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Overview
Medium Duration Funds are debt mutual funds positioned between short-duration and longer-duration bond strategies.
Their portfolios maintain a medium-term duration profile under the applicable category framework.
This gives them greater sensitivity to interest-rate movements than short-duration categories while generally taking less duration risk than long-duration strategies.
Explained
A Medium Duration Fund is an open-ended debt scheme whose portfolio duration is managed within the regulatory range applicable to the category.
The portfolio can include:
Explained
The fund manager selects debt instruments while maintaining the portfolio within the required duration framework.
Returns can come from:
They can also experience losses when yields rise.
Suitability
These funds may suit investors who:
Suitability depends on the individual fund's credit profile as well as its duration.
Advantages
The category gives investors more clarity about the broad level of interest-rate exposure.
Medium-duration bonds can appreciate when market yields fall.
Funds can invest across government and corporate securities rather than relying on one issuer.
The manager monitors yield curves, rates, credit conditions, and portfolio maturity.
Returns can come from interest accrual as well as changes in bond prices and credit spreads.
Before you invest
Medium Duration Funds can experience noticeable NAV fluctuations when yields change.
Check whether the portfolio emphasises sovereign and highly rated securities or takes meaningful lower-rated exposure.
Review modified duration to understand approximate sensitivity to changes in yields.
A higher YTM may reflect additional duration or credit risk. Do not treat it as guaranteed future return.
Do not select the category merely because it recently outperformed shorter-duration funds. Your own horizon matters more than recent rankings.
Review issuer and sector concentration, particularly where corporate bonds make up a meaningful portion of assets.
Taxation
Medium Duration Funds predominantly invest in debt and money-market instruments.
Where Section 50AA applies, relevant units acquired on or after April 1, 2023 can produce deemed short-term capital gains regardless of holding period.
Those gains are generally taxed at the investor's applicable income-tax rate.
Investors should verify current provisions before redemption.
Step by step
Good to know
It is a debt mutual fund with a portfolio duration positioned around the medium-term segment of the bond market under the applicable category rules.
They carry interest-rate, credit, liquidity, and market risks.
They can be more sensitive to interest-rate changes because their portfolio duration is generally longer.
They can benefit when bond yields fall, but actual returns depend on portfolio positioning, credit quality, and other factors.
No. YTM is a portfolio measure, not a guaranteed investor return.
Relevant debt-oriented units falling within Section 50AA can receive deemed short-term capital-gain treatment irrespective of their actual holding period.
Recap
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FUND
Aditya Birla Sun Life Medium Term Fund Direct Plan GrowthDebt Medium Duration₹47.95
0.17%
8.98%
10.49%
12.64%
DSP Medium Term Fund Direct Plan Payout of Income Dist cum Cap WdrlDebt Medium Duration₹11.76
0.3%4.62%
9.17%
7.27%
Kotak Medium Term Direct GrowthDebt Medium Duration₹27.55
0.1%7.51%
9.05%
7.42%
I
ICICI Prudential Medium Term Fund Direct Plan GrowthDebt Medium Duration₹53.71
0.12%7.72%
8.53%
7.39%
Nippon India Medium Duration Fund Direct Plan Growth OptionDebt Medium Duration₹18.34
0.15%6.3%
8.44%
6.82%
Axis Medium Term Fund Direct Growth OptionDebt Medium Duration₹33.31
0.15%6.72%
8.32%
7.3%
HDFC Medium Term Fund Direct Plan Growth OptionDebt Medium Duration₹65.94
0.11%6.82%
7.94%
6.78%
SBI Medium Term Fund Direct Reinvestment of Income Distribution cum capital withdrawalDebt Medium Duration₹23.2
0.13%6.77%
7.79%
6.81%
HSBC Medium Term Fund Direct GrowthDebt Medium Duration₹23.85
0.18%5.56%
7.7%
6.66%
Bandhan Medium Term Fund - Direct Plan - GrowthDebt Medium Duration₹53.3
0.05%6.14%
7.59%
6%
Aditya Birla Sun Life Medium Term Fund Direct Plan Payout Inc Dist cum Cap WdrlDebt Medium Duration₹18.27
0.17%8.6%
10.01%
12.21%
Invesco India Medium Term Fund Direct GrowthDebt Medium Duration₹1356.7
0.22%5.17%
7.27%
6.03%
Kotak Medium Term Direct Standard Reinvestment of Income Dis cum Cap wdrlDebt Medium Duration₹27.55
0.1%7.51%
9.05%
7.42%
I
ICICI Prudential Medium Term Fund Direct Plan Quarterly Reinvestment Inc Dist cum Cap WdrlDebt Medium Duration₹11.65
0.12%5.34%
7.61%
6.83%
Nippon India Medium Duration Fund Direct Plan Payout of Income Dist cum Cap WdrlDebt Medium Duration₹15.47
0.15%6.3%
8.44%
6.82%
Axis Medium Term Fund Direct Half Yearly Pyt of Inc Dis cum Cap WdrlDebt Medium Duration₹12.1
0.15%6.71%
8.23%
7.19%
HDFC Medium Term Fund Direct Plan Normal Payout of Income Dis cum Cptl Wdrl OptDebt Medium Duration₹22.03
0.11%6.59%
7.84%
6.73%
SBI Medium Term Fund Direct GrowthDebt Medium Duration₹59.68
0.13%6.77%
7.79%
6.81%
DSP Medium Term Fund Direct Plan GrowthDebt Medium Duration₹92
0.3%4.62%
7.13%
6.12%
Bandhan Medium Term Fund Direct Plan Periodic Payout of Inc Dis cum Cptl Wdrl OptDebt Medium Duration₹13.91
0.05%6%
7.45%
5.97%
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