Top Performing NPS Schemes 2026 | Returns & NAV Data

What Is NPS in India? How the National Pension System Works?

The National Pension System — NPS full form — is a government-backed, defined contribution pension scheme that lets you build a retirement corpus while getting some solid tax benefits along the way. It's regulated by PFRDA (Pension Fund Regulatory and Development Authority) and is open to all Indian citizens between 18 and 70 years of age.

What is IPO in share market is a common parallel search — but what is NPS in investment terms? Think of it as a structured, long-term savings vehicle where your money goes into a mix of equities, corporate bonds, and government securities depending on the scheme you pick.

NPS has two account types — and this distinction matters:

Tier I is the core pension account. It has a longer lock-in period — partial withdrawal only after 3 years, and only for specific reasons. At retirement (age 60), you must use at least 40% of the corpus to buy an annuity. The upside? You get an additional ₹50,000 tax deduction under Section 80CCD(1B), over and above the ₹1.5 lakh limit under 80C.

Tier II works more like a savings account. No lock-in (except for government employees claiming the tax saver option). You can withdraw whenever you want. But Tier II investments don't get you any tax deductions unless you're a central government employee using the Tax Saver variant.

Honestly, for most people, Tier I is where the real retirement planning happens. Tier II is just a bonus if you want flexibility.

NPS Scheme Types Explained: E, C, G & A for Investors

Before you look at returns, you need to understand what you're comparing. National pension scheme divides investments into four asset classes:

Scheme E (Equity) — Invests in equity and equity-linked instruments. Highest risk, highest potential reward. Capped at 75% allocation if you're under 50.

Scheme C (Corporate Bonds) — Invests in corporate debt. Moderate risk with relatively stable returns around 7–8%.

Scheme G (Government Securities) — Invests in central and state government bonds. Lowest risk among the three main classes. Returns are typically in the 6–7% range.

Scheme A (Alternative Assets) — This one's different. It invests in REITs, InvITs, and other alternative instruments. Capped at 5% of your portfolio. The return data below shows deeply negative numbers for Scheme A Tier I across most funds — which is why most investors stay away from it entirely.

You can either go Active Choice (you decide the mix) or Auto Choice (the system adjusts allocation based on your age — more equity when you're young, more G-scheme as you get older).

Top NPS Schemes 2026: Latest NAV & Returns (Tier I & Tier II)

Data below is sourced as of 27/03/2026. NAV figures and percentage returns reflect actual performance across 1-day, 1-month, 3-month, 6-month, 1-year, 3-year, and 5-year horizons.

Scheme E (Equity) — Tier I & Tier II Performance

This is where NPS gets interesting — and volatile. The 3-year numbers look solid. The 1-year numbers? Not so much. That's equity for you.

Scheme	NAV	1Y	3Y	5Y
TATA Pension – Scheme E Tier I	14.97	1.90%	15.50%	—
TATA Pension – Scheme E Tier II	14.89	1.50%	15.30%	—
ICICI Prudential – Scheme E Tier I	68.37	-0.60%	14.80%	12.30%
ICICI Prudential – Scheme E Tier II	54.09	-0.10%	14.80%	12.30%
Kotak Pension – Scheme E Tier I	63.46	-0.10%	14.50%	12.40%
Kotak Pension – Scheme E Tier II	55.79	0.10%	14.50%	12.40%
UTI Retirement – Scheme E Tier I	66.60	-1.80%	14.30%	12.00%
Birla Sun Life – Scheme E Tier II	27.01	-0.50%	13.90%	11.40%
HDFC Pension – Scheme E Tier I	50.67	0.70%	13.80%	11.80%
HDFC Pension – Scheme E Tier II	43.69	0.40%	13.80%	11.80%
UTI Retirement – Scheme E Tier II	53.23	-1.30%	13.40%	11.40%
Birla Sun Life – Scheme E Tier I	26.68	-0.80%	13.30%	11.10%
Axis Pension – Scheme E Tier II	13.70	-2.60%	13.20%	—
LIC Pension – Scheme E Tier I	42.12	-0.60%	13.00%	11.70%
LIC Pension – Scheme E Tier II	35.03	-0.70%	12.70%	11.50%
Axis Pension – Scheme E Tier I	13.38	-3.30%	12.40%	—
SBI Pension – Scheme E Tier I	52.71	-0.20%	11.90%	10.30%
SBI Pension – Scheme E Tier II	48.66	-2.60%	11.70%	10.30%

Takeaway: TATA leads on 3-year returns for Tier I at 15.50%, though its 5-year data isn't available yet (newer fund). Among funds with full 5-year data, Kotak and ICICI Prudential are neck-and-neck at 12.30–12.40%. SBI lags the pack at 10.30% over 5 years.

Tax Saver Tier II — Scheme E Variants

These are specifically for central government employees who want to claim tax deductions on Tier II contributions.

Scheme	NAV	1Y	3Y	5Y
ICICI Prudential – Tax Saver Tier II	14.54	3.30%	8.90%	7.50%
UTI Retirement – Tax Saver Tier II	13.99	2.30%	8.10%	6.60%

Scheme C (Corporate Bonds) — Tier I & Tier II

Much steadier than equity. The 3-year returns across Scheme C cluster tightly between 7.6% and 8.0% — there's not a dramatic gap between the best and worst performers here.

Scheme	NAV	1Y	3Y	5Y
HDFC Pension – Scheme C Tier I	29.89	6.10%	8.00%	6.90%
ICICI Prudential – Scheme C Tier I	45.00	6.00%	7.90%	6.70%
ICICI Prudential – Scheme C Tier II	41.65	6.00%	7.90%	6.60%
Kotak Pension – Scheme C Tier I	43.20	6.10%	7.90%	6.60%
SBI Pension – Scheme C Tier I	45.18	6.00%	7.90%	6.60%
UTI Retirement – Scheme C Tier I	40.01	6.20%	7.90%	6.50%
Birla Sun Life – Scheme C Tier I	19.97	5.60%	7.80%	6.60%
Axis Pension – Scheme C Tier I	12.81	5.80%	7.80%	—
TATA Pension – Scheme C Tier I	12.81	5.70%	7.80%	—
HDFC Pension – Scheme C Tier II	27.85	5.90%	7.90%	6.70%
SBI Pension – Scheme C Tier II	40.31	5.80%	7.70%	6.40%
UTI Retirement – Scheme C Tier II	38.08	5.90%	7.70%	6.40%
Birla Sun Life – Scheme C Tier II	19.18	5.00%	7.60%	6.60%
Kotak Pension – Scheme C Tier II	37.43	5.80%	7.60%	6.30%
LIC Pension – Scheme C Tier II	27.47	5.80%	7.60%	6.40%
LIC Pension – Scheme C Tier I	28.91	5.60%	7.50%	6.40%
Axis Pension – Scheme C Tier II	12.59	5.70%	7.10%	—

Takeaway: HDFC edges ahead in Scheme C Tier I at 8.00% over 3 years. UTI leads in 1-year at 6.20%. But honestly, the spread is thin — don't overthink this one.

Tax Saver Tier II — Scheme C Variants

Scheme	NAV	1Y	3Y	5Y
HDFC – NPS Tax Saver Tier II	14.15	2.80%	7.80%	7.10%
Kotak – NPS Tax Saver Tier II	14.57	1.30%	7.80%	7.10%
LIC – NPS Tax Saver Tier II	14.61	2.10%	8.00%	7.40%
ICICI – NPS Tax Saver Tier II	14.54	3.30%	8.90%	7.50%
SBI – NPS Tax Saver Tier II	13.56	1.50%	7.60%	5.90%
Aditya Birla SL – Tax Saver Tier II	14.54	0.80%	7.20%	7.20%

Scheme G (Government Securities) — Tier I & Tier II

The safest option in NPS. Returns are predictably moderate and largely determined by interest rate movements — when rates go up, bond prices (and NAVs) fall, and vice versa.

Scheme	NAV	1Y	3Y	5Y
SBI Pension – Scheme G Tier II	38.94	2.10%	7.40%	6.10%
Birla Sun Life – Scheme G Tier I	18.86	1.40%	6.90%	6.00%
Birla Sun Life – Scheme G Tier II	18.13	1.40%	6.90%	6.10%
SBI Pension – Scheme G Tier I	40.49	0.90%	6.90%	5.80%
UTI Retirement – Scheme G Tier I	36.24	0.90%	6.90%	5.80%
UTI Retirement – Scheme G Tier II	37.33	1.80%	7.00%	5.80%
ICICI Prudential – Scheme G Tier II	35.93	1.20%	6.80%	5.90%
LIC Pension – Scheme G Tier I	30.27	0.90%	6.80%	5.90%
LIC Pension – Scheme G Tier II	30.90	1.30%	7.00%	6.00%
ICICI Prudential – Scheme G Tier I	37.27	0.50%	6.60%	5.70%
HDFC Pension – Scheme G Tier II	28.13	-0.10%	6.50%	5.60%
Axis Pension – Scheme G Tier II	12.44	1.60%	6.50%	—
HDFC Pension – Scheme G Tier I	27.65	-0.50%	6.30%	5.50%
Axis Pension – Scheme G Tier I	12.46	0.60%	6.30%	—
TATA Pension – Scheme G Tier I	12.53	0.00%	6.30%	—
TATA Pension – Scheme G Tier II	12.58	-0.10%	6.30%	—
Kotak Pension – Scheme G Tier I	36.72	-0.50%	6.10%	5.50%
Kotak Pension – Scheme G Tier II	33.96	-0.40%	6.10%	5.40%

Scheme A (Alternative Assets) — Tier I & Tier II

A word of caution here. The Tier I numbers for Scheme A are deeply in the red across the board — HDFC and SBI both show negative 49–51% losses over 3 years, and Tier I Scheme A from most fund managers has delivered between -10% to -15% annually over 5 years. Tier II variants have returned flat 0% for most funds.

This isn't a scheme you want to overweight unless you have a very specific view on alternative assets. The 5% cap exists for a reason.

Scheme	NAV	1Y	3Y	5Y
Axis Pension – Scheme A Tier I	10.00	-14.80%	-0.80%	—
TATA Pension – Scheme A Tier I	10.00	-17.60%	-1.20%	—
Birla Sun Life – Scheme A Tier I	10.00	-39.20%	-10.50%	-4.30%
UTI Retirement – Scheme A Tier I	10.00	-41.40%	-11.70%	-4.90%
Kotak Pension – Scheme A Tier I	10.00	-43.20%	-12.20%	-6.20%
ICICI Prudential – Scheme A Tier I	10.00	-44.00%	-12.50%	-5.50%
LIC Pension – Scheme A Tier I	10.00	-45.40%	-14.20%	-6.40%
HDFC Pension – Scheme A Tier I	10.00	-49.60%	-15.50%	-6.80%
SBI Pension – Scheme A Tier I	10.00	-51.30%	-15.60%	-7.70%

All Tier II Scheme A variants are showing 0.00% across all periods — effectively inactive.

Government and Special Schemes

Scheme	NAV	1Y	3Y	5Y
UTI – Central Govt Scheme	47.30	2.20%	8.00%	6.80%
UTI – State Govt Scheme	42.10	2.10%	8.00%	6.80%
LIC – Central Govt Scheme	47.46	2.00%	7.90%	6.90%
LIC – State Govt Scheme	42.24	2.00%	7.90%	6.90%
SBI – Central Govt Scheme	48.32	1.70%	7.60%	6.70%
SBI – State Govt Scheme	41.55	2.00%	7.70%	6.70%
LIC – Corporate CG	31.20	1.60%	7.70%	6.90%
SBI – Corporate CG	30.84	1.70%	7.60%	6.70%
UTI – Corporate CG	10.00	0.00%	0.00%	0.00%

Atal Pension Yojana (APY) — NAV Data

Scheme	NAV	1Y	3Y	5Y
NPS Trust – UTI APY Fund	24.18	2.10%	8.00%	6.80%
NPS Trust – LIC APY Fund	24.19	1.70%	7.90%	6.90%
NPS Trust – SBI APY Fund	23.54	1.80%	7.70%	6.70%
NPS Trust – LIC APY Fund Scheme	12.49	1.90%	7.70%	—
NPS Trust – UTI APY Fund Scheme	12.51	2.20%	7.70%	—
NPS Trust – SBI APY Fund Scheme	12.21	2.30%	6.90%	—

NPS Lite Schemes — Govt. Pattern

These are designed for economically weaker sections and are managed under the Swavalamban model.

Scheme	NAV	1Y	3Y	5Y
Kotak – NPS Lite Govt. Pattern	34.01	1.40%	7.80%	6.90%
UTI – NPS Lite Govt. Pattern	39.05	2.10%	7.80%	6.80%
SBI – NPS Lite Govt. Pattern	39.26	2.30%	7.70%	6.70%
HDFC – NPS Lite Govt. Pattern	10.00	0.00%	0.00%	0.00%
ICICI – NPS Lite Govt. Pattern	10.00	0.00%	0.00%	0.00%
NPS Lite – General Govt. Pattern	39.18	1.80%	7.60%	6.80%

How to Check NPS Subscription Status & Allotment

NPS doesn't work like a mutual fund SIP where you get units immediately. Here's the actual cycle:

1. Contribution — You make a contribution via your Point of Presence (PoP), employer, or directly via the eNPS portal.
2. T+1 Settlement — The funds are transferred to the trustee bank.
3. NAV Allotment — Units are allotted based on the NAV of the day the funds are received by the NPS Trust.
4. CRA Credit — Your NPS dashboard (via NSDL or Karvy/KFin) updates with the new unit balance.

If you're checking your NPS subscription status or allotment status, log in to your CRA portal — either NSDL (enps.nsdl.com) or KFintech — using your PRAN number. You can track contribution history, current NAV, unit balance, and fund-wise allocation right there.

Which NPS Fund Should You Actually Pick?

Nobody fully agrees on this — but here's what the data suggests:

For long-term equity growth (15+ years to retirement): TATA or ICICI Prudential Scheme E Tier I. TATA leads on 3-year returns but has no 5-year track record yet. ICICI and Kotak are the most proven over 5 years.

For stability with moderate returns: HDFC Scheme C Tier I at 8.00% over 3 years is the pick. LIC and Kotak Tax Saver Tier II also perform well in this bracket.

For government employees or conservative investors: SBI or UTI Government Scheme. Predictable, government-backed, 6.7–6.8% over 5 years.

Avoid: Scheme A Tier I across almost all fund managers. The loss numbers — some exceeding -50% in the 1-year column — are serious red flags.

One practical tip: if you're under 50, use the Auto Choice Aggressive option which keeps you at 75% equity (Scheme E). After 50, the system automatically starts shifting toward safer assets — which is exactly what you want without having to micromanage it.

Frequently Asked Questions

Can I switch my NPS fund manager after I've already invested?

Yes, you can switch your pension fund manager once per financial year. The process is entirely online through your CRA portal — NSDL or KFin. You'll need your PRAN, and the switch typically takes 2–3 working days to reflect. There's no exit load or penalty for switching, but do check the NAV date carefully since units are allocated at the NAV of the switch date.

What is the NPS Tier I lock-in period and when can I withdraw partially?

Tier I has a 3-year minimum lock-in from the date of account opening. After 3 years, you can make partial withdrawals — but only for specific reasons like higher education, buying a house, critical illness, or starting a business. The partial withdrawal amount can't exceed 25% of your own contributions (not including employer contributions). You're allowed a maximum of three such withdrawals over the lifetime of the account.

How does the NPS allotment work — do I get units the same day I contribute?

Not always. NPS allotment follows a T+1 cycle, which means units are allotted based on the NAV of the day after your contribution reaches the NPS Trust. If your contribution lands on a Saturday or a market holiday, the NAV applied will be of the next working day. This matters more when markets are moving fast — a day's delay in a falling market works in your favour; in a rising market, it works against you.

What is the NPS cycle for Scheme E, and how volatile are the returns really?

The NPS investment cycle for Scheme E mirrors the equity market — it follows the same ups and downs as domestic stock indices. Looking at the 1-year numbers in this data (as of March 2026), most Scheme E Tier I funds are flat to slightly negative. But zoom out to 3 years, and funds like TATA (15.50%), ICICI (14.80%), and Kotak (14.50%) paint a very different picture. That's the nature of equity — short-term noise, long-term signal. If your retirement is more than 10 years away, the 1-year column is almost irrelevant to your decision.

Is NPS better than PPF for retirement planning — which one should I choose?

This depends on your situation, and honestly, most financial planners say use both. PPF gives you fully tax-free returns at around 7.1% with a 15-year lock-in and zero market risk. NPS gives you potentially higher returns through equity exposure (historically 12–15% over 5 years for Scheme E), an additional ₹50,000 deduction under 80CCD(1B), but requires you to annuitize 40% of the corpus at retirement. If you're in the 30% tax bracket and have 15+ years to go, national pension scheme plus PPF together often beats either alone.