Best Money Market Fund in Pakistan, October 2026: 14 NBP, UBL and HBL Funds Ranked Against Bank Savings and National Savings
Best money market funds in Pakistan for October 2026: UBL Liquidity 11.36%, UBL Cash 11.29%, NBP Islamic 10.9%, ranked against bank savings and National Savings
The best paying large money market fund in Pakistan in October 2026 was UBL Liquidity Fund at 11.36% a year, followed by UBL Cash Fund at 11.29%, from the fund managers' own October reports. The best Islamic money market fund in our list was NBP Islamic Money Market Fund at 10.9%. A bank savings account pays a fixed 10.50% and the National Savings Savings Account 10%.
We read the October 2026 fund manager reports of three of the biggest fund managers, NBP Funds, UBL Funds and HBL Asset Management, on 11 November 2026, and the National Savings rate notice on savings.gov.pk the same day. We compared only money market funds: the low risk funds that hold treasury bills and bank deposits and that most savers use instead of a bank account. Fund returns are yearly rates after the management fee, before tax and any sales load. Past returns do not promise future ones.
Conventional money market fund returns for October 2026, ranked
Among the conventional money market funds of NBP, UBL and HBL, October 2026 returns ranged from 9.34% to 12.0% a year. UBL Liquidity Fund (11.36%) and UBL Cash Fund (11.29%) led the large, established funds. HBL Money Market Fund was lowest at 9.34%.
| Fund | Fund manager | October 2026 | FYTD (from 1 July) | Fund size |
|---|---|---|---|---|
| NBP Money Market Liquid Fund, launched 2 July 2026 | NBP Funds | 12.0% | 11.6% since launch | Rs 34,027 million |
| UBL Liquidity Fund | UBL Funds | 11.36% | 11.07% | Rs 37,806 million |
| UBL Cash Fund | UBL Funds | 11.29% | 11.44% | Rs 90,367 million |
| UBL Liquidity Plus Fund | UBL Funds | 11.16% | 10.59% | Rs 11,000 million |
| NBP Money Market Fund | NBP Funds | 10.6% | 10.6% | Rs 85,736 million |
| NBP Government Securities Liquid Fund | NBP Funds | 10.0% | 10.2% | Rs 3,769 million |
| HBL Cash Fund | HBL Asset Management | 9.85% | 10.28% | Rs 84,123 million |
| UBL Money Market Fund | UBL Funds | 9.60% | 9.83% | Rs 37,739 million |
| HBL Money Market Fund | HBL Asset Management | 9.34% | 9.97% | Rs 42,289 million |
The FYTD column covers four months and is a steadier guide than one month. On that measure UBL Cash Fund (11.44%) is ahead, then UBL Liquidity Fund (11.07%), then NBP Money Market Fund (10.6%). The single month can swing: NBP Money Market Liquid Fund is less than five months old, so its 12.0% has no long record behind it.
Islamic money market fund returns for October 2026, ranked
NBP Islamic Money Market Fund returned 10.9% a year in October 2026, the highest of the Islamic money market funds we compared. Al-Ameen Islamic Cash Plan-I paid 10.75%, and HBL Islamic Money Market Fund 9.79%.
| Islamic fund | Fund manager | October 2026 | FYTD (from 1 July) | Fund size |
|---|---|---|---|---|
| NBP Islamic Money Market Fund | NBP Funds | 10.9% | 11.1% | Rs 90,413 million |
| Al-Ameen Islamic Cash Plan-I | UBL Funds | 10.75% | 10.75% | Rs 30,805 million |
| NBP Islamic Daily Dividend Fund | NBP Funds | 10.1% | 10.4% | Rs 9,223 million |
| HBL Islamic Money Market Fund | HBL Asset Management | 9.79% | 10.02% | Rs 64,932 million |
| Al-Ameen Islamic Cash Fund | UBL Funds | 9.54% | 9.82% | Rs 25,519 million |
The Islamic money market benchmark was about 10.14% in October, so NBP and Al-Ameen Cash Plan-I beat it and the others did not. Islamic bank savings accounts pay a declared rate that is often lower than this. Meezan's savings account, for example, declared 6.79% for October, as our Meezan monthly profit rate page records.
Money market funds compared with bank savings and National Savings
In October 2026 the top money market funds paid about 11% a year, against a fixed 10.50% on most bank savings accounts and 10% on the National Savings Savings Account. National Savings certificates paid more, from 11.12% to 12.96%, but lock your money for a term.
| Where you put Rs 10 lakh | Rate a year | Profit a month, before tax | Is the rate fixed? |
|---|---|---|---|
| UBL Cash Fund (October return) | 11.29% | About Rs 9,408 | No, changes daily |
| NBP Money Market Fund (October return) | 10.6% | About Rs 8,833 | No, changes daily |
| HBL Money Market Fund (October return) | 9.34% | About Rs 7,783 | No, changes daily |
| Bank savings account, most banks from 1 November | 10.50% | About Rs 8,750 | Until the bank revises it |
| National Savings Savings Account | 10.00% | About Rs 8,333 | Until the government revises it |
| National Savings Regular Income Certificate | 12.12% | Rs 10,100 (Rs 1,010 per Rs 1 lakh) | Locked at purchase |
| Behbood, Pensioners' Benefit, Shuhada (eligible only) | 12.96% | Rs 10,800 (Rs 1,080 per Rs 1 lakh) | Locked at purchase |
The National Savings figures are from the notice on savings.gov.pk for rates from 21 October 2026, which also states withholding tax of 15% for filers and 30% for non-filers on that profit. Our full National Savings rate list has every scheme. The bank rate is from the banks' own November sheets, covered in our bank savings rate report.
How to choose a money market fund in Pakistan
Pick a money market fund by its return over several months, its load, its size and how fast it pays you out. One good month is not enough. Check these five things in the fund manager's own monthly report before you invest.
- Look at FYTD or 12 month returns, not one month. UBL Cash Fund's 11.44% since July means more than any single month.
- Check the front-end load. UBL Cash Fund lists no load. HBL Money Market Fund lists up to 1.00%. NBP's money market funds list up to 3% for individuals taking the takaful cover on amounts up to Rs 5 million, and 1% for others. A 1% load wipes out more than a month of profit.
- Check the cut-off time. UBL Cash Fund takes orders until 3:00 pm (4:00 pm on Friday). NBP Money Market Fund deals from 9:00 am to 5:30 pm. HBL Money Market Fund's cut-off window is 9:00 am to 4:00 pm.
- Check the size. All the funds in our tables are above Rs 3 billion, and most are far larger. A big fund can usually meet large redemptions easily.
- Check the stability rating. HBL Money Market Fund and UBL Liquidity Plus Fund show an "AA+(f)" rating in their October reports. The rating is about the fund's assets, not a guarantee of your money.
If you are new to funds, our guide to fund types explains how money market funds differ from income and stock funds. Our guides on investing in a mutual fund with a CNIC and the MUFAP daily return pages cover opening an account and checking any fund.
Why fund returns trailed the benchmark in October 2026
Most money market funds earned less than their benchmark of about 11.61% in October because the State Bank raised the policy rate by 0.5% to 12% from 27 October. The benchmark moved at once. Funds catch up as their older treasury bills mature.
That points to a likely rise in fund returns in November and December, as new bills are bought at higher yields. UBL's October report says its money market funds are expected to "continue delivering stable returns". But no fund report promises a rate, and none of these funds is a bank deposit. Our report on the policy rate rise to 12% explains the decision.
Common questions
Which is the best money market fund in Pakistan in October 2026?
By October return, UBL Liquidity Fund at 11.36% among the large established funds we compared, then UBL Cash Fund at 11.29%. Since 1 July, UBL Cash Fund leads at 11.44%.
Which is the best Islamic money market fund in October 2026?
NBP Islamic Money Market Fund, at 10.9% a year in October and 11.1% since July, among the NBP, UBL and HBL Islamic funds we compared.
Is a money market fund better than a bank savings account?
In October 2026 the top funds paid about 11% against 10.50% at most banks. But a fund's rate is not fixed, may carry a load, and is not a bank deposit.
How much does Rs 10 lakh earn in a money market fund each month?
At October's rates, between about Rs 7,783 (HBL Money Market Fund at 9.34%) and Rs 9,467 (UBL Liquidity Fund at 11.36%) before tax.
Do National Savings pay more than money market funds?
The certificates do: Regular Income Certificates pay 12.12% and Behbood 12.96% from 21 October 2026. The National Savings Savings Account pays 10%, less than the top funds.
Did you compare Meezan, MCB and Alfalah funds?
No. Their fund managers' websites refused our automated requests on 11 November 2026, so we could not read their reports. We list only funds whose figures we read at the source.
How we verified this
What we checked, where we read it, and what we could not confirm.
We read on 11 November 2026: NBP Funds' October 2026 conventional report and Islamic report; UBL Funds' October 2026 conventional and Al-Ameen Islamic reports; HBL Asset Management's October 2026 report; and the rate notice on savings.gov.pk. Monthly profit figures are our arithmetic. Nothing here is advice to buy any fund.
About the author
Senior Writer, Public Services and Technology
Shahid joined us in 2024 as an author. He is a senior contributor to Pakistan's leading technology websites. He writes detailed articles, mostly covering his expertise in the latest tech, mobiles, apps, gadgets, and step-by-step guides. His ideology is to help people understand the latest trends and explain complex methods through very easy-to-understand guides.
