Which Silver ETF Is Best in India?
Kotak, Aditya Birla Sun Life and Mirae Asset are the cheapest silver ETFs at 0.35%, ICICI Prudential tracks silver most closely (0.54% tracking error), and Nippon India is by far the largest and most liquid, with ₹31,196 crore in assets (AMFI, 30 September 2026). Which silver ETF is best in India depends on which of those matters most to you, because returns barely differ: every silver ETF holds the same metal, and the 13 largest returned 53–56% over the year to 30 September 2026. Ranking them by one-year return, as many lists do, tells you very little.
This guide shows the 13 largest silver ETFs in India with those numbers, explains the four metrics that matter, and covers how much silver belongs in a portfolio. It does not tell you which fund to buy; that choice is yours.
The 13 Largest Silver ETFs in India (September 2026)
Sorted by size. Every figure is AMFI's, as of 30 September 2026.
| Fund | NSE symbol | Expense ratio | Tracking error | AUM (₹ Cr) | 1 year |
|---|---|---|---|---|---|
| Nippon India Silver ETF (Silver BeES) | SILVERBEES | 0.58% | 0.79% | 31,196 | 53.7% |
| ICICI Prudential Silver ETF | SILVERIETF | 0.40% | 0.54% | 14,341 | 54.2% |
| HDFC Silver ETF | HDFCSILVER | 0.50% | 0.94% | 7,724 | 53.4% |
| SBI Silver ETF | SBISILVER | 0.41% | 0.95% | 5,817 | 54.0% |
| Tata Silver ETF | TATSILV | 0.46% | 1.35% | 5,166 | 56.4% |
| Kotak Silver ETF | SILVER1 | 0.35% | 0.60% | 3,719 | 54.1% |
| Aditya Birla Sun Life Silver ETF | SILVER | 0.35% | 0.72% | 2,826 | 54.2% |
| Axis Silver ETF | SILVERAXIS | 0.42% | 0.94% | 2,031 | 53.9% |
| Edelweiss Silver ETF | ESILVER | 0.50% | 1.31% | 1,788 | 53.8% |
| UTI Silver ETF | SILVERBETA | 0.59% | 0.87% | 1,487 | 55.0% |
| DSP Silver ETF | SILVERADD | 0.40% | 0.62% | 1,366 | 54.1% |
| Mirae Asset Silver ETF | SILVERAG | 0.35% | 0.86% | 1,173 | 53.9% |
| Zerodha Silver ETF | SILVERCASE | 0.39% | 1.34% | 1,139 | 53.7% |
Expense ratio is the total TER in AMFI's filing for 30 September 2026. Tracking error is AMFI's one-year figure as of 30 September 2026; AMCs also publish it in their monthly factsheets. AUM and one-year NAV returns are from AMFI's fund performance data for 30 September 2026. Six smaller silver ETFs are not shown: Motilal Oswal (₹1,045 crore), Groww (₹301 crore), Bandhan (₹263 crore), quant (₹186 crore), 360 ONE (₹44 crore) and Angel One (₹34 crore).
What the table tells you
- Cheapest: Kotak, Aditya Birla Sun Life and Mirae Asset at 0.35%, then Zerodha at 0.39%.
- Tracks silver most closely: ICICI Prudential (0.54%), then Kotak (0.60%) and DSP (0.62%).
- Returns barely differ: 11 of the 13 returned between 53.4% and 54.2% over the year; only UTI (55.0%) and Tata (56.4%) were higher.
- Most liquid: Nippon India Silver ETF, with over twice the assets of the next fund, though it is also one of the pricier options at 0.58%. See our Nippon India Silver ETF review.
What Is a Silver ETF?
A silver ETF is a mutual fund that invests at least 95% of its money in physical silver of 99.9% purity, held by a custodian in a vault. You hold a claim on that silver, bought and sold on the NSE or BSE through a demat account. There is no making charge and nothing to store.
Most silver ETF units have a NAV of about ₹210–220; DSP's, Kotak's, Tata's and Zerodha's are about ₹21–22. Nippon India Silver ETF, the largest, had a NAV of about ₹210 on 30 September 2026.
The 4 Metrics to Compare
1. Expense ratio
The yearly fee, taken out of the fund's value. Indian silver ETFs charge between 0.35% and 0.59%. Because silver earns no dividends or interest, every basis point of cost is a permanent drag.
2. Tracking error
How closely the fund follows the domestic silver price. Under 1% is good; well above 1.5% means the fund is leaking return through inefficiency. AMFI publishes every silver ETF's one-year figure on its tracking error page, and the AMC's monthly factsheet shows it too.
3. AUM
Bigger funds usually trade more, with tighter bid-ask spreads. Every fund in the table is above ₹1,000 crore, so size is less of a worry than it was in 2023.
4. Daily trading volume
Check the NSE volume before placing a large order. A thinly traded ETF can cost you 0.5% or more in the spread on the way in and out.
Silver Mutual Funds (FoFs) vs Silver ETFs
Search for a “silver mutual fund” and what you find is a silver fund of funds. The silver underneath is the same as in an ETF. What differs is how you buy, what you pay and how long you wait for long-term tax:
| Silver ETF | Silver mutual fund (FoF) | |
|---|---|---|
| Demat account | Needed | Not needed |
| How you buy | On NSE or BSE through a broker, at live prices during market hours | From the AMC or a fund app, at that day’s NAV |
| SIP | Only through a broker that offers stock SIPs | Yes, like any mutual fund |
| Cost | The ETF’s expense ratio, plus brokerage and the bid-ask spread | The FoF’s own expense ratio, on top of the ETF’s |
| Long-term tax (12.5%) | After 12 months | After 24 months |
If you already have a demat account, the ETF is cheaper. If you want a monthly SIP without one, the FoF does the job.
A silver fund of funds (FoF) invests in a silver ETF for you and works like a normal mutual fund, with SIPs directly from the AMC. The largest, with direct-plan expense ratios:
| Fund (direct plan) | Expense ratio | AUM (₹ Cr) |
|---|---|---|
| ICICI Prudential Silver ETF FoF | 0.20% | 6,180 |
| HDFC Silver ETF FoF | 0.21% | 4,497 |
| Nippon India Silver ETF FoF | 0.22% | 4,354 |
| SBI Silver ETF FoF | 0.32% | 3,728 |
| Axis Silver FoF | 0.14% | 1,252 |
| Aditya Birla Sun Life Silver ETF FoF | 0.32% | 1,230 |
| Tata Silver ETF FoF | 0.22% | 1,056 |
| Kotak Silver ETF FoF | 0.28% | 962 |
Direct-plan total TER from AMFI's filing for 30 September 2026; AUM from AMFI's fund performance data for 30 September 2026. The FoF's own fee sits on top of the costs inside the ETF it holds.
A FoF is convenient, but it cannot be traded during the day and it needs a longer holding period to qualify for long-term tax (below).
How Silver ETFs Are Taxed (2026)
For units sold on or after 1 April 2025 (whenever you bought them):
- Silver ETFs: held more than 12 months, gains are long-term and taxed at 12.5% without indexation. Held 12 months or less, gains are taxed at your slab rate.
- Silver FoFs: the same 12.5% rate, but only after more than 24 months.
- Silver is not equity, so the ₹1.25 lakh yearly exemption on equity gains does not apply. Report gains under "other assets", not equity.
Older rules matter only for sales before 1 April 2025; check your broker's capital gains statement for those years.
How Much Silver Should You Hold?
Silver is far more volatile than gold. In 2026 it rose about 65% in January alone, then fell about 44% from its 29 January peak by 23 March (see what happened in the 2026 silver crash). Size it accordingly:
- Precious metals in total (gold + silver): 5–10% of your portfolio
- Silver's share of that: 20–40%
- So silver overall: roughly 1–3% of your portfolio
If silver is above 5% of your portfolio, you are carrying a concentrated commodity bet. Trimming back to your target doesn't need a view on where the silver price goes next.
Common Mistakes With Silver ETFs
- Choosing by last year's return: every fund returned about the same. Compare costs and tracking instead.
- Buying after a parabolic rally: investors who piled in during January 2026 were sitting on 40% losses within two months.
- Expecting equity tax treatment: there is no ₹1.25 lakh exemption, and FoFs need 24 months for long-term status.
- Ignoring tracking error: funds holding the same silver can still deliver different returns.
- Buying physical silver as an investment: dealer margins and storage make it costlier than an ETF.
Frequently Asked Questions
Are silver ETFs taxed like equity?
No. For units sold from April 2025, gains after more than 12 months are taxed at 12.5% without indexation, and shorter-term gains at your slab rate. There is no ₹1.25 lakh exemption. Silver FoFs need more than 24 months to count as long-term.
What is the minimum investment?
One unit, which cost about ₹210–220 for most silver ETFs at 30 September 2026 NAVs, or about ₹21–22 for DSP, Kotak, Tata and Zerodha. Brokerage makes very small trades inefficient, so a few thousand rupees at a time is more sensible.
Silver ETF or silver mutual fund (FoF)?
Choose the ETF if you have a demat account and want the lowest cost and intraday trading. Choose a FoF if you want automatic SIPs without a demat account and can hold for more than two years.
Can NRIs invest in silver ETFs?
Yes, through a demat and trading account linked to an NRE or NRO bank account. Your broker will tell you whether a PIS permission is needed, and TDS applies on gains. Repatriation depends on which account funded the purchase.
Should I sell after the 2026 crash?
Decide from your target allocation, not the price chart. If silver is still above your target, trim it; if it is now below, you can top it up gradually.
The Bottom Line
Every silver ETF holds the same metal. Pick on expense ratio, tracking error and liquidity, and spend more of your thinking on how much silver you own than on which fund holds it.
This guide explains how to compare silver ETFs; it is not a recommendation to buy any specific fund.
