New Delhi, July 7 -- Investors looking to park surplus money for the short term, typically up to one year, may consider money market funds. These debt schemes invest in money market instruments with maturities of up to one year.

Based on one-year CAGR performance, Union Money Market Fund has emerged as the best-performing scheme in the category, followed by LIC MF Money Market Fund and Bank of India Money Market Fund.

Union Money Market Fund delivered the highest one-year return of 6.63%, making it the best money market fund among its peers. Over a three-year period, it generated an annualised return of 7.24%

LIC MF Money Market Fund secured the second spot with a one-year return of 6.56%. The fund has delivered an annualised return of...