As you can see here the doc confirms: "Returns the current database system timestamp as a datetime value without the database time zone offset. This value is derived from the operating system of the computer on which the instance of SQL Server is running."
This is my on-prem instance example. I am based in UTC+1, now is 09:15AM. So the results make sense as Fig. 1 shows:
Fig 1 OnPrem
If you are running against a PaaS environment such as Azure SQL DW. The same will show UTC, as Fig 2 shows:
Fig 2 ADW
So if you want to convert to your timezone you can use the following.
For example for IST timezone:
SELECT CONVERT(datetime, '03/14/2016 01:01:00')
AT TIME ZONE 'India Standard Time'
where name like '%india%'