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Short Term Debt Funds or Short Duration Funds
As the name suggests, Short term debt funds, also known as short duration funds, are typically Debt Mutual Funds that invest money for a short duration, usually less than 3 years. Also known as Short Term Income Funds, Short term debt funds invest in debt instruments and money market instruments that include Bank papers (also called Certificate of Deposits), government papers(G-secs) and commercial papers (CPs). This Mutual Fund scheme is suitable for investors who prioritise Capital preservation, but also wish to invest for a predominantly longer period to earn good returns over the long term (between 1-3 years). Investors who are willing to invest for a short duration of 1-3 years can look at short term bond funds. Short term debt products can benefit from the interest Accruals in the debt Portfolio and from the tactical exposure to higher duration debt by the respective fund manager.
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Features of Short Duration (Short-Term) Debt Funds
Some of the prominent features of short term funds are:
Liquidity
The short term debt funds are highly liquid as the maturity period is short and the investments avenues allow liquidity. Usually, there are no entry and exit loads charged on these funds. However, some short term debt funds do charge an exit load if the exit is made in a few months. So, the investors are suggested to invest wisely considering all the parameters.
Returns
When it comes to investing in Mutual Funds, returns are what people actually look for. However, this should not be the only parameter while choosing a best short term Debt fund to invest. In the recent reports, RBI stated that the investors would earn better returns by Investing in short to mid-term funds that invest in instruments having a maturity between of one to five years. Generally, the fund managers handling such funds prefer investing in high credit rating securities. Thus, ensuring the least possibility of Default by the issuers providing safety to investors’ capital. Currently, short term debt funds with a maturity period of one-three years give annualised returns of 9-10% p.a. Investors should not just chase returns, but also look at the credit quality of the portfolio. If you are a conservative investor then it makes sense to ensure that give away some returns for the extra safety.
Interest Rate Risk
Given the short term nature of these funds, the returns are not much affected by Inflation and there is a lesser interest rate risk. Typically, short term debt funds generate income from the interest earned on short to medium term Bonds. This accrual income, meaning the accumulated interest, gets added to the Net Asset Value and becomes your final return. Since you know these funds provide steady income, therefore, the returns are less volatile as compared to other long-term income funds. Some short term funds do carry a bit of interest rate risk, this can be measured by a parameter called duration of the portfolio. One can even look at the average maturity of the portfolio. Both these parameters are available on the fact sheets of the scheme. Just remember a simple rule, higher the duration or maturity higher the interest rate risk! If interest rates fall, then this is positive, however, if rates rise, then the returns would be negatively impacted.
Investment Horizons
Short term debt funds do not invest in instruments that have a very long maturity as they try to maintain lower interest rate risk and offer better tax-adjusted returns. Since these funds provide stable returns in a time period of one to three years, investors should try to match the investment timeline with the average maturity of the fund. The instruments they invest in include money Market instruments like bonds, Commercial Paper and certificate of deposits etc.
Active Management Required
Being a short term investment, these funds do not require heavy active management by the fund manager. Once the portions of the portfolio are allotted, the need of actively managing (buying and selling units) the investments is lower, having said this the fund manager needs to ensure that interest rate views are incorporated and he/she is vigilant on the credit quality of the portfolio as well as new opportunities. Their aim to provide steady returns is achieved by ensuring regular active management of the fund.
Dividend Payout
Short term debt funds also offer an option of dividend payout. With this option, the investors can get dividends at regular interval mostly monthly and fortnightly. However, the dividends paid by these funds attract a DDT (Dividend Distribution Tax) of 25% for individual investors.
Benefits of Short Duration (Short-Term) Funds
- The short term bond funds have a shorter maturity so they generally offer safe and stable returns.
- The fluctuations in interest rates of the debt market have a marginal to the insignificant effect on the returns of short term debt funds.
- Being sensitive to changing the interest rate, short term bond funds usually perform better than other funds who are affected by the market fluctuations.
- The liquidity of these funds is high. So, the investors can easily withdraw their investment in case of emergencies.
- Typically, most of the best short term debt funds do not charge any fee for withdrawal. So, there is minimal to no exit load.
- Short term debt funds are tax efficient. The tax charged on the interest of these funds is much less than that of fixed bank deposits.
Top Short Duration (Short-Term) Debt Funds 2025
Some of the best short term debt funds include-
Fund NAV Net Assets (Cr) 3 MO (%) 6 MO (%) 1 YR (%) 3 YR (%) 2023 (%) Debt Yield (YTM) Mod. Duration Eff. Maturity Sundaram Short Term Debt Fund Growth ₹36.3802
↑ 0.01 ₹362 0.8 11.4 12.8 5.3 4.52% 1Y 2M 13D 1Y 7M 3D HDFC Short Term Debt Fund Growth ₹30.9283
↑ 0.01 ₹14,110 1.8 3.9 8.2 6.5 8.3 7.63% 2Y 9M 21D 4Y 1M 3D Axis Short Term Fund Growth ₹29.8066
↑ 0.01 ₹8,846 1.9 3.8 8 6.3 8 7.59% 2Y 10M 2D 3Y 8M 19D Nippon India Short Term Fund Growth ₹50.9309
↑ 0.01 ₹5,932 1.9 3.9 8 6.1 8 7.64% 2Y 8M 26D 3Y 7M 2D IDFC Bond Fund Short Term Plan Growth ₹55.1835
↑ 0.02 ₹9,646 1.9 3.8 8 6 7.8 7.4% 2Y 11M 1D 3Y 10M 6D Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 31 Dec 21 Short Duration funds having AUM/Net Assets above 100 Crore. Sorted on Last 1 Year Return.
(Erstwhile Sundaram Select Debt Short Term Asset Fund) To earn regular income by investing primarily in fixed income
securities, which may be paid as dividend or reinvested at
the option of the investor. A secondary objective is to
attempt to keep the value of its units reasonably stable. Sundaram Short Term Debt Fund is a Debt - Short term Bond fund was launched on 5 Sep 02. It is a fund with Moderately Low risk and has given a Below is the key information for Sundaram Short Term Debt Fund Returns up to 1 year are on (Erstwhile HDFC Short Term Opportunities Fund) To generate regular income through investments in Debt/Money Market Instruments and Government Securities with maturities not exceeding 36 months. HDFC Short Term Debt Fund is a Debt - Short term Bond fund was launched on 25 Jun 10. It is a fund with Moderately Low risk and has given a Below is the key information for HDFC Short Term Debt Fund Returns up to 1 year are on To generate stable returns with a low risk strategy while maintaining liquidity through a portfolio comprising of debt and money market instruments. However, there can be no assurance that the investment objective of the scheme will be achieved. Axis Short Term Fund is a Debt - Short term Bond fund was launched on 22 Jan 10. It is a fund with Moderately Low risk and has given a Below is the key information for Axis Short Term Fund Returns up to 1 year are on The primary investment objective of the scheme is to generate stable returns for investors with a short term investment horizon by investing in fixed income
securitites of a short term maturity. Nippon India Short Term Fund is a Debt - Short term Bond fund was launched on 18 Dec 02. It is a fund with Moderately Low risk and has given a Below is the key information for Nippon India Short Term Fund Returns up to 1 year are on (Erstwhile IDFC Super Saver Income Fund - Short Term Plan) The primary investment objective of the scheme is to seek to generate stable returns with a low-risk strategy by creating a portfolio that is invested in good quality fixed income & Money Market securities. However, there can be no assurance that the investment objectives of the scheme will be realized. IDFC Bond Fund Short Term Plan is a Debt - Short term Bond fund was launched on 14 Dec 00. It is a fund with Moderately Low risk and has given a Below is the key information for IDFC Bond Fund Short Term Plan Returns up to 1 year are on 1. Sundaram Short Term Debt Fund
CAGR/Annualized return of 6.9% since its launch. Ranked 56 in Short term Bond category. . Sundaram Short Term Debt Fund
Growth Launch Date 5 Sep 02 NAV (31 Dec 21) ₹36.3802 ↑ 0.01 (0.03 %) Net Assets (Cr) ₹362 on 30 Nov 21 Category Debt - Short term Bond AMC Sundaram Asset Management Company Ltd Rating ☆☆ Risk Moderately Low Expense Ratio 0.96 Sharpe Ratio 0.98 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 250 Exit Load NIL Yield to Maturity 4.52% Effective Maturity 1 Year 7 Months 3 Days Modified Duration 1 Year 2 Months 13 Days Growth of 10,000 investment over the years.
Date Value 31 Jan 20 ₹10,000 31 Jan 21 ₹10,824 Returns for Sundaram Short Term Debt Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 31 Dec 21 Duration Returns 1 Month 0.2% 3 Month 0.8% 6 Month 11.4% 1 Year 12.8% 3 Year 5.3% 5 Year 5.6% 10 Year 15 Year Since launch 6.9% Historical performance (Yearly) on absolute basis
Year Returns 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Fund Manager information for Sundaram Short Term Debt Fund
Name Since Tenure Data below for Sundaram Short Term Debt Fund as on 30 Nov 21
Asset Allocation
Asset Class Value Debt Sector Allocation
Sector Value Credit Quality
Rating Value Top Securities Holdings / Portfolio
Name Holding Value Quantity 2. HDFC Short Term Debt Fund
CAGR/Annualized return of 8% since its launch. Ranked 30 in Short term Bond category. Return for 2024 was 8.3% , 2023 was 7.1% and 2022 was 3.5% . HDFC Short Term Debt Fund
Growth Launch Date 25 Jun 10 NAV (18 Feb 25) ₹30.9283 ↑ 0.01 (0.03 %) Net Assets (Cr) ₹14,110 on 31 Jan 25 Category Debt - Short term Bond AMC HDFC Asset Management Company Limited Rating ☆☆☆ Risk Moderately Low Expense Ratio 0.71 Sharpe Ratio 2.2 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 300 Exit Load NIL Yield to Maturity 7.63% Effective Maturity 4 Years 1 Month 3 Days Modified Duration 2 Years 9 Months 21 Days Growth of 10,000 investment over the years.
Date Value 31 Jan 20 ₹10,000 31 Jan 21 ₹11,008 31 Jan 22 ₹11,449 31 Jan 23 ₹11,889 31 Jan 24 ₹12,768 31 Jan 25 ₹13,826 Returns for HDFC Short Term Debt Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 31 Dec 21 Duration Returns 1 Month 0.7% 3 Month 1.8% 6 Month 3.9% 1 Year 8.2% 3 Year 6.5% 5 Year 6.5% 10 Year 15 Year Since launch 8% Historical performance (Yearly) on absolute basis
Year Returns 2023 8.3% 2022 7.1% 2021 3.5% 2020 3.9% 2019 11% 2018 9.7% 2017 7% 2016 6.5% 2015 9.3% 2014 8.7% Fund Manager information for HDFC Short Term Debt Fund
Name Since Tenure Anil Bamboli 25 Jun 10 14.62 Yr. Dhruv Muchhal 22 Jun 23 1.62 Yr. Data below for HDFC Short Term Debt Fund as on 31 Jan 25
Asset Allocation
Asset Class Value Cash 7.1% Debt 92.63% Other 0.27% Debt Sector Allocation
Sector Value Corporate 56.78% Government 37.69% Cash Equivalent 5.26% Credit Quality
Rating Value AA 11.59% AAA 88.41% Top Securities Holdings / Portfolio
Name Holding Value Quantity 7.18% Govt Stock 2033
Sovereign Bonds | -7% ₹1,097 Cr 107,500,000 7.3% Govt Stock 2028
Sovereign Bonds | -3% ₹517 Cr 51,500,000 Aditya Birla Renewables Limited
Debentures | -3% ₹435 Cr 43,500 7.26% Govt Stock 2032
Sovereign Bonds | -2% ₹353 Cr 34,500,000 7.1% Govt Stock 2034
Sovereign Bonds | -2% ₹280 Cr 27,500,000 Bajaj Housing Finance Limited
Debentures | -2% ₹251 Cr 25,000 National Bank for Agriculture and Rural Development
Domestic Bonds | -2% ₹251 Cr 25,000 Small Industries Development Bank Of India
Debentures | -2% ₹224 Cr 22,500 Pipeline Infrastructure Private Limited
Debentures | -2% ₹224 Cr 22,000 TVS Credit Services Limited
Debentures | -1% ₹202 Cr 200 3. Axis Short Term Fund
CAGR/Annualized return of 7.5% since its launch. Ranked 26 in Short term Bond category. Return for 2024 was 8% , 2023 was 6.8% and 2022 was 3.7% . Axis Short Term Fund
Growth Launch Date 22 Jan 10 NAV (18 Feb 25) ₹29.8066 ↑ 0.01 (0.02 %) Net Assets (Cr) ₹8,846 on 31 Jan 25 Category Debt - Short term Bond AMC Axis Asset Management Company Limited Rating ☆☆☆ Risk Moderately Low Expense Ratio 0.92 Sharpe Ratio 1.77 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 1,000 Exit Load NIL Yield to Maturity 7.59% Effective Maturity 3 Years 8 Months 19 Days Modified Duration 2 Years 10 Months 2 Days Growth of 10,000 investment over the years.
Date Value 31 Jan 20 ₹10,000 31 Jan 21 ₹10,925 31 Jan 22 ₹11,347 31 Jan 23 ₹11,791 31 Jan 24 ₹12,611 31 Jan 25 ₹13,622 Returns for Axis Short Term Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 31 Dec 21 Duration Returns 1 Month 0.7% 3 Month 1.9% 6 Month 3.8% 1 Year 8% 3 Year 6.3% 5 Year 6.2% 10 Year 15 Year Since launch 7.5% Historical performance (Yearly) on absolute basis
Year Returns 2023 8% 2022 6.8% 2021 3.7% 2020 3.5% 2019 10.1% 2018 9.8% 2017 6.3% 2016 5.9% 2015 9.6% 2014 8.1% Fund Manager information for Axis Short Term Fund
Name Since Tenure Devang Shah 5 Nov 12 12.25 Yr. Aditya Pagaria 3 Jul 23 1.59 Yr. Data below for Axis Short Term Fund as on 31 Jan 25
Asset Allocation
Asset Class Value Cash 11.63% Debt 88.1% Other 0.27% Debt Sector Allocation
Sector Value Corporate 60.17% Government 35.25% Cash Equivalent 4.31% Credit Quality
Rating Value AA 14.05% AAA 85.95% Top Securities Holdings / Portfolio
Name Holding Value Quantity 7.32% Govt Stock 2030
Sovereign Bonds | -13% ₹1,111 Cr 108,500,000
↑ 23,500,000 7.1% Govt Stock 2034
Sovereign Bonds | -6% ₹566 Cr 55,625,200
↑ 12,500,000 6.79% Govt Stock 2034
Sovereign Bonds | -4% ₹348 Cr 34,826,700 National Bank For Agriculture And Rural Development
Debentures | -2% ₹209 Cr 21,000
↓ -2,500 India Grid Trust
Debentures | -2% ₹191 Cr 19,000 INDIA UNIVERSAL TRUST AL1
Unlisted bonds | -1% ₹126 Cr 128 Bharti Telecom Limited
Debentures | -1% ₹126 Cr 12,500 India Grid Trust 7.88%
Debentures | -1% ₹126 Cr 12,500 Rec Limited
Debentures | -1% ₹120 Cr 12,000 Bajaj Finance Limited
Debentures | -1% ₹101 Cr 10,000 4. Nippon India Short Term Fund
CAGR/Annualized return of 7.6% since its launch. Ranked 17 in Short term Bond category. Return for 2024 was 8% , 2023 was 6.8% and 2022 was 3.2% . Nippon India Short Term Fund
Growth Launch Date 18 Dec 02 NAV (18 Feb 25) ₹50.9309 ↑ 0.01 (0.02 %) Net Assets (Cr) ₹5,932 on 31 Jan 25 Category Debt - Short term Bond AMC Nippon Life Asset Management Ltd. Rating ☆☆☆☆ Risk Moderately Low Expense Ratio 0.96 Sharpe Ratio 1.6 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 100 Exit Load NIL Yield to Maturity 7.64% Effective Maturity 3 Years 7 Months 2 Days Modified Duration 2 Years 8 Months 26 Days Growth of 10,000 investment over the years.
Date Value 31 Jan 20 ₹10,000 31 Jan 21 ₹10,850 31 Jan 22 ₹11,370 31 Jan 23 ₹11,753 31 Jan 24 ₹12,583 31 Jan 25 ₹13,590 Returns for Nippon India Short Term Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 31 Dec 21 Duration Returns 1 Month 0.7% 3 Month 1.9% 6 Month 3.9% 1 Year 8% 3 Year 6.1% 5 Year 6.2% 10 Year 15 Year Since launch 7.6% Historical performance (Yearly) on absolute basis
Year Returns 2023 8% 2022 6.8% 2021 3.2% 2020 4.4% 2019 9.5% 2018 9.4% 2017 5.5% 2016 5.7% 2015 9.8% 2014 8.1% Fund Manager information for Nippon India Short Term Fund
Name Since Tenure Vivek Sharma 1 Feb 20 5.01 Yr. Kinjal Desai 25 May 18 6.7 Yr. Sushil Budhia 31 Mar 21 3.84 Yr. Data below for Nippon India Short Term Fund as on 31 Jan 25
Asset Allocation
Asset Class Value Cash 6.35% Debt 93.34% Other 0.31% Debt Sector Allocation
Sector Value Corporate 54.31% Government 40.37% Cash Equivalent 4.88% Securitized 0.12% Credit Quality
Rating Value AA 15.17% AAA 84.83% Top Securities Holdings / Portfolio
Name Holding Value Quantity 7.17% Govt Stock 2030
Sovereign Bonds | -9% ₹553 Cr 54,500,000
↓ -12,500,000 7.32% Govt Stock 2030
Sovereign Bonds | -8% ₹543 Cr 53,000,000
↓ -1,500,000 7.1% Govt Stock 2029
Sovereign Bonds | -6% ₹415 Cr 41,000,000
↓ -5,000,000 Renew Solar Energy (Jharkhand Five) Private Limited
Debentures | -3% ₹195 Cr 20,000 Small Industries Development Bank Of India
Debentures | -3% ₹167 Cr 16,500 National Bank For Agriculture And Rural Development
Debentures | -3% ₹166 Cr 16,500 07.27 MH Sdl 2030
Sovereign Bonds | -2% ₹154 Cr 15,312,900 Cholamandalam Investment And Finance Company Limited
Debentures | -2% ₹151 Cr 15,000
↑ 15,000 Rural Electrification Corporation Limited
Debentures | -2% ₹150 Cr 15,000 Power Finance Corporation Ltd.
Debentures | -2% ₹125 Cr 12,500 5. IDFC Bond Fund Short Term Plan
CAGR/Annualized return of 7.3% since its launch. Ranked 47 in Short term Bond category. Return for 2024 was 7.8% , 2023 was 6.9% and 2022 was 2.8% . IDFC Bond Fund Short Term Plan
Growth Launch Date 14 Dec 00 NAV (18 Feb 25) ₹55.1835 ↑ 0.02 (0.03 %) Net Assets (Cr) ₹9,646 on 15 Feb 25 Category Debt - Short term Bond AMC IDFC Asset Management Company Limited Rating ☆☆ Risk Moderately Low Expense Ratio 0.77 Sharpe Ratio 1.24 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 1,000 Exit Load NIL Yield to Maturity 7.4% Effective Maturity 3 Years 10 Months 6 Days Modified Duration 2 Years 11 Months 1 Day Growth of 10,000 investment over the years.
Date Value 31 Jan 20 ₹10,000 31 Jan 21 ₹10,855 31 Jan 22 ₹11,264 31 Jan 23 ₹11,621 31 Jan 24 ₹12,437 31 Jan 25 ₹13,423 Returns for IDFC Bond Fund Short Term Plan
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 31 Dec 21 Duration Returns 1 Month 0.7% 3 Month 1.9% 6 Month 3.8% 1 Year 8% 3 Year 6% 5 Year 5.9% 10 Year 15 Year Since launch 7.3% Historical performance (Yearly) on absolute basis
Year Returns 2023 7.8% 2022 6.9% 2021 2.8% 2020 3.4% 2019 9.7% 2018 9.7% 2017 6.5% 2016 5.9% 2015 8.8% 2014 8.1% Fund Manager information for IDFC Bond Fund Short Term Plan
Name Since Tenure Suyash Choudhary 11 Mar 11 13.9 Yr. Brijesh Shah 10 Jun 24 0.64 Yr. Data below for IDFC Bond Fund Short Term Plan as on 15 Feb 25
Asset Allocation
Asset Class Value Cash 33.84% Debt 65.89% Other 0.27% Debt Sector Allocation
Sector Value Corporate 45.94% Government 40.7% Cash Equivalent 13.08% Credit Quality
Rating Value AAA 100% Top Securities Holdings / Portfolio
Name Holding Value Quantity 7.18% Govt Stock 2033
Sovereign Bonds | -16% ₹1,548 Cr 151,700,000
↑ 130,500,000 7.1% Govt Stock 2034
Sovereign Bonds | -14% ₹1,350 Cr 132,800,000
↑ 132,800,000 Bajaj Housing Finance Ltd. 8.04%
Debentures | -5% ₹477 Cr 47,500,000 Tata Capital Financial Services Limited
Debentures | -5% ₹441 Cr 44,100,000 7.17% Govt Stock 2030
Sovereign Bonds | -4% ₹361 Cr 35,500,000
↓ -370,000,000 Bajaj Finance Limited
Debentures | -3% ₹290 Cr 29,000,000 HDFC Bank Ltd.
Debentures | -3% ₹285 Cr 30,000,000
↓ -5,000,000 Tata Capital Housing Finance Limited
Debentures | -3% ₹249 Cr 25,000,000 07.63 MH Sdl 2030
Sovereign Bonds | -2% ₹204 Cr 19,945,600 National Bank For Agriculture And Rural Development
Debentures | -2% ₹173 Cr 17,500,000
↓ -2,500,000
Short Term Debt Fund Taxation
Tax implication on debt funds is computed in the following manner-
Short Term Capital Gains
If the holding period of a debt investment is less than 36 months, then it is classified as a short-term investment and these are taxed as per individual's tax slab.
Long Term Capital Gains
If the holding period of debt investment is more than 36 months, then it is classified as a long-term investment and is taxed at 20% with an indexation benefit.
| Capital Gains | Investment Holding Gains | Taxation |
|---|---|---|
| Short Term Capital Gains | Less than 36 months | As per individual's tax slab |
| Long Term Capital Gains | More than 36 months | 20% with indexation benefits |
Risks Involved with Short Term Mutual Funds
Alike all the financial securities, Short term debt funds have certain flaws as well. Some of the risks accompanying these funds include-
Risk of Rising Inflation
Short term debt funds are ideal having a short term financial goal of one to three years and not for long term. So, the investors who are looking for long term investments should invest in Equity Funds, which offers the benefits of rising inflation while yielding good returns.
Risk of Changing Interest Rates
The change in interest rate in the Economy has a little effect on short term debt funds, though the impact is very marginal. As the tenure of duration is short, the impact of interest rate changes in insignificant. However, investors should always look at the duration or maturity of the fund before making any conclusions. A high duration/maturity exposes the Fund to interest rate risk.
Risk of Credit
Usually, short term debt funds invest in instruments that have a high credit rating and have a safe track record. However, there are times when the asset managing company that is managing the fund defaults, the investor has to take the challenge of managing the risk on his own. So, the investors must keep this in mind and invest wisely. Hence, it is always advisable to look a getting into a fund with a good quality portfolio.
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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