1) Indiabulls Liquid Fund

As on March 2016, the Indiabulls Liquid Fund is one of the top rated funds by Crisil. The return for the last 3 years on the fund is 8.84 per cent.

The risk of the fund is below average. Returns have been more than bank deposits in the last few years.

2) L&T Liquid Fund

As on March 2016, the L&T Liquid Fund direct plan is one of the top rated funds. The return for 3 years on the fund is 8.85 per cent. The fund has a minimum risk, given that bulk of the investment is in safe investments.

3) Sundaram Money Fund

As on March 2016, the Sundaram Money Fund regular plan is one of the top rated funds from CRISIL. The return for 3 years on the fund is 8.79 per cent, which is slightly below those of others mentioned earlier. The risk of the fund is below average.

4) Axis Liquid Fund

Axis Liquid Fund is ranked No 2 by Crisil. Earlier, it was the top performing fund, though it has been dislodged from that position for now. The return for 3 years on the fund is 8.87 per cent.

5) DSP BlackRock Liquidity Fund

DSP BlackRock Liquidity Fund is ranked No 2  by Crisil. The return for 3 years on the fund is 8.83 per cent. Not too much of risk in the fund given its safe portfolio.

HDFC Liquid Fund

HDFC Liquid Fund is ranked 2 by Crisil. The return for 3 years on the fund is 8.82 per cent. Again, compares well with most other funds.

Conclusion

If you look at previous 3 years data, the funds have given returns of more than 8 per cent which is very good when compared to bank fixed deposits where the rates are descending.