10 Mutual Funds That Doubled Wealth In 5 Years

10 Mutual Funds That Doubled Wealth In 5 Years

Mutual funds have been a preferred investment option for individuals looking to grow their wealth over time. There are various mutual fund schemes offered in the Indian markets for residents and NRIs to generate returns and build wealth in the long run. Though mutual funds come with a risk profile, there are some of the mutual fund schemes that have consistently outperformed over the years and have provided substantial returns for investors. In this blog, we will explore 10 mutual funds that have doubled wealth in just five years, showcasing the potential of smart investment choices.

What is a Mutual Fund?

Mutual Fund is a type of investment vehicle that pools the investments from various investors and invests in common investment objectives like equities, bonds, money market instruments, securities, and more. Mutual funds are managed by fund managers who have expertise in making investment decisions on behalf of the investors to generate better returns and grow wealth for the investors. 

Also read: Types of Mutual Funds in India

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What are the Best Mutual Funds? 

Mutual fund houses offer various types of mutual fund schemes for investors depending on their investment goals. The definition of the best mutual fund varies from investor to investor. You can invest in a fund as per your objective, horizon, and risk appetite. For some investors, equity mutual funds can be the right investment objective while some may go for debt mutual funds or liquid mutual funds. 

Also read: Best Mutual Funds for NRI in India 2024

Moving Back to India- Report

Which mutual funds doubled the wealth in 5 years for investors? 

Despite the contrary of the global investing scene and the pandemic that we all went through, Indian markets have still delivered well in comparison and are in for future growth. There are various mutual funds that doubled the wealth of investors in 5 years period across different schemes.

We considered all the major mutual funds and have picked the 10 best mutual funds with the highest returns during this period. If an investor had invested Rs 1 lakh in Oct-18, then their wealth would’ve doubled in the past five years in Oct-23 in these mutual fund schemes.

Top 10 Best Mutual Funds that doubled wealth for NRIs in 5 years

Fund NameAUM (In Crores)Current Value of 1 lakh invested 5 years ago 1 YR3 YR5 Yr
Quant Small Cap Fund Growth for NRI8075 Cr3.66 lacs40.74%45.22%29.62%
Quant Tax Plan Growth for NRI4605 Cr3.03 lacs17.26%33.74%24.83%
Axis Small Cap Fund Growth for NRI15,847 Cr3.05 lacs23.84%32.61%24.99%
Quant Active Fund Growth for NRI5,688 Cr 2.9 lacs19.48%31.41%23.72%
Quant Flexi Cap Fund Growth for NRI1,908 Cr 2.89 lacs20.88%32.87%23.68%
Quant Mid Cap Fund Growth for NRI2,789 Cr2.95 lacs29.65%37.73%24.14%
Nippon India Small Cap Fund – Growth for NRI36,540 Cr 3.13 lacs36.97%42.89%25.61%
Kotak Small Cap Growth for NRI12,286 Cr2.97 lacs18.68%35.18%24.28%
PGIM India Midcap Opportunities Fund Growth for NRI9,393 Cr2.81 lacs10.47%29.20%22.92%
ICICI Prudential Smallcap Fund Growth for NRI6,989 Cr2.98 lacs24.81%37.17%24.43%
Mutual funds that doubled wealth in 5 years
*Returns as on 5-Oct-2023

Also read: Best SIP to Invest in 2024 – Top 10 SIP Mutual Fund Plans for NRIs/OCIs

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Benefits of Investing in the Mutual Funds

Mutual funds offer several benefits to investors, making them a popular investment choice for individuals with varying financial goals and risk tolerance levels. Here are some key advantages of investing in mutual funds:

  • Diversification: Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities. This diversification helps spread risk, reducing the impact of poor performance in a single investment.
  • Professional Management: Mutual funds are managed by experienced and knowledgeable fund managers who make investment decisions on behalf of investors. These professionals conduct research and analysis to select the best securities for the fund’s portfolio.
  • Liquidity: Mutual fund units are typically bought and sold at the end-of-day net asset value (NAV) price. This provides investors with liquidity, allowing them to easily access their investments and convert them into cash when needed.
  • Affordability and flexibility: Mutual funds allow investors to participate in a diversified portfolio with relatively small amounts of money. Many funds have low minimum investment requirements, making them accessible to a wide range of investors.
  • Risk Management: Depending on the type of mutual fund, investors can choose funds that align with their risk tolerance. Conservative investors can opt for bond funds, while those seeking higher returns with higher risk can choose equity funds. There are also balanced funds that offer a mix of asset classes.
  • Tax Benefits: Some mutual funds, such as Equity-Linked Savings Schemes (ELSS), offer tax benefits under Section 80C of the Income Tax Act in India. Additionally, capital gains from mutual funds may be taxed at a lower rate compared to individual stocks for long-term investments in some countries.

Also read: Top 5 Tips for NRIs to Pick a Winning Mutual Fund

Can NRI Invest in Mutual Funds in India? 

Yes, NRIs can invest in mutual funds in India. NRIs can easily invest in different mutual fund schemes and generate higher returns and wealth building. The FEMA Act, RBI rules, and SEBI guidelines govern the rules and regulations regarding NRI investments in mutual funds which is why it has a slightly different procedure than that of resident individuals. However, it is very easy to set up your Mutual Fund KYC and link it to your NRO/NRE bank account to invest in mutual fund schemes in India. 

There are various mutual fund schemes available for NRIs to invest in. Keeping in check with the FEMA Act, the funds on offer for NRIs from the US & Canada to NRIs from other countries may vary at times.

Invest in NRI Mutual Funds with SBNRI 

NRIs can now download the SBNRI App and choose to invest in different mutual schemes in India with ease. You can also get detailed mutual fund advice from experts at SBNRI. Also, visit our blog and YouTube channel for more details.

SBNRI is an authorized Mutual Fund Distributor platform & registered with the Association of Mutual Funds in India (AMFI). ARN No. 246671. NRIs willing to invest in mutual funds in India can download the SBNRI App to choose from 2,000+ mutual fund schemes or can connect with the SBNRI wealth team to better understand Mutual Fund investments.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions. SBNRI does not intend to predict future returns, please read all related documents before investing.

Also read:

Best Debt Mutual Funds in India 2024 for Residents and NRIs/OCIs

List of Top Performing Liquid Funds for NRIs in 2024

Best Equity Mutual Funds for NRIs to Invest in 2024

What are Sector Funds? Best Sector Funds List for NRIs

Investing in ESG Mutual Funds? Read this before you make a move


Which is the best Equity fund for NRI to invest in 2023 for the highest return?

  • Quant Small Cap Fund Growth for NRI is the best equity fund for NRI to invest in 2023. It has a return of 40.34% for 1-Year and 45.46% for a 3-Year period. 

What is the taxation for equity funds for NRI? 

  • If equity investments are sold within one year of holding by NRIS, then the returns will be treated as short-term capital gain and will be taxed at 15% plus cess. However, if the funds are sold after one year of holding, it accounts as long long-term capital gain and the returns up to Rs 1 lakh will be tax-free. Any returns above Rs 1 lakh will be treated to a taxation of 10% plus cess without any indexation benefit. 

Are equity mutual funds safer for NRIs?

  • Equity mutual funds have a high volatility and can be a risky investment for investors. However, overseeing the returns generated by equity mutual funds for the past 15 years, these funds can be a great investment vehicle and offer great wealth-generation opportunities for NRIs.

Is equity funds safer than FD?

  • Fixed deposits have a risk-free fixed income and are safer than equity mutual funds. However, as per the returns and growth opportunity, equity mutual funds look to be a better investment option for investors, residents, and NRIs alike. 

Which is the best debt mutual fund of 2023?

  • Aditya Birla Sun Life Medium Term Plan Growth for NRI is the best-performing debt mutual fund of 2023 with a return of 7.21% for 1 year and 12.77% for 3 years.

Can NRIs invest in Debt mutual funds?

  • Yes, NRIs can invest in debt mutual funds with ease after completing their mutual fund KYC and linking their NRO/NRE bank account to the KYC.

What is the taxation on debt mutual funds?

  • The debt mutual fund tax has been changed with effect from April 1, 2023, after the Budget 2023 brought certain amendments. Debt mutual funds will no longer be allowed to avail of indexation benefits from FY 23-24. Any gains made on debt mutual funds investment will now attract taxation on applicable slab rates of the investor’s income bracket.

What is Debt funds vs. Equity Funds?

  • Debt funds are mutual funds that invest money into fixed-income securities, corporate bonds, treasury bills, commercial papers, and more. On the other hand equity funds invest the money into stocks/shares of the company.

Which is the best liquid fund for NRI to invest in 2023 for the highest return?

  • Aditya Birla Sun Life Liquid Plan Growth for NRI is the best liquid fund for NRI to invest in 2023. It has a return of 6.91% for 1-Year and 4.69% for 3-Year period. 

What is the liquid fund taxation for NRI? 

  • NRIs are liable to pay taxes on the capital gain earned from Liquid funds. The short-term capital gains for sell of liquid funds for a period under 3 years of holding are taxed at investor’s slab rates. After the Budget 2023 amendments, long-term capital gains won’t enjoy any indexation benefit and will be charged as per the investor’s slab rates removing the LTCG benefits altogether. 

What are the investment options for NRIs in India?

  • There are a plethora of investment options for NRIs in India. The top 5 investment options for NRIs include Fixed Deposits, Mutual Funds, Stocks, Real Estate and GOI Securities.

How can NRI invest in Indian Mutual Funds?

  • An NRI can invest in Indian Mutual Funds using his/her NRE/NRO Account. The NRE Account is used to invest on a repatriable basis and NRO Account is used to invest on a non-repatriable basis.

Can I invest from the USA in India?

  • Yes an NRI can invest from the USA in India in various asset classes such as FDs, Mutual Funds, Stocks etc.

Can NRI invest in SIP in India?

  • Yes, an NRI can invest in India through the SIP route. SIP stands for Systematic Investment Plan.
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