Bandhan AMC Limited · Banking and PSU Debt

Bandhan Banking and PSU Debt Fund

Income/Debt Oriented Schemes - Banking and PSU Debt Fund Direct plan, growth benchmark: Nifty Banking & PSU Debt Index A-II launched 26 Feb 2013 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹27.16

+0.04% since 18 Sep 2026, the previous NAV

1 year

5.8%

return

3 years

7.2%

a year

5 years

6.3%

a year

Since launch

7.5%

a year, over 12.0 years

Assets (AUM)

₹12,122 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

0.30% / 0.55%

a year, as of Jul 2026

Holdings

top ten are 36% of the fund · Aug 2026

Disclosed history

5.0 yrs

Sep 2021 – Aug 2026 · 4 of 11 checks could run

Fund managers

Suyash Choudhary · since at least Feb 2023Gautam Kaul · since Sep 2025Gautam · since Mar 2026

All managers →

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Regular plan costs 0.27 percentage points a year more than Direct

₹5,170 on ₹1 lakh over ten years. Same portfolio, two prices — the difference is what the Regular plan's distribution costs you, read from the two NAVs.

See how it is measured →

P7Whose record

Run by Suyash Choudhary for at least 3.5 yrs

with Gautam Kaul, Gautam · the factsheet archive starts Feb 2023, so this is a floor. A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Suyash Choudhary's other funds →

NAVTracking gap

Not replicated: the portfolio cannot be priced line by line in this build.

Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

See the daily gap →

P4Consistency

Beat its category in 68% of three-year stretches, and averaged +0.2 percentage points a year across all of them

109 rolling windows since 2014 · ahead by 0.5 percentage points a year when it won, behind by 0.3 when it lost. A single five-year figure depends on the day you look; the share of stretches won does not — and the average margin says whether winning often was worth anything.

See every window →

headline and record disagree One check found the headline number and the underlying record pointing different ways — marked on the cards below.

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Sep 2014

145 month-ends · ₹11.48 → ₹27.16, 2.4× since Sep 2014

Deepest fall (max drawdown)

−0.5%

7 May 2026 → 21 May 2026

Worst month

−0.0%

Aug 2025

Days to recover

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the direct growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Aug 2026 disclosure · 99 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	Triparty Repo TRP_010926 money market	—	10.61%	Aug 2026	1 mo	+10.61% points
2	Small Industries Dev Bank of India ** money market	—	3.94%	Jun 2026	3 mo	+3.94% points
3	7.7% HDFC Bank Limited ** government security	—	3.29%	Apr 2025	1.4 yrs	−0.81% points
4	8.24% Power Grid Corporation of India Limited ** government security	—	3.15%	Dec 2024	1.8 yrs	+1.84% points
5	7.37% Indian Railway Finance Corporation Limited ** government security	—	2.95%	Jun 2025	1.3 yrs	−1.41% points
6	Net Current Assets cash equivalent	—	2.77%	Sep 2021	5.0 yrs	+0.92% points
7	Canara Bank money market	—	2.43%	Feb 2026	7 mo	+0.06% points
8	Axis Bank Limited money market	—	2.42%	Jun 2026	3 mo	+2.42% points
9	8.55% HDFC Bank Limited ** government security	—	2.37%	Nov 2025	10 mo	+0.01% points
10	7.53% National Bank For Agriculture and Rural Development government security	—	2.28%	Aug 2025	1.1 yrs	+0.42% points
11	7.48% National Bank For Agriculture and Rural Development government security	—	2.28%	Feb 2026	7 mo	−0.19% points
12	7.44% Power Finance Corporation Limited ** government security	—	2.27%	Oct 2025	11 mo	+0.01% points
13	9% HDFC Bank Limited ** government security	—	2.22%	Nov 2025	10 mo	+0.01% points
14	Canara Bank money market	—	2.21%	May 2026	4 mo	+1.43% points
15	Export Import Bank of India ** money market	—	2.03%	Jan 2026	8 mo	+0.06% points
16	6.67% ICICI Bank Limited ** government security	—	1.80%	Apr 2026	5 mo	+0.39% points
17	6.94% GOI (MD 11/05/2036) government security	—	1.66%	Aug 2026	1 mo	+1.66% points
18	7.34% Small Industries Dev Bank of India ** government security	—	1.65%	Feb 2026	7 mo	−0.20% points
19	Axis Bank Limited ** money market	—	1.63%	Feb 2026	7 mo	−0.76% points
20	Axis Bank Limited ** money market	—	1.62%	Aug 2026	1 mo	+1.62% points
21	7.39% Bank of Baroda ** government security	—	1.45%	Mar 2026	6 mo	+0.01% points
22	Bank of Baroda ** money market	—	1.45%	May 2026	4 mo	+0.59% points
23	6.85% National Bank For Agriculture and Rural Development ** government security	—	1.43%	Jul 2026	2 mo	+1.43% points
24	6.66% National Bank For Agriculture and Rural Development ** government security	—	1.43%	Oct 2025	11 mo	+0.01% points
25	Kotak Mahindra Bank Limited money market	—	1.43%	Aug 2026	1 mo	−0.56% points
26	Bank of Baroda ** money market	—	1.42%	Jun 2026	3 mo	+1.42% points
27	Canara Bank ** money market	—	1.42%	May 2026	4 mo	+0.63% points
28	6.45% ICICI Bank Limited ** government security	—	1.35%	Aug 2025	1.1 yrs	+0.34% points
29	7.75% Power Finance Corporation Limited ** government security	—	1.21%	Dec 2025	9 mo	+0.01% points
30	Axis Bank Limited ** money market	—	1.21%	Aug 2026	1 mo	+1.21% points
31	7.32% NTPC Limited ** government security	—	1.17%	Feb 2025	1.6 yrs	−0.56% points
32	Indian Bank ** money market	—	1.17%	Aug 2026	1 mo	+1.17% points
33	6.9% GOI (MD 15/04/2065) government security	—	1.10%	Jun 2026	3 mo	+1.10% points
34	6.44% HDFC Bank Limited ** government security	—	1.10%	Nov 2025	10 mo	−0.39% points
35	8.05% HDFC Bank Limited ** government security	—	1.05%	Nov 2025	10 mo	+0.22% points
36	7.42% Small Industries Dev Bank of India ** government security	—	1.03%	Feb 2026	7 mo	0.00% points
37	7.01% National Bank For Agriculture and Rural Development ** government security	—	1.02%	Apr 2026	5 mo	0.00% points
38	6.74% Small Industries Dev Bank of India ** government security	—	1.02%	Apr 2026	5 mo	−0.19% points
39	ICICI Bank Limited ** money market	—	1.01%	Jun 2026	3 mo	+1.01% points
40	6.59% Power Finance Corporation Limited ** government security	—	1.00%	Dec 2025	9 mo	+0.01% points
41	Bank of Baroda money market	—	0.86%	Jul 2026	2 mo	+0.86% points
42	8.25% Gujarat SDL (MD 02/01/2029) government security	—	0.85%	Aug 2026	1 mo	+0.85% points
43	7.46% REC Limited ** government security	—	0.83%	Oct 2025	11 mo	+0.42% points
44	7.58% REC Limited government security	—	0.83%	Dec 2025	9 mo	0.00% points
45	6.58% Indian Railway Finance Corporation Limited ** government security	—	0.81%	Oct 2025	11 mo	+0.01% points
46	ICICI Bank Limited ** money market	—	0.80%	Jun 2026	3 mo	+0.80% points
47	6.7% REC Limited government security	—	0.77%	Nov 2025	10 mo	−0.23% points
48	7.5% Indian Railway Finance Corporation Limited ** government security	—	0.62%	Jun 2025	1.3 yrs	0.00% points
49	7.34% REC Limited ** government security	—	0.62%	Dec 2025	9 mo	+0.01% points
50	6.87% REC Limited ** government security	—	0.61%	Jan 2026	8 mo	+0.01% points
51	Indian Bank ** money market	—	0.61%	May 2026	4 mo	+0.01% points
52	7.3% GOI (MD 19/06/2053) government security	—	0.58%	Jun 2026	3 mo	+0.58% points
53	7.06% GOI (MD 27/07/2041) government security	—	0.52%	Jul 2026	2 mo	+0.52% points
54	8.7% Power Grid Corporation of India Limited ** government security	—	0.48%	Mar 2024	2.5 yrs	0.00% points
55	9% HDFC Bank Limited ** government security	—	0.43%	Jan 2026	8 mo	+0.01% points
56	8.3% NTPC Limited ** government security	—	0.43%	Jul 2026	2 mo	+0.43% points
57	7.71% GOI (MD 18/05/2066) government security	—	0.42%	Jul 2026	2 mo	+0.42% points
58	8.12% NHPC Limited ** government security	—	0.42%	Aug 2025	1.1 yrs	0.00% points
59	7.8% National Highways Authority Of India ** government security	—	0.42%	Nov 2025	10 mo	0.00% points
60	7.44% Small Industries Dev Bank of India ** government security	—	0.41%	Feb 2026	7 mo	−0.41% points
61	7.49% Small Industries Dev Bank of India ** government security	—	0.41%	Aug 2026	1 mo	+0.41% points
62	6.78% Indian Railway Finance Corporation Limited ** government security	—	0.41%	Jul 2026	2 mo	−0.39% points
63	Axis Bank Limited money market	—	0.41%	May 2026	4 mo	+0.01% points
64	6.64% Power Finance Corporation Limited ** government security	—	0.40%	Nov 2025	10 mo	0.00% points
65	Bank of Baroda money market	—	0.40%	Aug 2026	1 mo	+0.40% points
66	Canara Bank ** money market	—	0.40%	Jun 2026	3 mo	+0.40% points
67	Punjab National Bank ** money market	—	0.40%	Jun 2026	3 mo	+0.40% points
68	Corporate Debt Market Development Fund Class A2 structured product	—	0.36%	Oct 2023	2.9 yrs	0.00% points
69	7.21% Gujarat SDL (MD 09/08/2027) government security	—	0.34%	Jul 2026	2 mo	+0.34% points
70	8.49% National Highways Authority Of India ** government security	—	0.26%	Jun 2025	1.3 yrs	+0.01% points
71	8.38% Gujarat SDL (MD 27/02/2029) government security	—	0.21%	Aug 2026	1 mo	+0.21% points
72	8.06% REC Limited ** government security	—	0.21%	May 2026	4 mo	0.00% points
73	8.14% Nuclear Power Corporation Of India Limited ** government security	—	0.21%	Jun 2026	3 mo	+0.21% points
74	7.89% REC Limited ** government security	—	0.21%	Dec 2025	9 mo	0.00% points
75	7.77% Power Finance Corporation Limited ** government security	—	0.21%	Jun 2026	3 mo	+0.21% points
76	7.45% Indian Railway Finance Corporation Limited ** government security	—	0.21%	Jan 2026	8 mo	0.00% points
77	7.68% National Bank For Agriculture and Rural Development ** government security	—	0.21%	Jul 2026	2 mo	+0.21% points
78	6.23% REC Limited ** government security	—	0.21%	Aug 2025	1.1 yrs	0.00% points
79	7.6% Power Finance Corporation Limited ** government security	—	0.21%	Jan 2026	8 mo	−0.41% points
80	7.03% Hindustan Petroleum Corporation Limited ** government security	—	0.21%	Mar 2026	6 mo	+0.01% points
81	7.04% Small Industries Dev Bank of India ** government security	—	0.21%	Aug 2026	1 mo	+0.21% points
82	Bank of Baroda money market	—	0.20%	May 2026	4 mo	0.00% points
83	Punjab National Bank ** money market	—	0.20%	Jun 2026	3 mo	+0.20% points
84	Punjab National Bank money market	—	0.20%	Jun 2026	3 mo	+0.20% points
85	7.75% Small Industries Dev Bank of India ** government security	—	0.17%	Apr 2026	5 mo	0.00% points
86	7.55% Small Industries Dev Bank of India ** government security	—	0.12%	Sep 2025	1.0 yrs	0.00% points
87	7.48% Indian Railway Finance Corporation Limited ** government security	—	0.12%	Jun 2025	1.3 yrs	0.00% points
88	7.17% Odisha SDL (MD 12/09/2030) government security	—	0.08%	Mar 2025	1.5 yrs	0.00% points
89	8.13% Nuclear Power Corporation Of India Limited ** government security	—	0.08%	Dec 2024	1.8 yrs	0.00% points
90	7.59% National Housing Bank ** government security	—	0.08%	Apr 2025	1.4 yrs	0.00% points
91	6.68% GOI (MD 07/07/2040) government security	—	0.06%	Mar 2026	6 mo	−4.11% points
92	6.79% GOI (MD 26/12/2029) government security	—	0.04%	Dec 2025	9 mo	0.00% points
93	8.95% Power Finance Corporation Limited ** government security	—	0.04%	Jul 2026	2 mo	+0.04% points
94	8.65% National Bank For Agriculture and Rural Development ** government security	—	0.04%	Jul 2026	2 mo	+0.04% points
95	7.77% REC Limited ** government security	—	0.04%	Dec 2025	9 mo	0.00% points
96	6.54% GOI (MD 17/01/2032) government security	—	0.02%	Oct 2025	11 mo	0.00% points
97	6.01% GOI (MD 21/07/2030) government security	—	0.02%	Dec 2025	9 mo	−0.16% points
98	7.18% Tamilnadu SDL (MD 26/07/2027) government security	—	0.01%	Jan 2023	3.7 yrs	0.00% points
99	TREPS / cash equivalents Cash Margin - CCIL · cash equivalent	—	0.01%	Sep 2021	5.0 yrs	+0.01% points

Showing 1–99 of 99 rows per page10 25 50all

Largest sectors, latest disclosure

Not yet computable. Sector labels come from the disclosures; none were mapped for this fund.

By market cap, latest disclosure

Not yet computable. Needs cap tiers for every holding.

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date headline and record disagree

Beat its category in 68% of three-year stretches, and averaged +0.2 percentage points a year across all of them

109 rolling windows since 2014 · ahead by 0.5 percentage points a year when it won, behind by 0.3 when it lost

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How often, and by how much. The count and the average agree. Ahead by 0.5 percentage points a year in the 74 windows it won and behind by 0.3 in the 34 it lost, so the average across all 109 is +0.2 percentage points. The worst window ended Sep 2018, 0.5 percentage points behind.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

68%

lowest in categoryhighest in category

61th percentile · above median of 14 funds · category median 61%

windows measured109windows won74average across every window+0.23% points a year · median +0.12when ahead, by how much+0.45% points a year over 74 windowswhen behind, by how much−0.26% points a year over 34 windowsworst window−0.50% points a year, ended Sep 2018best window+1.00% points a year, ended Sep 2021non-overlapping windows in that span4 — the rolling count overlaps, this does not

Fund minus category, each rolling three-year window

ahead of categorybehind

Each bar is one window's margin in percentage points a year. The height of the bars, not the count of green ones, is what the average across every window measures.

A modest five-year number over a record that beat its category 68% of the time. Rolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. This fund was ahead of its category median in 68% of them, which points the opposite way to the headline figure. A single end date decided that headline.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests.

P5 Cost, measured

Regular plan costs 0.27 percentage points a year more than Direct

₹5,170 on ₹1 lakh over ten years

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

Why this matters: What does a Regular plan actually cost? 6 min

0.27% points a year

costliest in categorycheapest in category

78th percentile · top quartile of 15 funds · category median 0.39% points

on ₹1,00,000 over ten years₹5,170Direct vs Regular, annualised7.4% vs 7.2%measured over12 years

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Not measurable yet. Needs at least two consecutive monthly disclosures.

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

Why this matters: What does a monthly portfolio not tell you? 6 min

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Not measurable yet. Needs the holdings history for this fund; not computed yet.

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

Not measurable yet. Detector not yet written: needs each disclosure's top ten joined to six months of forward prices. Holdings and prices are in hand.

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹12,122 Cr; 221% of growth came from outflows

Regular plan expense ratio 0.68% a year

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

0.68% TER

costliestcheapest

50th percentile · above median of 15 funds · category median 0.68%

expense ratio, Regular / Direct0.68% / 0.39% · category median 0.68%AUM, Jul 2023 → Jul 2026₹15,017 Cr → ₹12,122 Cr (−7% a year)of that change, from flows rather than returns221% net outflows · NAV +23% over the window

Assets under management, ₹ crore, Mar 2013 – Jul 2026

80 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 0.53% in Jun 2018 → 0.68% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this

Run by Suyash Choudhary for at least 3.5 yrs

with Gautam Kaul, Gautam · the factsheet archive starts Feb 2023, so this is a floor

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

Why this matters: Whose record is the three-year number? 5 min

No category distribution for this measure yet.

running it nowSuyash Choudhary (since at least Feb 2023), Gautam Kaul (since Sep 2025), Gautam (since Mar 2026)share of the fund's life under the current teamnot knowable — the archive starts Feb 2023, so the tenure is a floorchanges of hands in the archive4 — last Mar 2026

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
Suyash Choudhary	fund manager	by Feb 2023†	now	7.3% vs 7.3% p.a. (+0.02% points)	33% of 6
Gautam Kaul	fund manager	Sep 2025*	now	5.8% vs 5.2% (+0.58% points)	—
Gautam	fund manager	Mar 2026*	now	3.0% vs 2.4% (+0.53% points)	—
Gautam Kaul	fund manager	by Feb 2023†	Mar 2025	7.8% vs 7.9% p.a. (−0.19% points)	—
Gautam	fund manager	Jan 2025*	Aug 2025	5.3% vs 5.6% (−0.26% points)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. † already named on the first factsheet we hold: the stint is at least this long, and its start is not known. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. Co-managed funds attribute the same months to every named manager, and a factsheet names the manager of record, not necessarily the person making the calls. And the archive we hold starts in Feb 2023: Suyash Choudhary was already named on its first sheet, so the tenure here is the floor of what is known, not the month anyone arrived — the record may well belong to the people running it now.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

No signal. About 100% of this fund is outside listed Indian equity — a foreign or derivative sleeve, or debt — and there are no daily prices to replicate it with. A wrong signal would be worse than none.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct Bandhan Banking and PSU Debt Fund - Direct Growth	growth	₹27.16	21 Sep 2026
direct Bandhan Banking and PSU Debt Fund - Direct IDCW	idcw	₹14.29	21 Sep 2026
direct Bandhan Banking and PSU Debt Fund - Direct Fortnightly IDCW	idcw	₹10.45	21 Sep 2026
direct Bandhan Banking and PSU Debt Fund - Direct Monthly IDCW	idcw	₹10.46	21 Sep 2026
direct Bandhan Banking and PSU Debt Fund - Direct Annual IDCW	idcw	₹12.43	21 Sep 2026
direct Bandhan Banking and PSU Debt Fund - Direct Quarterly IDCW	idcw	₹11.09	21 Sep 2026
direct Bandhan Banking and PSU Debt Fund - Direct Daily IDCW	idcw	₹10.47	21 Sep 2026
direct Bandhan Banking and PSU Debt Fund-Direct Plan- Default option	—	—	—
regular Bandhan Banking and PSU Debt Fund - Regular Growth	growth	₹26.29	21 Sep 2026
regular Bandhan Banking and PSU Debt Fund - Regular IDCW	idcw	₹14.20	21 Sep 2026
regular Bandhan Banking and PSU Debt Fund - Regular Fortnightly IDCW	idcw	₹10.61	21 Sep 2026
regular Bandhan Banking and PSU Debt Fund - Regular Monthly IDCW	idcw	₹10.70	21 Sep 2026
regular Bandhan Banking and PSU Debt Fund - Regular Annual IDCW	idcw	₹11.43	21 Sep 2026
regular Bandhan Banking and PSU Debt Fund - Regular Quarterly IDCW	idcw	₹10.97	21 Sep 2026
regular Bandhan Banking and PSU Debt Fund - Regular Daily IDCW	idcw	₹10.87	21 Sep 2026
regular Bandhan Banking and PSU Debt Fund-Regular Plan- Default option	—	—	—

The Direct / Regular gap, in money

Direct growth NAV: ₹27.16
Regular growth NAV: ₹26.29
NAV divergence to date: 3.3% — same portfolio, priced differently
Regular costs more by: 0.27% points a year
On ₹1,00,000 over ten years: ₹5,170

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

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