Medium to Long Duration Mutual Funds in India
Updated June 2026 · 26 active funds · data from AMFI NAVs
Medium to Long Duration funds carry a portfolio Macaulay duration of 4 to 7 years, per SEBI. They invest across government securities and corporate bonds to maintain that longer band, taking on substantial interest-rate risk: when yields fall, these funds can post strong gains, and when yields rise, NAVs can drop sharply. They are essentially a rate-cycle play for investors with a four-to-seven-year horizon and a view (or tolerance) on falling or stable rates. The role is a longer-term debt allocation that can deliver capital appreciation in easing cycles, balanced by the understanding that volatility is far higher than short-duration funds. Returns are more variable and can occasionally rival or trail equity in either direction over short windows depending on the rate environment. The default benchmark on FindMF is the NIFTY 8-13 yr G-Sec Index, against which - because it is a government-security index we ingest - FindMF can compute benchmark-relative measures. We compute trailing returns and risk metrics for all 26 Medium to Long Duration funds from AMFI-published daily NAVs using a disclosed methodology, so you can judge realised volatility and drawdown, not just yield.
Who it suits: Investors with a four-to-seven-year horizon comfortable with significant NAV swings and positioning for a falling or stable rate cycle.
27% of the 15 funds here with a computed alpha beat their benchmark over the measured window (positive alpha). Past performance is not indicative; this is analysis, not advice.
| # | Scheme | 1Y | 3Y | 5Y | Sharpe | Max DD | TER | AUM |
|---|---|---|---|---|---|---|---|---|
| 1 | ICICI Prudential Bond Fund ICICI Prudential | +3.48% | +7.17% | +6.26% | -0.46 | -1.9% | 0.54% | ₹2.9K Cr |
| 2 | LIC MF Medium to Long Duration Fund LIC | +3.14% | +7.12% | +6.04% | -0.51 | -2.1% | 0.21% | ₹199 Cr |
| 3 | Kotak Bond Fund Kotak Mahindra | +3.10% | +6.98% | +6.16% | -0.42 | -2.4% | 0.69% | ₹2.0K Cr |
| 4 | BANK OF INDIA Conservative Hybrid Fund - ECO Bank of India | +1.76% | +6.89% | +9.87% | 0.44 | -4.2% | - | ₹0 Cr |
| 5 | SBI Medium to Long Duration Fund SBI | +3.67% | +6.81% | +6.23% | -0.51 | -1.9% | 0.78% | ₹2.1K Cr |
| 6 | JM Medium to Long Duration Fund (Direct) JM Financial | +2.98% | +6.62% | +5.53% | -0.74 | -3.3% | 0.59% | ₹22 Cr |
| 7 | Nippon India Medium to Long Duration Fund Nippon India | +3.00% | +6.56% | +6.08% | -0.48 | -2.1% | 0.67% | ₹384 Cr |
| 8 | HDFC Income Fund HDFC | +2.92% | +6.56% | +5.69% | -0.57 | -2.6% | 0.80% | ₹859 Cr |
| 9 | HSBC Medium to Long Duration Fund HSBC | +2.30% | +6.34% | +5.25% | -0.77 | -3.1% | 0.69% | ₹48 Cr |
| 10 | CANARA ROBECO INCOME FUND Canara Robeco | +3.02% | +6.22% | +5.39% | -0.82 | -1.8% | 0.78% | ₹117 Cr |
| 11 | Bandhan Medium to Long Duration Fund Bandhan | +4.27% | +6.19% | +5.12% | -0.81 | -3.5% | 1.29% | ₹466 Cr |
| 12 | UTI Medium to Long Duration Fund UTI | +2.75% | +6.16% | +8.43% | 0.23 | -2.2% | 1.30% | ₹306 Cr |
| 13 | Aditya Birla Sun Life Income Fund Aditya Birla Sun Life | +2.21% | +6.11% | +5.58% | -0.65 | -2.6% | 0.69% | ₹2.0K Cr |
| 14 | JM Medium to Long Duration Fund (Regular) JM Financial | +2.49% | +6.09% | +4.93% | -0.99 | -3.4% | 0.59% | ₹8 Cr |
| 15 | Franklin India Medium to Long Duration Fund Franklin Templeton | +3.55% | - | - | -0.53 | -1.7% | 0.34% | ₹49 Cr |
| 16 | Tata Income Fund Tata | +0.50% | - | - | -2.01 | -2.6% | - | - |
Ranked by trailing return (3Y where available, else 1Y) on funds with at least one year of history. Returns, Sharpe, drawdown and TER are computed independently from AMFI NAVs - see methodology. No paid placement.
Frequently asked questions
How are Medium to Long Duration funds taxed?
As debt funds. For units purchased on or after 1 April 2023, the full gain is taxed at your slab rate regardless of holding period, with no indexation benefit. Verify with a tax adviser.
How much can these funds move when rates change?
A lot. With a 4-7 year duration, a 1% change in yields can move NAV by roughly 4-7% before accrual. That cuts both ways - gains in easing cycles, losses in tightening ones. FindMF shows realised volatility and drawdown from AMFI NAVs.
Does FindMF show alpha and beta for this category?
Where there are enough overlapping months, yes - the NIFTY 8-13 yr G-Sec benchmark is a government-security index we ingest, so benchmark-relative metrics can be computed using our disclosed methodology. Metrics are descriptive, not advice.
What expense ratio is reasonable, and how do I compare funds?
Direct-plan ratios commonly run around 0.40-0.90%. Compare expense ratio with net trailing returns, volatility and drawdown on FindMF; in a duration-driven category, risk-adjusted comparison matters more than headline yield.