals - For investors with a time horizon of six months to one year, low-duration funds provide an ideal investment vehicle. These funds allow individuals to park surplus funds temporarily while earning reasonable returns with relatively low risk.
  • Diversification Benefits - Investing in low-duration funds helps diversify a portfolio, especially for investors who predominantly hold equity-based investments. By including debt instruments with a short maturity, these funds provide stability and reduce overall portfolio volatility.

 

Risks Involved in Low-Duration Fund

  • Credit Risk - Low-duration funds may invest in securities with varying credit ratings. If the fund holds lower-rated instruments, there is a possibility of default, affecting the investor’s returns.
  • Interest Rate Risk - Though relatively lower than long-duration funds, low-duration funds are still subject to interest rate fluctuations. An increase in interest rates may lead to a temporary dip in the fund’s Net Asset Value (NAV).
  • Liquidity Risk - Some underlying securities in a low-duration fund’s portfolio may be illiquid, making it difficult for the fund manager to sell them at the desired price, especially during market volatility.
  • Inflation Risk - Inflation may erode the real value of returns earned from low-duration funds. If inflation rates are higher than the returns generated, the purchasing power of the investment may decline.
  • Expense Ratio Impact - Fund management fees and other administrative expenses, collectively known as the expense ratio, can affect overall returns. Higher expense ratios may reduce the gains from investing in these funds.

 

Factors To Consider Before Investing in Low Duration Funds

  • Risk Profile - Low-duration funds come with three primary risks—liquidity risk, credit risk, and interest rate risk. The level of risk depends on the quality of securities within the fund. Higher credit quality securities reduce risk, whereas lower-rated instruments may enhance returns but come with increased credit risk.
  • Expense Ratio - Mutual funds charge an expense ratio to cover the costs of fund management. A higher expense ratio can eat into your returns. It is advisable to compare funds and choose one with a reasonable expense ratio to maximise potential gains.
  • Investment Horizon - Low-duration funds are best suited for short-term investments, typically ranging from six to twelve months. Investors must assess whether their investment timeline aligns with the fund’s duration to optimise returns.
  • Return Potential - While low-duration funds generally offer better returns than savings accounts, they may not outperform other fixed-income instruments over the long term. Evaluating historical performance and expected returns is crucial before making an investment decision.
  • Tax Efficiency - Tax implications play a significant role in determining overall returns. Understanding the taxation of low-duration funds will help investors make informed choices, especially when considering short-term versus long-term capital gains.

 

Taxability of Low Duration Funds

  • Dividend Taxation - Any dividends received from low-duration funds are added to the investor’s total taxable income and taxed as per their applicable income tax slab. Additionally, if the dividend amount exceeds Rs. 5,000 in a financial year, a 10% TDS (Tax Deducted at Source) is applicable.
  • Capital Gains Tax - Taxation of capital gains from low-duration funds depends on the holding period of the investment.
    • Short-Term Capital Gains (STCG) - If the investment is held for 36 months or less, the gains are classified as short-term capital gains. These are added to the investor’s total income and taxed according to the applicable income tax slab rate.
    • Long-Term Capital Gains (LTCG) - If the investment is held for more than 36 months, the gains qualify as long-term capital gains. LTCG on debt funds is taxed at 20% with the benefit of indexation, which adjusts the purchase price for inflation, effectively reducing the taxable gain.


Understanding the taxation rules is essential for optimising post-tax returns and selecting the right investment strategy. Investors should evaluate their tax liabilities and investment tenure before committing to low-duration mutual funds.

 

Popular Low-Duration Funds in India

Low-duration mutual funds are an excellent option for investors looking to earn stable returns while maintaining liquidity. These funds typically invest in short-term debt instruments, offering a balance between risk and reward. Below is a table summarising some of the top-performing low-duration funds in India based on key financial metrics.

Top 5 Low-Duration Funds in India

Fund Name

AUM (in ₹ crores)

Expense Ratio (%)

CAGR 3Y (%)

CAGR 5Y (%)

JM Low Duration Fund

229.93

0.35

6.49

9.64

UTI Low Duration Fund (M-IDCW)

2,864.59

0.38

6.57

7.20

Aditya Birla SL Low Duration Fund

11,710.61

0.42

6.91

6.70

HDFC Low Duration Fund

18,121.99

0.45

6.84

6.69

Kotak Low Duration Fund

11,928.37

0.42

6.80

6.64

Note: The above-mentioned funds are for informational purposes only and are not recommendations. The data is based on a 5-year CAGR as of 8 January 2025 and is subject to change.

 

Detailed Overview of Popular Low-Duration Funds

Below is a breakdown of five low-duration funds, highlighting their key features and benefits:

  • JM Low Duration Fund
    This fund is designed to offer stable returns with minimal risk. With an expense ratio of 0.35%, it ensures cost-effective management. The fund’s yield to maturity (YTM) of 7.67% and Sharpe ratio of 10.59 indicate strong risk-adjusted returns. Additionally, it has no exit load, ensuring liquidity and flexibility for investors.
  • UTI Low Duration Fund (M-IDCW)
    Focused on income generation, this fund invests in short-term debt securities. With an expense ratio of 0.38% and YTM of 7.68%, it aims to deliver stable returns. The Sharpe ratio of 10.48 showcases its efficient risk management. Investors benefit from no exit load, making it an attractive option for conservative investors.
  • Aditya Birla SL Low Duration Fund
    This fund prioritises capital preservation and consistent returns through short-duration debt securities. The expense ratio stands at 0.42%, with a YTM of 7.66% and Sharpe ratio of 10.71. Its no exit load policy makes it a flexible investment choice for short-term financial goals.
  • HDFC Low Duration Fund
    Providing a stable income stream through debt securities, this fund has an expense ratio of 0.45% and a YTM of 7.88%. With a Sharpe ratio of 11.25, it offers competitive risk-adjusted returns. The absence of an exit load ensures easy accessibility for investors.
  • Kotak Low Duration Fund
    This fund is a strong choice for those looking for reliable income through short-term debt instruments. It has an expense ratio of 0.42%, a YTM of 7.85%, and an impressive Sharpe ratio of 11.41. Additionally, the no exit load feature enhances its appeal for liquidity-focused investors.
     

Investors seeking short-term returns with manageable risks may find these funds to be a suitable alternative to traditional savings accounts and fixed deposits. However, always consider individual risk tolerance and financial goals before making investment decisions.

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Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities.  

This Report has been prepared by Bajaj Financial Securities Limited in the capacity of a Research Analyst having SEBI Registration No. INH000010043 and distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors.  

This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Bajaj Financial Securities Limited and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Bajaj Financial Securities Limited reserves the right to make modifications and alterations to this statement as may be required from time to time. Bajaj Financial Securities Limited or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Bajaj Financial Securities Limited is committed to providing independent and transparent recommendation to its clients. Neither Bajaj Financial Securities Limited nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance .The disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of Bajaj Financial Securities Limited. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of Bajaj Financial Securities Limited and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.  

We offer our research services to clients as well as our prospects. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as customers by virtue of their receiving this report.  

Bajaj Financial Securities Limited and its associates, officer, directors, and employees, research analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. Bajaj Financial Securities Limited may have proprietary long/short position in the above-mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Bajaj Financial Securities Limited.  

Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.  

Research analyst has served as an officer, director or employee of subject Company: No  

Bajaj Financial Securities Limited has financial interest in the subject companies: No  

Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.  

Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Subject company may have been client during twelve months preceding the date of distribution of the research report.  

There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at https://www.nseindia.com/

ANALYST CERTIFICATION

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.  

RISK DISCLOSURE ON DERIVATIVES

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

BROKERAGE DISCLAIMER

All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : https://www.bajajbroking.in/pricing

MTF 

As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).  

US INVESTING

International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.  

MARKETSMITH / GOLDENPI / SOVEREIGN GOLD BONDS

Bajaj Financial Securities Limited is only distributor of this product. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism. Bajaj Financial Securities Limited is not a registered Investment Advisory. User discretion is required before investing. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever. 

IPO 

This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.  

SCREENERS 

Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform. 

SECURITIES 

Securities quoted are exemplary and not recommendatory. 

IPV 

Account would be open after all procedure relating to IPV and client due diligence is completed. 

IMAGES 

The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites. 

DISCLOSURE TO CLIENTS REGARDING PAYOUT OF FUNDS

As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.