{"id":43456,"date":"2026-10-08T16:00:00","date_gmt":"2026-10-08T10:30:00","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=43456"},"modified":"2026-10-08T10:34:10","modified_gmt":"2026-10-08T05:04:10","slug":"money-market-funds-vs-liquid-funds-differences-risks-returns-and-who-should-invest","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/money-market-funds-vs-liquid-funds-differences-risks-returns-and-who-should-invest\/","title":{"rendered":"Money Market Funds vs Liquid Funds: Differences, Risks, Returns and Who Should Invest ?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/money-market-funds-vs-liquid-funds-differences-risks-returns-and-who-should-invest\/#What_SEBI_Actually_Defines\" >What SEBI Actually Defines<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/money-market-funds-vs-liquid-funds-differences-risks-returns-and-who-should-invest\/#The_Yield_Gap_25_to_50_Basis_Points\" >The Yield Gap: 25 to 50 Basis Points<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/money-market-funds-vs-liquid-funds-differences-risks-returns-and-who-should-invest\/#Risk_Small_But_Not_Zero\" >Risk: Small, But Not Zero<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/money-market-funds-vs-liquid-funds-differences-risks-returns-and-who-should-invest\/#Tax_Both_Sit_in_the_Same_Bucket\" >Tax: Both Sit in the Same Bucket<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/money-market-funds-vs-liquid-funds-differences-risks-returns-and-who-should-invest\/#Who_Each_Fund_Is_For\" >Who Each Fund Is For<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/money-market-funds-vs-liquid-funds-differences-risks-returns-and-who-should-invest\/#What_Retail_Investors_Should_Take_From_This\" >What Retail Investors Should Take From This<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/money-market-funds-vs-liquid-funds-differences-risks-returns-and-who-should-invest\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">Liquid funds hold debt maturing in under 91 days. Money market funds stretch that to one year. The extra maturity gives money market funds a yield edge of 25-50 basis points  but slightly more interest rate sensitivity. Both are taxed at your slab rate no matter how long you hold them. The choice comes down to how long the money can sit untouched.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_SEBI_Actually_Defines\"><\/span><strong>What SEBI Actually Defines<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The categories aren&#8217;t marketing labels. SEBI&#8217;s classification framework sets hard boundaries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Liquid funds<\/strong> invest only in debt and money market securities with maturity up to <strong>91 days<\/strong> <a href=\"https:\/\/upstox.com\/news\/personal-finance\/mutual-funds\/new-debt-mutual-fund-classification-rules-2026-what-changes-for-investors\/article-190012\/#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.hdfcfund.com\/learn\/blog\/sebi-mandated-mutual-fund-classifications\" target=\"_blank\" rel=\"noopener\"><\/a>. That&#8217;s the ceiling. No instrument in the portfolio can exceed three months at purchase.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Money market funds<\/strong> invest in money market instruments with maturity up to <strong>1 year<\/strong> <a href=\"https:\/\/upstox.com\/news\/personal-finance\/mutual-funds\/new-debt-mutual-fund-classification-rules-2026-what-changes-for-investors\/article-190012\/#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.barodabnpparibasmf.in\/assets\/download_documents\/SID_Baroda_BNP_Paribas_Money_Market_Fund_109.pdf#15#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.hdfcfund.com\/learn\/blog\/sebi-mandated-mutual-fund-classifications\" target=\"_blank\" rel=\"noopener\"><\/a>. The investible universe is wider and the average maturity is longer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That single difference 91 days versus 365 days drives everything else. Yield. Risk. Who the fund suits.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">HDFC Liquid Fund&#8217;s portfolio as of March 2025 had a residual maturity of 83 days and a portfolio YTM of 7.02% <a href=\"https:\/\/files.hdfcfund.com\/s3fs-public\/Others\/2025-04\/Fund%20Facts%20-%20HDFC%20Liquid%20Fund%20-%20April%202025%20%5Ba%5D.pdf#1#1\" target=\"_blank\" rel=\"noopener\"><\/a>. Nippon India Money Market Fund&#8217;s weighted average maturity sat at 277 days with a YTM of 6.84% <a href=\"https:\/\/mf.nipponindiaim.com\/FundsAndPerformance\/ProductNotes\/NipponIndia-Money-Market-Fund-Apr-2025.pdf#1#1\" target=\"_blank\" rel=\"noopener\"><\/a>. The liquid fund actually showed a higher YTM in that snapshot, which happens when the yield curve is flat or inverted. But over normal cycles, the longer maturity of money market funds captures higher rates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Yield_Gap_25_to_50_Basis_Points\"><\/span><strong>The Yield Gap: 25 to 50 Basis Points<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The return differential between money market and liquid funds generally sits in the <strong>25 to 50 basis point<\/strong> range, according to Fisdom&#8217;s head of research <a href=\"https:\/\/www.financialexpress.com\/money\/use-money-market-funds-to-park-your-surplus-money-4149768\/?ref=ReadNext_article_1#1\" target=\"_blank\" rel=\"noopener\"><\/a>. That&#8217;s the compensation for taking marginally higher duration risk \u2014 not higher credit risk <a href=\"https:\/\/www.financialexpress.com\/money\/use-money-market-funds-to-park-your-surplus-money-4149768\/?ref=ReadNext_article_1#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The gap exists because of how the yield curve usually slopes. Money market funds can lock into instruments maturing 6 to 12 months out, which typically yield more than 91-day paper. Liquid funds can&#8217;t reach that far.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There&#8217;s also a timing element. In a falling rate environment, money market funds holding longer-dated instruments acquired before rate cuts can offer yields above what fresh fixed deposits pay <a href=\"https:\/\/www.financialexpress.com\/money\/cash-in-on-money-market-funds-3904690\/#1\" target=\"_blank\" rel=\"noopener\"><\/a>. Liquid funds, with their 91-day ceiling, roll over faster and reset to lower rates sooner.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The AMFI flow data from May 2025 showed this playing out. Money market funds attracted <strong>\u20b911,223 crore<\/strong> in net inflows. Liquid funds saw <strong>\u20b940,205 crore<\/strong> in outflows <a href=\"https:\/\/planahead.in\/wp-content\/uploads\/2025\/07\/Money-market-funds-outshine-liquid-overnight-funds-in-May.-Time-to-rethink-emergency-fund-strategy-3.pdf#1#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.financialexpress.com\/money\/cash-in-on-money-market-funds-3904690\/#1\" target=\"_blank\" rel=\"noopener\"><\/a>. Investors were shifting toward the higher-yielding category.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Risk_Small_But_Not_Zero\"><\/span><strong>Risk: Small, But Not Zero<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Both categories carry low interest rate risk. But &#8220;low&#8221; isn&#8217;t &#8220;none,&#8221; and the difference matters.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Liquid funds have a maximum weighted average maturity of <strong>75 days<\/strong> <a href=\"https:\/\/www.assetmanagement.hsbc.co.in\/assets\/documents\/mutual-funds\/en\/38fad4c2-93a9-4b35-92d2-a9965226366a\/liquidity-deck-july-25.pdf#4#2\" target=\"_blank\" rel=\"noopener\"><\/a>. Money market funds can go up to <strong>91 days<\/strong> under SEBI norms <a href=\"https:\/\/www.assetmanagement.hsbc.co.in\/assets\/documents\/mutual-funds\/en\/38fad4c2-93a9-4b35-92d2-a9965226366a\/liquidity-deck-july-25.pdf#4#2\" target=\"_blank\" rel=\"noopener\"><\/a>. The modified duration the measure of how much the fund&#8217;s value moves when rates change \u2014 is therefore higher for money market funds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Aditya Agarwal of <a href=\"https:\/\/wealthy.in\/\" target=\"_blank\" rel=\"noopener\">Wealthy.in<\/a> put it simply: check the average maturity and duration because these influence how sensitive returns are to rate changes <a href=\"https:\/\/www.financialexpress.com\/money\/use-money-market-funds-to-park-your-surplus-money-4149768\/?ref=ReadNext_article_1#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Credit risk is comparable. Both categories predominantly hold AAA-rated and sovereign instruments <a href=\"https:\/\/www.financialexpress.com\/money\/cash-in-on-money-market-funds-3904690\/#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/mf.nipponindiaim.com\/FundsAndPerformance\/ProductNotes\/NipponIndia-Money-Market-Fund-Apr-2025.pdf#1#1\" target=\"_blank\" rel=\"noopener\"><\/a>. Nippon India Money Market Fund&#8217;s strategy explicitly targets AAA and A1+ rated issuers <a href=\"https:\/\/mf.nipponindiaim.com\/FundsAndPerformance\/ProductNotes\/NipponIndia-Money-Market-Fund-Apr-2025.pdf#1#1\" target=\"_blank\" rel=\"noopener\"><\/a>. HDFC Liquid Fund&#8217;s riskometer shows &#8220;Relatively Low&#8221; credit risk <a href=\"https:\/\/files.hdfcfund.com\/s3fs-public\/Others\/2025-04\/Fund%20Facts%20-%20HDFC%20Liquid%20Fund%20-%20April%202025%20%5Ba%5D.pdf#1#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The practical risk for money market funds is <strong>mark-to-market volatility<\/strong> on a slightly longer portfolio. If rates rise unexpectedly, a 277-day average maturity portfolio takes a bigger paper loss than an 83-day portfolio. It&#8217;s not a credit event. It&#8217;s a valuation adjustment. Hold to maturity and the accrual income absorbs it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_Both_Sit_in_the_Same_Bucket\"><\/span><strong>Tax: Both Sit in the Same Bucket<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This is where the simplicity ends and the slab rate begins.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Debt funds including liquid and money market funds \u2014 are classified as <strong>&#8220;specified mutual funds&#8221;<\/strong> for tax purposes if they invest more than 65% in debt and money market instruments <a href=\"https:\/\/www.tatamutualfund.com\/blogs\/mutual-fund-taxation-india-capital-gains-dividends-indexation\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/anandrathi.com\/ar-finshala\/mutual-funds\/short-term-capital-gains-on-mutual-funds\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For units acquired <strong>on or after April 1, 2023<\/strong>, any gain is treated as <strong>short-term capital gains regardless of holding period<\/strong>. The gain gets added to your total income and taxed at your slab rate <a href=\"https:\/\/m.economictimes.com\/wealth\/tax\/latest-capital-gains-tax-rate-for-equity-gold-mutual-funds-for-fy2026-2027-after-budget-2026\/amp_articleshow\/127796728.cms#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.bajajfinserv.in\/investments\/taxation-on-debt-mutual-funds#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.tatamutualfund.com\/blogs\/mutual-fund-taxation-india-capital-gains-dividends-indexation\" target=\"_blank\" rel=\"noopener\"><\/a>. No indexation. No LTCG benefit. No \u20b91.25 lakh exemption.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Holding a money market fund for two years changes nothing. The tax treatment is identical to selling after two weeks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For someone in the 30% slab, a 7% pre-tax return becomes roughly <strong>4.9% post-tax<\/strong>. That&#8217;s the arithmetic that makes these funds suitable for parking money, not for building wealth.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_Each_Fund_Is_For\"><\/span><strong>Who Each Fund Is For<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The holding period determines the choice.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Liquid funds fit when money needs to move fast.<\/strong> The HDFC Liquid Fund factsheet describes the scheme as ideal for a horizon of <strong>7 to 91 days<\/strong> <a href=\"https:\/\/files.hdfcfund.com\/s3fs-public\/Others\/2025-04\/Fund%20Facts%20-%20HDFC%20Liquid%20Fund%20-%20April%202025%20%5Ba%5D.pdf#1#1\" target=\"_blank\" rel=\"noopener\"><\/a>. Emergency funds, a tax payment due next month, a credit card bill that clears in three weeks. The 91-day maturity ceiling means less price movement and faster access. T+1 liquidity applies <a href=\"https:\/\/www.financialexpress.com\/money\/cash-in-on-money-market-funds-3904690\/#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Money market funds fit when money can sit for 3 to 12 months.<\/strong> An insurance premium due in eight months. A planned purchase six months out. A bonus parked until you decide where it goes. The ideal holding period is <strong>3 months to 1 year<\/strong> <a href=\"https:\/\/www.financialexpress.com\/money\/use-money-market-funds-to-park-your-surplus-money-4149768\/?ref=ReadNext_article_1#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.financialexpress.com\/money\/cash-in-on-money-market-funds-3904690\/#1\" target=\"_blank\" rel=\"noopener\"><\/a>. That timeframe lets the fund ride out minor rate fluctuations and capture the full accrual yield <a href=\"https:\/\/www.financialexpress.com\/money\/use-money-market-funds-to-park-your-surplus-money-4149768\/?ref=ReadNext_article_1#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For durations under one month, liquid funds are the cleaner option <a href=\"https:\/\/www.financialexpress.com\/money\/cash-in-on-money-market-funds-3904690\/#1\" target=\"_blank\" rel=\"noopener\"><\/a>. The slightly higher volatility of money market funds isn&#8217;t worth the marginal yield pickup when the money is leaving so soon.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Retail_Investors_Should_Take_From_This\"><\/span><strong>What Retail Investors Should Take From This<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The yield difference is real but small.<\/strong> 25 to 50 basis points on \u20b95 lakh over six months works out to roughly \u20b9625 to \u20b91,250. That&#8217;s not nothing. It&#8217;s also not a reason to stretch your holding period beyond what the money allows.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tax treatment erases the distinction.<\/strong> Both funds are taxed at slab. A 30% bracket investor keeps 70% of the gain. The post-tax yield gap between the two categories shrinks proportionally.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Match maturity to the need date.<\/strong> If you need the money in 45 days, a liquid fund is the right tool. If you need it in 9 months, a money market fund captures better accrual without meaningful extra risk. The mistake is putting short-term money in a longer-maturity fund and being forced to sell during a rate spike.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Review the allocation as rates move.<\/strong> When the rate cycle is stable or near its peak, money market funds look more attractive. When rates are falling fast, the longer maturity helps capture the last of the high yields. When rates are rising sharply, liquid funds reset faster to the new higher rates <a href=\"https:\/\/planahead.in\/wp-content\/uploads\/2025\/07\/Money-market-funds-outshine-liquid-overnight-funds-in-May.-Time-to-rethink-emergency-fund-strategy-3.pdf#1#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. What is the main difference between liquid funds and money market funds?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Liquid funds invest in debt and money market securities maturing within <strong>91 days<\/strong>. Money market funds invest in money market instruments maturing up to <strong>1 year<\/strong> <a href=\"https:\/\/upstox.com\/news\/personal-finance\/mutual-funds\/new-debt-mutual-fund-classification-rules-2026-what-changes-for-investors\/article-190012\/#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.hdfcfund.com\/learn\/blog\/sebi-mandated-mutual-fund-classifications\" target=\"_blank\" rel=\"noopener\"><\/a>. The longer maturity gives money market funds a yield advantage but slightly more interest rate sensitivity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. How much higher are money market fund returns than liquid funds?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The differential typically runs <strong>25 to 50 basis points<\/strong> in normal market conditions, according to Fisdom&#8217;s research head <a href=\"https:\/\/www.financialexpress.com\/money\/use-money-market-funds-to-park-your-surplus-money-4149768\/?ref=ReadNext_article_1#1\" target=\"_blank\" rel=\"noopener\"><\/a>. That can widen or narrow depending on the interest rate environment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. Are money market funds riskier than liquid funds?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Slightly, in terms of interest rate risk. The longer average maturity means the fund&#8217;s value moves more when rates change. Credit risk is comparable &#8211; both hold predominantly AAA-rated and sovereign instruments <a href=\"https:\/\/www.financialexpress.com\/money\/cash-in-on-money-market-funds-3904690\/#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/mf.nipponindiaim.com\/FundsAndPerformance\/ProductNotes\/NipponIndia-Money-Market-Fund-Apr-2025.pdf#1#1\" target=\"_blank\" rel=\"noopener\"><\/a>. The risk is a valuation adjustment, not a default risk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>4. How are gains from liquid and money market funds taxed?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Both are classified as &#8220;specified mutual funds&#8221; for tax purposes. For units purchased on or after April 1, 2023, <strong>all gains are taxed at your slab rate regardless of holding period<\/strong> <a href=\"https:\/\/m.economictimes.com\/wealth\/tax\/latest-capital-gains-tax-rate-for-equity-gold-mutual-funds-for-fy2026-2027-after-budget-2026\/amp_articleshow\/127796728.cms#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.bajajfinserv.in\/investments\/taxation-on-debt-mutual-funds#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.tatamutualfund.com\/blogs\/mutual-fund-taxation-india-capital-gains-dividends-indexation\" target=\"_blank\" rel=\"noopener\"><\/a>. There is no LTCG treatment and no indexation benefit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>5. Which fund should I use for my emergency fund?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For money you might need within <strong>30 days<\/strong>, liquid funds are the better fit. They have a shorter maturity profile, less price movement, and T+1 liquidity <a href=\"https:\/\/www.financialexpress.com\/money\/cash-in-on-money-market-funds-3904690\/#1\" target=\"_blank\" rel=\"noopener\"><\/a>. Money market funds suit surplus that can stay parked for <strong>3 to 12 months<\/strong> <a href=\"https:\/\/www.financialexpress.com\/money\/use-money-market-funds-to-park-your-surplus-money-4149768\/?ref=ReadNext_article_1#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Liquid funds hold debt maturing in under 91 days. Money market funds stretch that to one year. The extra maturity gives money market funds a yield edge of 25-50 basis points but slightly more interest rate sensitivity. Both are taxed at your slab rate no matter how long you hold them. The choice comes down [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/money-market-funds-vs-liquid-funds-differences-risks-returns-and-who-should-invest\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":41,"featured_media":42376,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[99,91],"tags":[],"class_list":["post-43456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing-101","category-investment-advisor"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Liquid funds hold debt maturing in under 91 days. Money market funds stretch that to one year. The extra maturity gives money market funds a yield edge of 25-50 basis points but slightly more interest rate sensitivity. Both are taxed at your slab rate no matter how long you hold them. 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