Top 10 index funds in India by AUM [2024]

Wondering about investing in index funds? Let's learn what index funds are and the top 10 index funds in India you can consider

By Forbes India

Published: Oct 28, 2024 12:07:20 PM IST

Updated: Oct 28, 2024 04:19:20 PM IST

Index funds are a kind of mutual fund or exchange-traded fund (ETF) which looks to replicate the performance of a certain market index, such as the Nifty or the S&P 500. Top 10 index funds in India offer a diversified portfolio of stocks or bonds at a low cost because they passively track an index's composition.

What index funds do is hold the same assets as the index they track without actively buying and selling securities, making them a straightforward and efficient investment option.

Notably, the expense ratio represents the annual fees and costs associated with managing the fund. Lower expense ratios are important because they directly impact the investor's returns, making index funds an attractive choice for cost-conscious investors.

In this post, we look at the top 10 equity funds among the index funds in India, based on AUM and listed in descending order.

Top 10 equity index funds in India

Our list of the top 10 equity funds out of the index funds in India is below, arranged with the highest to lowest AUM. AUM and expense ratio data are sourced from respective mutual fund websites as of October 28, 2024.

Fund name	AUM (Cr.)	Expense ratio (%)
#1 UTI Nifty 50 Index Fund	20,432.09	0.25
#2 HDFC Index Fund- Nifty 50 Plan	18,914.92	0.20
#3 ICICI Prudential Nifty 50 Index Fund	11,903.75	0.17
#4 SBI Nifty Index Fund	8,729.37	0.20
#5 UTI Nifty200 Momentum 30 Index Fund	8449.82	0.39
#6 HDFC Index Fund - S&P BSE Sensex Plan	7,945.86	0.20
#7 ICICI Prudential Nifty Next 50 Index Fund	7,184.00	0.31
#8 UTI Nifty Next 50 Index Fund	4973.79	0.36
#9 Motilal Oswal S&P 500 Index Fund	3,543.39	0.62
#10 Navi Nifty 50 Index Fund - Direct Plan - Growth	2,513.88	0.06

It's time for a closer look at the top equity funds in India.

UTI Nifty 50 Index Fund

Fund house: UTI Mutual Fund
Inception: March 06, 2000
Returns (3Y): 17.39 percent

UTI Nifty 50 Index Fund is in the number one position in India's list of top 10 index funds. It is a medium-sized Large Cap Index fund.

Over the past year, it has generated a 32.24 percent return, averaging 15.73 percent annually since its inception and doubling investments every four years. The fund's consistent performance aligns with its category and displays above-average risk control in declining markets.

The UTI-Nifty 50 Index Fund constitutes 50 stocks in the Nifty 50 index. It is ideal for those with a minimum 5-year investment horizon and a strong appetite for high risk.

More info: UTI Nifty 50 Index Fund

HDFC Index Fund- Nifty 50 Plan

Fund house: HDFC Mutual Fund
Inception: January 1, 2013
Returns (3Y): 17.51 percent

HDFC Index Fund Nifty 50 Plan Direct-Growth is a mutual fund scheme classified within the Large Cap Index category.

Over the past year, HDFC Index Fund Nifty 50 Plan Direct-Growth has yielded returns of 28.56 percent. Since its inception, it has delivered an average annual return of 15.10 percent. Remarkably, this fund has demonstrated the ability to double the invested capital every four years.

This fund invests in the 50 stocks comprising the Nifty 50 index and is suitable for high-risk, risk-taking equity investors.

More info: HDFC Index Fund- Nifty 50 Plan

ICICI Prudential Nifty 50 Index Fund

Fund house: ICICI Prudential Mutual Fund
Inception: February 15, 2002
Returns (3Y): 18.54 percent

ICICI Prudential Nifty 50 Index Fund-Growth is among India's top 10 index funds. It falls within the Large Cap Index category.

Over the past year, ICICI Prudential Nifty 50 Index Fund-Growth has returned 28.55 percent. Since its inception, it has delivered an average annual return of 15.33 percent. Impressively, this fund can double the invested capital every four years.

This fund invests in 50 companies listed in the Nifty 50 index and is suitable for investors seeking long-term wealth creation.

More info: ICICI Prudential Nifty 50 Index Fund

SBI Nifty Index Fund

Fund house: SBI Mutual Fund
Inception: January 1, 2013
Returns (3Y): 17.55 percent

SBI Nifty Index Direct Plan-Growth is one of India's top 10 index funds. It is a mutual fund scheme categorised under the Large Cap Index category.

Over the past year, SBI Nifty Index Direct Plan-Growth has delivered returns of 28.41 percent. Since its inception, it has maintained an average annual return of 15.30 percent. It is worth highlighting that this fund has the capability to double the invested capital every four years.

The fund invests in 50 companies listed in the Nifty 50 index and can be suitable for high-risk-taking equity investors.

More info: SBI Nifty Index Fund

UTI Nifty200 Momentum 30 Index Fund

Fund house: UTI Mutual Fund
Inception: March 12, 2021
Returns (3Y): 31.58 percent

UTI Nifty200 Momentum 30 Index Fund Direct-Growth is one of India's top 10 index funds. It is a Large Cap Index category fund.

Over the past year, UTI Nifty200 Momentum 30 Index Fund Direct-Growth has delivered impressive returns of 67.34 percent. Since its inception, it has consistently provided an average annual return of 30.50 percent.

Investors seeking higher returns through a momentum-based approach with increased risk can consider this top index fund.

More info: UTI Nifty200 Momentum 30 Index Fund

HDFC Index Fund - S&P BSE Sensex Plan

Fund house: HDFC Mutual Fund
Inception: January 1, 2013
Returns (3Y): 16.34 percent

HDFC Index S&P BSE Sensex Direct Plan-Growth falls into the Large Cap Index category.

Over the past year, HDFC Index S&P BSE Sensex Direct Plan-Growth has yielded returns of 25.17 percent. Since its inception, it has delivered an average annual return of 14.12 percent. Notably, this fund can double the invested capital every four years.

This fund invests in companies included in the S&P BSE Sensex, constituting 30 stocks.

More info: HDFC Index Fund - S&P BSE Sensex Plan

ICICI Prudential Nifty Next 50 Index Fund

Fund house: ICICI Prudential Mutual Fund
Inception: June 10, 2010
Returns (3Y): 29.44 percent

ICICI Prudential Nifty Next 50 Index Fund-Growth is one of India's top 10 index funds. It is a mutual fund scheme offered and categorised within the Large Cap Index segment.

Over the past year, ICICI Prudential Nifty Next 50 Index Fund-Growth has generated returns of 68.16 percent. Since its inception, it has maintained an average annual return of 14.16 percent. It's important to note that this fund holds the capability to double the invested capital every four years.

This fund suits investors looking for exposure to index schemes replicating the Nifty Next 50 Index.

More info: ICICI Prudential Nifty Next 50 Index Fund

UTI Nifty Next 50 Index Fund

Fund house: UTI Mutual Fund
Inception: November 13, 2002
Returns (3Y): 29.43 percent

The primary objective of this investment scheme is to invest in the stocks of companies included in the Nifty Next 50 Index and strive to attain returns equivalent to the performance of the index through a passive investment approach.

With its significant size in the category, the fund stands out for its exceptionally low Tracking Error and Tracking Difference.

More info: UTI Nifty Next 50 Index Fund

Motilal Oswal S&P 500 Index Fund

Fund house: Motilal Oswal Mutual Fund
Inception: April 28, 2020
Returns (3Y): 21.74 percent

Motilal Oswal S&P 500 Index Fund Direct-Growth falls under the International Index category.

Over the past year, Motilal Oswal S&P 500 Index Fund Direct-Growth has provided returns of 29.27 percent. Since its inception, it has maintained an average annual return of 19.47 percent.

The fund invests in 500 stocks comprising the S&P 500 Index.

More info: Motilal Oswal S&P 500 Index Fund

Navi Nifty 50 Index Fund - Direct Plan - Growth

Fund house: Navi
Inception: 15 July, 2021
Returns (3Y): 17.56 percent

Navi Nifty 50 Index Fund - Direct Plan - Growth is categorised as Index Funds of ETFs. As a passively managed fund, it aims to replicate the index's returns by investing in the same proportion of stocks. The NFO started on July 3, 2021 and closed on July 12, 2021. It is a high risk fund for those looking for capital appreciation over the long term. Investors keen on putting their money in an actively managed portfolio, predominantly consisting of equity and equity-related securities diversified over various sectors of large-cap companies, can also consider this option.

More info: Navi Nifty 50 Index Fund - Direct Plan - Growth