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Summary: Log in to your mutual fund portfolio this week and you might find a debt fund with a name you don't recognise. Your investment hasn't changed. Here's why the names changed and the one thing worth checking before you do nothing.
Log in to your mutual fund portfolio this week and you may find that a debt fund has a name you don't recognise.
For instance, SBI Savings Fund is now SBI Money Market Fund. HDFC Low Duration Fund has become HDFC Ultra Short to Short Term Fund, while ICICI Prudential All Seasons Bond Fund is now ICICI Prudential Dynamic Term Fund.
Don't panic. Your investment hasn't changed. Only the name has.
Your folio, units, portfolio, fund manager and expense ratio remain the same. Your SIP continues as before and your holding period still counts from the date you originally invested.
Think of it as your street being renamed. Your house hasn't moved.
Why did the names change?
SEBI's February 26, 2026 circular rewrote the mutual fund category framework and renamed several debt-fund categories.
As a result, names such as these have changed:
- Low Duration Fund → Ultra Short to Short Term Fund
- Short Duration Fund → Short Term Fund
- Dynamic Bond Fund → Dynamic Term Fund
- Floater Fund → Floating Interest Rates Fund
The deadline for existing schemes to comply was August 26, 2026. That's why several fund houses announced name changes around the deadline.
There is a reason behind the exercise. Earlier, a fund's name did not always tell you much about the type of portfolio it held. A Savings Fund, Money Manager Fund and Regular Savings Fund could belong to different categories and carry different levels of risk.
Under the new framework, the scheme name is meant to match its category more closely. That makes it easier to understand what a fund is designed to do.
The debt funds with new names
These 10 large debt funds have changed their names under SEBI's new framework
| Old name | New name | AUM (Rs cr) |
|---|---|---|
| SBI Savings Fund | SBI Money Market Fund | 33,895 |
| Aditya Birla Sun Life Money Manager Fund | Aditya Birla Sun Life Money Market Fund | 30,160 |
| DSP Liquidity Fund | DSP Liquid Fund | 22,962 |
| ICICI Prudential Savings Fund | ICICI Prudential Ultra Short to Short Term Fund | 21,735 |
| HDFC Low Duration Fund | HDFC Ultra Short to Short Term Fund | 18,420 |
| Aditya Birla Sun Life Savings Fund | Aditya Birla Sun Life Ultra Short Term Fund | 18,189 |
| HDFC Floating Rate Debt Fund | HDFC Floating Interest Rates Fund | 16,409 |
| HDFC Short Term Debt Fund | HDFC Short Term Fund | 15,081 |
| SBI Short Term Debt Fund | SBI Short Term Fund | 14,001 |
| ICICI Prudential All Seasons Bond Fund | ICICI Prudential Dynamic Term Fund | 13,260 |
| AUM as on July 31, 2026. | ||
What you need to do
You don't need to redeem your investment or restart your SIP because of the name change. Your existing investment remains intact, your holding period is unaffected and the tax treatment remains unchanged.
SEBI's rules require a 30-day notice and a load-free exit window when a scheme undergoes a fundamental attribute change. A simple name change does not trigger either.
So, there is no action required just because your fund has a new name. What matters is whether the fund's portfolio, risk and performance still suit your investment needs.
You also don't need to memorise the new names. Search for a fund using either its old or new name on Value Research and you'll find the same fund page, with its returns history and portfolio information.
That, really, is the takeaway: the name has changed, but your investment hasn't.
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