Which mutual fund offers the least risk?

Debt mutual funds are considered as low-risk funds but there are multiple subcategories of debt schemes depending on the security they choose and the maturity tenure of securities. Liquid funds are considered to be the most efficient low-risk scheme and are chosen by a large number of investors. Liquid funds offer the least risk among all the other categories of mutual funds. They invest in high rated fixed income securities which have low rate sensitivity. If you are seeking for a mutual fund with least risk factor than I would recommend Reliance Liquid Fund

Liquid funds are most chosen low-risk funds which can also be a better alternative of the bank deposits. However, some asset management companies also offer overnight mutual funds which invest in securities which matures within a day. Hence, they are even less risky than liquid funds but due to very short term maturity, you have to compromise on returns. Liquid funds offer higher returns than overnight funds. However, if you do not care about the returns and are only focused on the risk factor then overnight funds might suit your objective.