Women Mutual Fund Investors in India: What the Data Shows

Women accounted for 26.4% of individual mutual fund investors and 34.5% of individual investor AUM in March 2026. Their mutual fund AUM reached ₹15.88 lakh crore, while SIP AUM rose to about ₹4.73 lakh crore. The data also shows higher equity exposure, stronger SIP participation, more index-fund use and a larger share of investments held for over five years. (Source: AMFI CRISIL Factsheet 2026)

For years, women have been active savers, but their participation in market-linked investments such as mutual funds has remained lower than men’s. That gap is still visible, although more women are now investing through SIPs and the contribution of female investors in mutual funds in India has been rising over the years.

The latest data from AMFI-CRISIL Factbook 2026 gives a clearer picture of women’s participation, how much they invest, where that money is going, and how the gender gap in investing in India is moving over time.

The latest women mutual fund investors in India data from AMFI CRISIL Factsheet 2026 shows that women now form a sizeable part of the individual mutual fund investor base:

• Women made up 26.4% of individual mutual fund investors as of March 2026.
• This means there are about 1.61 crore women investors out of roughly 6.09 crore individual investors.
• The women investors’ AUM share was even higher at 34.5% of individual investor AUM. This was up from 32.6% in March 2021.
• Women’s mutual fund AUM rose from ₹5.84 lakh crore in March 2021 to ₹15.88 lakh crore in March 2026.

Investor numbers tell only part of the story. The Factbook also shows changes in how long women stay invested, where they put their money, and how investment behaviours vary by age:

1. Women are holding more AUM for over five years

In March 2021, only 5% of women investors’ AUM had been held for more than five years. By March 2026, that share had climbed to 24%.

Interestingly, short-term holdings also increased: the share held for less than one year went from 11% to 24%. So, the data does not show every investment simply becoming longer-term. What stands out is that the five-year-plus bucket has become a much bigger part of women’s portfolios. 

2. Passive portfolios are tilting towards index funds

Women have also changed the way they use passive funds. In March 2021, about 20.3% of women’s passive AUM was in index funds, while other ETFs made up 72.2%. By March 2026:

• Index funds: 51.1%
• Other ETFs: 32.5%
• Gold ETFs: 16.4%

Index funds had therefore become the largest part of women’s passive mutual fund holdings by March 2026.

3. Demographics & Geography

Women’s participation is also quite different depending on where they live and their age.

• Participation varies widely across states and UTs

Women’s contribution to individual investor AUM ranged from about 16% to 40% across states and union territories in March 2026.

Mizoram and Orissa recorded the highest share at 40%, followed by Chandigarh, Maharashtra and the Andaman and Nicobar Islands at 37%.

• B30 participation is gradually rising

Most women’s mutual fund AUM still comes from T30 cities (top 30), but the B30 (beyond top 30) share has been moving up:

• March 2021: B30 cities accounted for 23% of women’s AUM.
• March 2026: Their share had increased to 26%.
• T30 cities still accounted for the remaining 74% in March 2026.

So, participation by female investors in mutual funds in India is not limited to the largest cities. The B30 share has been gradually increasing.

• Age also changes the portfolio mix

The difference is especially clear when you look at equity, debt, and hybrid allocations.

Equity had the largest share in every age group, but its weight came down with age. Debt and hybrid allocations were higher among older women investors.

4. Regular plans still account for most AUM

Women across all age groups continued to hold more AUM through regular plans in March 2026.

Direct plans accounted for roughly:

• 27% of AUM for women below 25 compared to 18% in March 2021
• 36% for women aged 25–44 compared to 22% in March 2021
• 24% for women aged 45–58 compared to 17% in March 2021
• 22% for women above 58 compared to 16% in March 2021

That means regular plans still made up the majority in each age group, although the direct-plan share had increased compared with March 2021.  The data also shows that regular plans remain the main route across age groups, even as direct investing has grown.

5. SIP Adoption Among Women Investors

One of the clearest changes in the data is the growth of SIPs. Women investors’ SIP AUM increased from around ₹1.26 lakh crore in March 2021 to ₹4.73 lakh crore in March 2026 - nearly four times as much.

The increase was fairly steady:

• March 2021: ₹1.26 lakh crore
• March 2022: ₹1.71 lakh crore
• March 2023: ₹2.05 lakh crore
• March 2024: ₹3.24 lakh crore
• March 2025: ₹4.19 lakh crore
• March 2026: ₹4.73 lakh crore

SIPs have also become a much bigger part of women’s overall mutual fund holdings. SIP AUM as a share of women’s total AUM rose from 15.2% in March 2021 to 29.8% in March 2026.

6. Asset Allocation Patterns: Equity Takes a Bigger Share

Another major change is the shift in women’s overall mutual fund asset mix.

Between March 2021 and March 2026:

• Equity-oriented schemes: rose from about 49% to 64%
• Debt: fell from about 24% to 8%
• Hybrid: stayed relatively steady at around 18–21%
• Passive: rose from about 3% to 7%

Equity therefore became a much larger part of women’s mutual fund holdings over these five years. 

Disclaimer: These are aggregate women investing statistics in India. They do not mean every woman follows the same investment style.

Overall, the women investing statistics in India point to a clear shift in how women are participating in mutual funds.

• More women are entering the mutual fund market.
• Women investor’s AUM share  has also become larger in 2026 compared to 2021.
• SIPs are becoming a bigger part of how women invest.
• Equity and index funds are taking a larger place in portfolios.
• Participation is growing beyond the biggest cities.
• More money is staying invested for longer periods.

The gender gap in investing in India has not disappeared, but the trend shows women taking a bigger role in mutual fund investing.

The AMFI–Crisil Factbook 2026 shows that women are taking a larger role in India’s mutual fund market. There are more women investors, their AUM has grown steadily, and SIPs now account for a much larger part of their portfolios.

The data also shows that women are not one uniform investor group. Age, location and investment route make a noticeable difference to how portfolios are built. That is probably the most useful takeaway from the numbers: participation is rising, but the way women invest is becoming more varied too.

1. How many women invest in mutual funds in India in 2026?

As of 31 March 2026, around 1.61 crore women were individual mutual fund investors in India. Women made up 26.4% of the individual investor base, according to the latest AMFI–CRISIL Factbook 2026.

2. What share of mutual fund AUM do women investors hold?

The women investors’ AUM share stood at 34.5% of individual investor AUM in March 2026 (Source: AMFI-CRISIL Factbook 2026). So, women account for a bigger share of mutual fund assets than their share of the total investor count.

3. Which states and cities have the most women mutual fund investors?

In terms of women’s share of individual mutual fund AUM, Mizoram and Odisha were highest at around 40%, followed by Chandigarh, Maharashtra, and Andaman & Nicobar Islands at around 37%.

AMFI covers T30 and B30 cities rather than naming individual cities. As per the latest data from AMFI (March 2026), Women’s participation from B30 cities has been rising.

4. Do women investors stay invested longer than men?

The trends are similar. The data from AMFI Factsheet 2026 on women mutual fund investors data in India shows women have started holding their investments for longer than before. As of March 2026, the holding period numbers for men and women are similar. For instance, both 24% of men and women investors hold investments for more than 5 years, while 24% of women and 26% of men hold them for less than 1 year.

5. What is the gender gap in investing in India?

The gender gap in investing in India is still visible because women make up a smaller share of mutual fund investors than men. However, women’s participation, AUM, and use of SIPs have increased over the past few years, showing that the gap is gradually changing.

6. Where can I find official data on women mutual fund investors?

You can find official data on the AMFI website. AMFI publishes official reports and the AMFI–CRISIL Factbook, which includes data on female investors in mutual funds in India, AUM, SIPs, age groups, geography and investment behaviour. The latest Factbook data available currently looks at data up to 31st March 2026.

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