NPS Returns: Last 10 Years by Scheme & Pension Fund Manager (2026)
Over the 10 years to July 2026, NPS Scheme E (equity) returned between 10.67% and 13.10% CAGR depending on which pension fund manager you picked — a gap that compounds into a meaningfully different retirement corpus over a career. Here’s the full breakdown by scheme and fund manager.
NPS Tier-I 10-Year Returns by Scheme & Pension Fund Manager
Data as of 19 July 2026, sourced from NPS Trust scheme-wise return disclosures. Figures are annualized (CAGR) for Direct plans. Pension fund managers that launched more recently (Axis, DSP, Tata, Aditya Birla) don’t yet have a full 10-year track record and are shown with available data only.
Scheme E (Equity)
| Pension Fund Manager | 1 Year | 5 Years | 10 Years | Since Inception |
|---|---|---|---|---|
| HDFC | 0.78% | 11.41% | 13.10% | 13.97% |
| ICICI | 1.44% | 12.30% | 12.83% | 12.42% |
| Kotak | -0.24% | 12.12% | 12.80% | 11.84% |
| UTI | -0.67% | 11.73% | 12.55% | 12.21% |
| LIC | -1.11% | 11.18% | 11.72% | 12.28% |
| SBI | 0.88% | 10.42% | 11.64% | 10.67% |
| Benchmark | 0.17% | 11.82% | 13.15% | — |
Scheme C (Corporate Bonds)
| Pension Fund Manager | 1 Year | 5 Years | 10 Years | Since Inception |
|---|---|---|---|---|
| HDFC | 5.65% | 7.03% | 8.21% | 9.07% |
| SBI | 5.65% | 6.81% | 7.99% | 9.37% |
| ICICI | 5.57% | 6.78% | 7.99% | 9.34% |
| Kotak | 5.81% | 6.80% | 7.60% | 9.09% |
| LIC | 5.12% | 6.58% | 7.77% | 8.77% |
| UTI | 5.90% | 6.75% | 7.71% | 8.61% |
| Benchmark | 5.35% | 6.64% | 8.03% | — |
Scheme G (Government Securities)
| Pension Fund Manager | 1 Year | 5 Years | 10 Years | Since Inception |
|---|---|---|---|---|
| LIC | 3.12% | 6.60% | 8.24% | 9.26% |
| SBI | 3.01% | 6.54% | 7.68% | 8.76% |
| HDFC | 2.35% | 6.27% | 7.59% | 8.54% |
| ICICI | 2.88% | 6.32% | 7.56% | 8.23% |
| Kotak | 2.43% | 6.25% | 7.49% | 8.15% |
| UTI | 3.21% | 6.74% | 7.46% | 8.06% |
| Benchmark | 3.20% | 6.63% | 7.35% | — |
Which Pension Fund Manager Has the Best 10-Year NPS Returns?
Based on the 10-year figures above, HDFC Pension Fund led both Scheme E and Scheme C, while LIC Pension Fund led Scheme G. No single PFM leads every scheme — this is why most subscribers evaluate performance scheme-by-scheme rather than picking one PFM for everything.
A 1-2 percentage point annual gap between the best and weakest performer in the same scheme compounds significantly over a 20-30 year NPS horizon — it’s worth reviewing your PFM’s performance periodically rather than leaving it on auto-pilot.
What Scheme E, C, and G Actually Invest In
- Scheme E (Equity): Invests in equity index funds tracking large-cap indices. Highest long-term return potential, highest short-term volatility (see the 1-year figures above, several PFMs were negative). Allocation is capped at 75% and auto-reduces after age 50 under the default Auto Choice.
- Scheme C (Corporate Bonds): Invests in high-quality corporate debt instruments. Moderate risk and return, sits between equity and government securities.
- Scheme G (Government Securities): Invests in central and state government bonds. Lowest risk among the three, but still NAV-based and market-linked — not a fixed-return product.
For how these fit into your overall retirement plan, see our retirement planning guide and NPS overview.
Regulatory Disclosure: Meta Investment is an AMFI-registered Mutual Fund Distributor (ARN-129322) and not a SEBI-registered Investment Adviser (RIA). The returns shown above are historical and market-linked; past performance does not guarantee future returns. NPS scheme returns are subject to market risk. Please review official NPS Trust disclosures before making investment decisions.
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Frequently Asked Questions
What are NPS returns over the last 10 years?
Over the 10 years to July 2026, NPS Tier-I Scheme E (equity) delivered 10.67-13.10% CAGR depending on the pension fund manager, Scheme C (corporate bonds) delivered 7.60-8.21%, and Scheme G (government securities) delivered 7.46-8.24%. These are market-linked returns, not guaranteed, and past performance doesn't predict future returns.
Which NPS pension fund manager has given the best returns in the last 10 years?
Over 10 years, HDFC Pension Fund led both Scheme E (13.10% CAGR) and Scheme C (8.21% CAGR), while LIC Pension Fund led Scheme G (8.24% CAGR). Differences between top and bottom performers are typically 1-2 percentage points annually, which compounds meaningfully over a full career.
What is the difference between Scheme E, C, and G in NPS?
Scheme E invests in equity (higher risk, higher long-term return potential, capped at 75% allocation and reducing after age 50 under auto choice). Scheme C invests in corporate bonds (moderate risk/return). Scheme G invests in government securities (lowest risk, most stable returns). Most NPS subscribers hold a mix of all three.
Are NPS returns guaranteed?
No. NPS is a market-linked, defined-contribution scheme — none of Scheme E, C, or G offer guaranteed returns. Scheme G (government securities) is the lowest-risk option but its NAV still fluctuates with interest rates; it is not a fixed-return instrument like a bank FD.
How much can I switch between NPS pension fund managers?
PFRDA allows NPS subscribers to change their pension fund manager once per financial year, and to change their asset allocation (equity/corporate bond/government securities mix) up to twice per financial year (four times under active choice with a scheme preference change).
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