Best ICICI Mutual Funds in India for 2026

• Summary
• ICICI Prudential Mutual Fund offers a variety of schemes across categories such as Equity Funds, Debt Funds, Hybrid Funds, Index Funds, Solution-Oriented Funds, and so forth. People can choose among these schemes based on their objectives and risk tolerance level.
• The most popular ICICI mutual funds in 2026 are ICICI Pru Multi Asset Allocation Dir, with an AUM of ₹86,785 Crore, and ICICI Pru Multi Asset Allocation Dir, with a minimum SIP of ₹100. Whereas, ICICI Pru Large Cap Dir 3 Year CAGR is 12.26% as of 3rd September, 2026.
• Funds come with different risk levels ranging from Low to Very High. Investors need to be cautious when analysing risk, return, costs, and financial goals before investing. Past performance is no indication of future results.

ICICI Mutual Fund is one of the financial institutions that offer a variety of equity, hybrid, debt, index, and other mutual funds, catering to varying investor needs and investment objectives across different risk levels. 

Some of the funds from ICICI for the year 2026 include ICICI Prudential Multi Asset Allocation Fund, Large Cap Fund, Balanced Advantage Fund, Value Fund, Aggressive Hybrid Fund, and India Opportunities Fund. These funds have historically delivered significant returns over three- and five-year periods. 

Although there are historical returns, it cannot be predicted that they will yield the same future returns to investors. However, there are certain factors an investor must also consider, such as the fund’s risk level, expense ratio, investment objective, and time horizon. 

Best 10 ICICI Mutual Funds: Quick Comparison

The following table provides a quick comparison of the selected ICICI mutual funds ranked based on AUM as of 3rd September, 2026

Fund Name	3 Yr CAGR	5 Yr CAGR	Benchmark 5 Yr return	AUM	Expense ratio	Minimum SIP	Risk
ICICI Pru Multi Asset Allocation Dir	15.26%	16.91%	6.61%	₹86,785 Cr	0.55%	₹100	Very High
ICICI Pru Large cap Dir	12.26%	12.08%	9.62%	₹80,960 Cr	0.71%	₹100	Very High
ICICI Pru Balanced Advantage Dir	12.17%	11.36%	10.5%	₹74,555 Cr	0.71%	₹100	Very High
ICICI Pru Liquid Dir	6.96%	6.31%	6.33%	₹61,558 Cr	0.17%	₹100	Low to Moderate
ICICI Pru Value Dir	13.24%	15.43%	10.84%	₹61,102 Cr	0.79%	₹100	Very High
ICICI Pru Aggressive Hybrid Dir	14.17%	15.60%	14.24%	₹52,433	0.77%	₹100	Very High
ICICI Pru Nifty 50 ETF	8.58%	8.33%	9.62%	₹44,111	0.02%	–	Very High
ICICI Pru India Opportunities Dir	15.72%	19.11%	10.84%	₹38,299 Cr	0.61%	₹100	Very High
ICICI Pru Money Market Dir	7.38%	6.65%	6.68%	₹34,627 Cr	0.18%	₹100	Low to Moderate
ICICI Pru Arbitrage Dir	7.45%	6.74%	6.72%	₹34,180 Cr	0.34%	₹500	Low

Top 10 ICICI Mutual Funds in India

The following ICICI Mutual Funds analysis covers performance, costs, risk, benchmark, and portfolio concentration.

1. ICICI Prudential Multi Asset Allocation Fund Direct Plan

ICICI Prudential Multi Asset Allocation Fund has exposure to different asset classes, helping diversify the portfolio. The scheme’s 3-year CAGR is 15.26%, while the 5-year CAGR is 16.91%. The fund’s AUM is ₹86,785 crore, and its expense ratio is 0.55%. The minimum SIP for the scheme is just ₹100. 

• Strengths: Diversified asset allocation that helps reduce reliance on the performance of a single asset class. Also, a high 5-year return is an advantage. 

• Drawbacks: Due to multi-asset-class allocation, the fund’s returns may not be equal to those of pure equity funds during a favourable equity market rally.

2. ICICI Prudential Large Cap Fund Direct Plan

The ICICI Prudential Large Cap Fund invests primarily in large companies. The fund’s 3-year and 5-year CAGRs are 12.26% and 12.08%, respectively, compared with the stated 5-year benchmark of 9.62%. The fund’s AUM stands at ₹80,960 crore with an expense ratio of 0.71% and SIP of ₹100. 

• Strength: It invests primarily in well-established companies, which is more stable than investing in smaller companies, and its past performance has consistently exceeded the stated benchmark for 5 years. 

• Drawbacks: It has been rated Very High in risk level because it is equity-based. Also, the expense ratio is relatively higher than that of some passive funds.

3. ICICI Prudential Balanced Advantage Fund Direct Plan

The strategy adopted by ICICI Prudential Balanced Advantage Fund is very flexible, as it allocates capital across equity and debt funds depending on market conditions. As of 3rd September, 2026, it has achieved a 3-year CAGR of 12.17% and a 5-year CAGR of 11.36%. It has a significant AUM of ₹74,555 crore and an expense ratio of 0.71%. It provides investors with the option to invest in a ₹100 SIP. 

• Strengths: The major advantage of this fund is its flexibility in asset allocation. This might differentiate it from equity funds. 

• Drawbacks: Even though it is a balanced fund, its risk category is listed as Very High. Hence, one should not consider it as a low-risk fund.

4. ICICI Prudential Liquid Fund Direct Plan

The ICICI Prudential Liquid Fund is aimed at investors seeking a way to invest and manage excess funds. The fund had a CAGR of 6.96% in 3 years and 6.31% in 5 years as of 3rd September, 2026. The fund has an AUM of ₹61,558 crore and an expense ratio of 0.17%. An investor can invest in this plan via SIP starting from ₹100. 

• Strengths: The key feature of the fund is its relatively low risk when compared to equity-oriented funds. Another plus of the fund is its low expense ratio. 

• Drawbacks: One downside of the fund is its relatively low return potential compared to equity-oriented funds. As shown by the return history, the fund’s return potential is quite low. The risk level is Low to Moderate. However, the fund is not risk-free.

5. ICICI Prudential Value Fund Direct Plan

The ICICI Prudential Value Fund is an example of a value fund. The fund is known for taking a value-investing approach that focuses on selecting stocks whose prices are believed to be fairly valued relative to their potential. In this case, the fund’s 3-year CAGR was 13.24%, while the 5-year CAGR was 15.43%, compared with the 5-year benchmark returns of 10.84%. Its AUM is ₹61,102 crore, while the expense ratio is 0.79%. Its minimum SIP is ₹100. 

• Strengths: It has performed strongly relative to its benchmark returns, especially over the past 5 years. Additionally, the value approach will give investors an opportunity to benefit from companies that are not well covered in the market. 

• Drawbacks: The fund’s major weakness is its very high risk profile. This is because value stocks are known to take a long time before performing as expected.

6. ICICI Prudential Aggressive Hybrid Fund Direct Plan

ICICI Prudential Aggressive Hybrid Fund is an aggressive hybrid fund with a higher equity allocation than conservative hybrids. As of 3rd September, 2026, it shows a 14.17% CAGR over 3 years and a 15.60% CAGR over 5 years. The fund has AUM of ₹52,433 crore, an expense ratio of 0.77% and a minimum SIP of ₹100. 

• Strengths: The key positive of the fund is its diversification across equity and debt in a single fund. This allows investors to gain exposure to equity and debt in the fund. Another plus is the strong historical performance with a 5-year return. 

• Drawbacks: However, its Very High risk level indicates that the investor will experience volatility in returns. Also, the fund’s returns may be lower than those of a good equity fund during a rapid increase in the stock market.

7. ICICI Prudential Nifty 50 ETF

ICICI Prudential Nifty 50 ETF seeks to deliver returns commensurate with the Nifty 50 Index, allowing investors to gain exposure to a wide range of large Indian firms through a single investment vehicle. This investment vehicle had a 3-year CAGR of 8.58% and a 5-year CAGR of 8.33%, compared to the benchmark 5-year return of 9.62%. The fund’s AUM is ₹44,111 crore, and its expense ratio is as low as 0.02%, making it one of the fund’s most attractive features. 

• Strengths: The very low cost of this investment vehicle, along with its passive management, can make it attractive to investors. 

• Drawbacks: But the fund has been rated very high risk because it is equity-oriented.

8. ICICI Prudential India Opportunities Fund Direct Plan

The ICICI Prudential India Opportunities Fund proved to be among the top performers in terms of returns among funds as of 3rd September, 2026. Its 3-year CAGR is 15.72%, while its 5-year CAGR is 19.11%, compared with the benchmark 5-year return of 10.84%. This fund has an AUM of ₹38,299 crore, an expense ratio of 0.61%, and a minimum SIP of ₹100. 

• Strengths: Its strong historical performance. This fund could prove useful to investors seeking higher growth through equities. 

• Drawbacks: But high returns imply high risks, and the risk level stated for this fund is Very High. Historical performance is no guarantee of future results. In addition, this type of fund entails periods of high volatility, and investors must consider this when investing in such funds.

9. ICICI Prudential Money Market Fund Direct Plan

The ICICI Prudential Money Market Fund invests in money market and short-duration fixed-income instruments. As of 3rd September, 2026, the 3-year CAGR was 7.38%, and the 5-year CAGR was 6.65%. The fund’s assets under management are ₹34,627 crore, and its expense ratio is 0.18%. The minimum SIP for the ICICI Prudential Money Market Fund is ₹100. 

• Strengths: Relatively low expense ratio and a low-to-moderate risk level. This investment fund is likely to suit investors who prefer relatively stable investment opportunities rather than taking risks with equities. 

• Drawbacks: It is not expected to deliver high returns on investment, as it is not an equity fund.

10. ICICI Prudential Arbitrage Fund – Direct Plan

ICICI Prudential Arbitrage Fund uses price differences across various markets for the securities and utilises arbitrage opportunities to generate relatively low-risk returns. The 3-year CAGR of the fund is 7.45%, while the 5-year CAGR is 6.74%. The fund’s assets under management (AUM) are ₹34,180 crore, while the expense ratio and the minimum SIP are 0.34% and ₹500, respectively.

• Strengths: Its relatively low risk compared to other equity-oriented funds. This fund might be helpful for investors seeking low-risk mutual funds. 

• Drawbacks: The potential return from this fund is relatively low

How did we select these ICICI Funds?

When choosing ICICI mutual funds, several considerations should be taken into account to facilitate the selection process by comparing different options. In our case, performance, cost, risk, and accessibility are the criteria of the fund selection process.

• Performance: We considered the historical performance of the selected funds across three- and five-year periods. It will allow investors to evaluate a fund’s historical performance. Past performance does not guarantee future results.

• AUM: Assets under management (AUM) is the amount of money the fund manages. Fund size helped us understand the fund’s scale and the level of investor involvement.

• Expense Ratio: The expense ratio is the yearly fee for managing investments. We took the expense ratio into account because high expenses negatively affect investors returns in the long run. An appropriate expense ratio is an important criterion.

• Risk Profile: Each mutual fund has a unique risk profile. It was important to take into account the risk profile of each mutual fund, as market volatility could affect investors’ returns.

• Investment Purpose: The purpose and investment strategy of the mutual funds were analysed prior to selecting the most appropriate funds. Each fund might have a different investment strategy and invest in equity, debt, or specific sectors or companies based on their market cap.

ICICI Funds Vs Other Fund Categories

Fund category	Investment Focus	Risk Level	Feature
ICICI Mutual Funds	Offers investment options across equity, debt, hybrid, index, ELSS, and other fund categories	Low to High, depending on the selected fund	Provides a wide range of schemes designed for different investment goals, risk levels, and investment horizons
Flexi Cap	Large, mid, and Small caps	Higher	Invest across large-cap, mid-cap, and small-caps without fixed allocation limits
Large cap	Predominantly large companies	Higher	Invest mainly in large, well-established companies with a strong market presence
Mid Cap	Mid-sized companies	Moderate	Invest in medium-sized companies that have the potential to grow into larger businesses.
Small cap	Smaller companies	Moderate	Invest in smaller companies with higher growth potential
Index fund	Tracks an index	Depends on index	Tracks a market index such as the Nifty 50 or Sensex by investing in its constituent stocks.

Benefits and Risks of ICICI Mutual Funds

Before investing in ICICI mutual funds, one should know their advantages and disadvantages. This would help investors make decisions according to their requirements.

Benefits:

• Availability of Various Types of Funds: ICICI mutual funds offer a range of funds, including equity, debt, hybrid, and index funds. The investor will have the option to select a suitable fund based on his investment goals and risk tolerance.

• Professionally Managed Funds: Investments made through the ICICI mutual funds are professionally managed by skilled fund managers and investment experts. The fund managers analyse the company, the prevailing market conditions, and the investment opportunity. This might be useful for those investors who don’t have enough time for managing their investments

• Advantage of Diversification:  Most mutual funds invest in various companies, sectors, or asset classes. This helps minimise the impact of any single investment failure. However, diversification doesn’t eliminate market risks.

• Simple Investing through SIP: An investor can begin their investment journey with a Systematic Investment Plan (SIP). This means that rather than a huge one-time investment, the investor can invest in small sums. SIP helps develop investment discipline.

• For Different Financial Objectives: ICICI mutual funds offer investors a range of investment plans tailored to their financial objectives and time horizons. An investor can choose the right kind of fund according to their financial goal.

Risks:

• Market Risk: Equities and market-linked mutual funds can be subject to market movements. The values of investments may fluctuate according to the economic conditions and movements in the market. Investors may face losses due to market volatility.

• No Guarantee of Returns: Returns on investments in mutual funds are not guaranteed and vary according to the performance of the investment. A good-performing fund in the past may have a lower rate of return in the future as well. Thus, investors should never base their decisions on past performance.

• Risk Associated with Fund: Each mutual fund uses a different investment strategy and invests in different securities. Poor investment decisions and weak performance in certain sectors may affect the rate of return. Thus, investors need to know the fund’s investment objective.

•  Interest Rate Risk: Debt mutual funds are exposed to interest rate risk. The value of existing bonds will fall when interest rates rise. The funds having longer durations will be more vulnerable to these movements.

Who should consider and avoid ICICI mutual funds?

ICICI mutual funds can be a good choice for investors seeking professionally managed options across equity, debt, hybrid, and other categories. Such mutual funds may be chosen by investors who seek to generate wealth steadily and are willing to face market risks. SIP investors may also opt for such mutual funds to invest steadily in accordance with their objectives.

But ICICI mutual funds may not be a wise choice for those seeking assured returns and complete safety from market risks. Short-term investors must analyse the risks involved in choosing the market-linked mutual funds. Investors who cannot bear any loss may opt for some other mutual funds. Before opting for ICICI mutual funds, it is necessary to study various aspects of such funds.

How to choose an ICICI mutual fund?

The selection of an appropriate ICICI mutual fund will depend on the investor’s objectives, investment horizon, and risk-bearing capacity. A comparison of critical parameters will be useful for choosing an appropriate mutual fund that suits one’s investment objective.

• Determine Your Financial Objective: Determine the purpose behind investing in a particular mutual fund. The purpose may be capital growth, retirement planning, children’s education, and regular income. An investor’s financial objective can help select an appropriate type of mutual fund.

• Evaluate Your Risk Appetite: Mutual funds have varying degrees of market risk. Equity mutual funds have comparatively higher market risk, while debt mutual funds may have relatively lower volatility. One needs to make a choice that suits his/her risk tolerance level.

• Consider Your Investment Horizon: An investor’s investment horizon is another critical factor to consider when selecting mutual funds. Long-term investors can opt for equity-based mutual funds, while short-term investors can consider appropriate options.

• Evaluate Previous Performance: Assess the fund’s previous performance and determine whether it outperformed its benchmark and comparable funds. If the fund has consistently performed well, it could offer some insight into the fund itself. However, past performance is not necessarily indicative of future results.

• Compare the Expense Ratio: The expense ratio is the total fees charged annually for managing the mutual fund. The higher the expense ratio, the lower your returns on the investment. Hence, before investing, one should always compare the expenses incurred in managing similar funds.

SIP Vs Lump sum for ICICI funds

Both SIP and Lump-sum investing can be used to invest in ICICI mutual funds. The right approach depends on your income, available funds, and risk tolerance.

Factor	SIP	LumpSum
Investment Method	A fixed amount is invested regularly, usually every month	A large amount is invested at one time
Suitable for	Investors with regular income who want to invest gradually	Investors who have a large amount available for investment
Market timing	Reduces the need to invest the entire amount at a single market level	The investment outcome may depend more on market conditions at the time of investment
Market volatility	Regular investments may help spread investment across different market levels	High market volatility after investing may significantly affect the investment value
Flexibility	Investors can usually increase, decrease, or stop their SIP based on their needs	The entire investment amount is committed at the beginning, although redemption rules may apply

Direct vs Regular ICICI mutual funds

ICICI mutual funds are generally available through direct plans and regular plans. Both plans invest in the same portfolio, but they differ mainly in how the investments are made and the costs involved.

Factor	Direct ICICI Mutual Fund	Regular ICICI Mutual Fund
Investment method	Investors invest directly with the mutual fund company or through eligible direct platforms	Investors invest through a distributor, broker, or financial advisor
Expense ratio	Generally has a lower expense ratio because no distributor commission is involved	Usually has a higher expense ratio because distributor commissions are included
Potential returns	Lower expenses may result in higher returns over the long-term	Higher expenses may reduce long-term returns as compared with a direct plan
Suitable for	May suit investors who are comfortable researching and managing their investments independently	May suit investors who prefer professional guidance when selecting and managing funds
Fund portfolio	It is generally the same as the corresponding regular plan	It is generally the same as the corresponding Direct plan

Taxation of ICICI mutual funds

• ICICI Equity mutual Funds and Arbitrage Funds

The following table shows the applicable taxes for ICICI mutual funds as of 19 August, 2026.

Holding Period	Tax Treatment
Up to 12 months	Short-term capital gains taxed at 20%
More than 12 months	Long-term capital gains exceeding ₹1.25 lakh in a financial year are taxed at 12.5%
LTCG up to ₹1.25 lakh	Exempt, subject to applicable conditions

• ICICI Debt Mutual Funds

The tax on debt mutual funds mainly depends on when the investor invests, and for how long. If the investment is made on or after 1st April, 2023, all gains are treated as short-term gains and taxed at the investor’s slab rate, regardless of the holding period. 

And if the investor has invested before 1st April, 2023, then gains are taxed as long-term gains at 12.5% if held for more than 2 years; if held for 2 years or less, then it will be treated as short-term gains, and will be taxed as per the investor’s slab rate.

Other Best Mutual Fund Categories

Best Defence Mutual Fund	Best Nippon Mutual Fund	Best Small Cap Mutual Funds
Best Flexi Cap Mutual Funds	Best Pharma Mutual Funds	Best Infrastructure Mutual Funds
Best Banking Mutual Funds	Best Technology Mutual Funds	Best Tax-saving Mutual Funds

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