Top Performing NPS Schemes 2025
The National Pension Scheme (NPS) is one of India’s most accepted pension-oriented products. The Central Government introduced the programme as part of a social security initiative for all Indian citizens. The NPS scheme allows all Indian citizens and NRIs to invest in low-risk equity funds, security funds, or alternative investments with good returns.
Investing in NPS will give you an edge over fixed-income schemes and allow you to avail tax benefits up to Rs.1.5 lakh under Section 80C and Section 80CCD of the Income Tax Act, 1961, depending on the type of account, i.e. Tier-I or Tier-II. While the lock-in period on NPS schemes is until retirement, you can choose to withdraw your funds prematurely in specific cases to cater to unforeseen financial requirements.
The pension programme also benefits you from choosing the allocation of your investments. The scheme gives you the option to select the funds automatically or manually. While the active choice will allow you to determine the plan and percentage of your funds you wish to invest in, the auto choice will allocate your investments based on your age and risk profile.
Pension Fund Managers
At present, there are 11 NPS pension fund managers in the country.
- SBI Pension Funds Pvt. Ltd.
- LIC Pension Fund Ltd.
- UTI Retirement Solutions Ltd.
- HDFC Pension Management Co. Ltd.
- ICICI Prudential Pension Fund Management Co. Ltd.
- Kotak Mahindra Pension Fund Ltd.
- Aditya Birla Sunlife Pension Management Ltd.
- Tata Pension Management Pvt. Ltd.
- Max Life Pension Fund Management Ltd.
- Axis Pension Fund Management Ltd.
- DSP Pension Fund Managers Pvt. Ltd.
SBI Pension Fund, LIC Pension Fund, and UTI Retirement Solutions are the only fund managers who manage pension contributions of government employees under NPS.
Top Performing NPS Fund Managers – Central Government Scheme
As of January 2025, LIC PF Fund generated the best returns of 9.01 % in the past five years. The next in line is recorded by the UTIPF returns generated recorded at 8.87% for the same period. SBI Pension Fund also recorded the returns at 8.62% in the last five years.
Best Performing NPS Fund Managers – State Government Schemes
As of January 2025, LIC PF Fund generated the best returns of 8.94% in the past five years. The next in line is recorded by the UTIPF returns generated recorded at 8.85% for the same period. SBI Pension Fund also recorded the returns at 8.59% in the last five years.
Best Performing NPS Tier-I Returns 2025 – Scheme E (as of 31st January 2025)
Pension Fund | NAV | Returns 1 Year | Returns 3 Years | Returns 5 Years | Returns 7 Years | Returns 10 Years | Returns Inception |
Aditya Birla Sun Life Pension Management Ltd. | 26.9953 | 10.95% | 13.82% | 16.31% | 12.91% | NA | 13.70% |
Axis Pension Fund Management Limited | 14.0468 | 13.36% | NA | NA | NA | NA | 16.06% |
HDFC Pension Management Co. Ltd. | 43.4156 | 11.64% | 13.59% | 16.59% | 13.11% | 12.29% | 13.61% |
ICICI Pru. Pension Fund Mgmt Co. Ltd. | 53.7831 | 10.55% | 14.48% | 17.25% | 13.11% | 11.87% | 11.77% |
Kotak Mahindra Pension Fund Ltd. | 55.6268 | 12.28% | 14.27% | 16.97% | 12.94% | 11.97% | 12.00% |
LIC Pension Fund Ltd. | 35.2779 | 10.87% | 13.40% | 16.45% | 12.11% | 11.04% | 11.61% |
Max Life Pension Fund Management Limited | 14.1659 | 9.10% | NA | NA | NA | NA | 15.69% |
SBI Pension Funds Pvt. Ltd | 49.9189 | 8.98% | 12.53% | 15.62% | 11.98% | 11.15% | 11.20% |
Tata Pension Management Pvt. Ltd. | 14.5727 | 10.47% | NA | NA | NA | NA | 16.58% |
UTI Pension Fund Ltd. | 53.8313 | 12.27% | 13.81% | 16.65% | 12.68% | 11.92% | 11.76% |
DSP Pension Fund Managers Private Limited | 12.0374 | 22.58% | NA | NA | NA | NA | 18.39% |
Best Performing NPS Tier-I Returns 2025 – Scheme G (as of 31st January 2025)
Pension Fund | NAV | Returns 1 Year | Returns 3 Years | Returns 5 Years | Returns 7 Years | Returns 10 Years | Returns Inception |
Aditya Birla Sun Life Pension Management Ltd. | 17.4933 | 9.66% | 7.04% | 7.14% | 7.49% | NA | 8.04% |
Axis Pension Fund Management Limited | 11.6985 | 9.75% | NA | NA | NA | NA | 9.16% |
HDFC Pension Management Co. Ltd. | 26.1392 | 9.89% | 6.85% | 7.14% | 7.65% | 9.15% | 9.11% |
ICICI Pru. Pension Fund Mgmt Co. Ltd. | 34.809 | 9.59% | 6.72% | 6.85% | 7.48% | 9.06% | 8.55% |
Kotak Mahindra Pension Fund Ltd. | 34.9192 | 9.83% | 7.02% | NA | 7.52% | 9.14% | 8.55% |
LIC Pension Fund Ltd. | 28.1745 | 9.64% | 6.95% | 7.03% | 8.00% | 9.63% | 9.83% |
Max Life Pension Fund Management Limited | 11.8175 | 9.42% | NA | NA | NA | NA | 9.28% |
SBI Pension Funds Pvt. Ltd | 37.7604 | 9.80% | 6.88% | 7.02% | 7.56% | 9.19% | 9.11% |
Tata Pension Management Pvt. Ltd. | 11.7751 | 9.39% | NA | NA | NA | NA | 8.75% |
UTI Pension Fund Ltd. | 33.7851 | 10.02% | 7.16% | 7.00% | 7.36% | 8.88% | 8.33% |
DSP Pension Fund Managers Private Limited | 10.766 | NA | NA | NA | NA | NA | 7.66% |
Best Performing NPS Tier-I Returns 2025 – Scheme C (as of 31st January 2025)
Pension Fund | NAV | Returns 1 Year | Returns 3 Years | Returns 5 Years | Returns 7 Years | Returns 10 Years | Returns Inception |
Aditya Birla Sun Life Pension Management Ltd. | 17.8395 | 8.14% | 6.26% | 7.52% | 8.03% | NA | 8.33% |
Axis Pension Fund Management Limited | 11.4108 | 7.88% | NA | NA | NA | NA | 7.72% |
HDFC Pension Management Co. Ltd. | 26.5039 | 8.40% | 6.39% | 7.76% | 7.74% | 9.03% | 9.26% |
ICICI Pru. Pension Fund Mgmt Co. Ltd. | 40.0018 | 8.08% | 6.15% | 7.25% | 7.45% | 8.94% | 9.54% |
Kotak Mahindra Pension Fund Ltd. | 38.3804 | 8.15% | 6.14% | 6.70% | 6.84% | 8.45% | 9.24% |
LIC Pension Fund Ltd. | 25.8642 | 7.89% | 6.05% | 7.35% | 7.32% | 8.72% | 9.00% |
Max Life Pension Fund Management Limited | 11.4063 | 7.63% | NA | NA | NA | NA | 7.24% |
SBI Pension Funds Pvt. Ltd | 40.0972 | 8.07% | 6.08% | 7.39% | 7.44% | 8.78% | 9.56% |
Tata Pension Management Pvt. Ltd. | 11.4058 | 8.10% | NA | NA | NA | NA | 6.99% |
UTI Pension Fund Ltd. | 35.5083 | 8.00% | 6.01% | 7.10% | 7.09% | 8.50% | 8.69% |
DSP Pension Fund Managers Private Limited | 10.4903 | NA | NA | NA | NA | NA | 4.90% |
Best Performing NPS Tier-I Returns 2025 – Scheme A (as of 31st January 2025)
Pension Fund | NAV | Returns 1 Year | Returns 3 Years | Returns 5 Years | Returns 7 Years | Returns 10 Years | Returns Inception |
Aditya Birla Sun Life Pension Management Ltd. | 15.7795% | 10.38% | 7.38% | 6.25% | 6.54% | NA | 6.53% |
Axis Pension Fund Management Limited | 11.196 | 6.79% | NA | NA | NA | NA | 6.57% |
HDFC Pension Management Co. Ltd. | 18.9785 | 11.20% | 8.71% | 8.48% | 8.81% | NA | 8.55% |
ICICI Pru. Pension Fund Mgmt Co. Ltd. | 17.0439 | 11.73% | 7.25% | 6.74% | 7.26% | NA | 7.18% |
Kotak Mahindra Pension Fund Ltd. | 16.8558 | 11.95% | 6.18% | 6.63% | 7.09% | NA | 6.93% |
LIC Pension Fund Ltd. | 17.565 | 7.97% | 6.77% | 7.23% | 7.67% | NA | 7.49% |
Max Life Pension Fund Management Limited | 9.7471 | 7.21% | NA | NA | NA | NA | -1.35% |
SBI Pension Funds Pvt. Ltd | 19.3857 | 13.37% | 7.39% | 9.26% | 9.13% | NA | 8.86% |
Tata Pension Management Pvt. Ltd. | 11.5927 | 9.37% | NA | NA | NA | NA | 7.88% |
UTI Pension Fund Ltd. | 16.2477 | 9.22% | 6.56% | 6.08% | 6.43% | NA | 6.42% |
DSP Pension Fund Managers Private Limited | 10.3706 | NA | NA | NA | NA | NA | 3.71% |
Top Performing NPS Tier-II Returns 2025 – Scheme E (as of 31st January 2025)
Pension Fund | NAV | Returns 1 Year | Returns 3 Years | Returns 5 Years | Returns 7 Years | Returns 10 Years | Returns Inception |
Aditya Birla Sun Life Pension Management Ltd. | 28.8335 | 34.13% | 19.90% | 19.96% | 15.57% | NA | 15.77% |
Axis Pension Fund Management Limited | 15.0211 | 35.72% | NA | NA | NA | NA | 25.76% |
HDFC Pension Management Co. Ltd. | 46.2877 | 34.25% | 19.31% | 20.22% | 15.67% | 14.35% | 14.94% |
ICICI Pru. Pension Fund Mgmt Co. Ltd. | 57.6566 | 36.06% | 20.66% | 20.81% | 15.86% | 14.08% | 12.73% |
Kotak Mahindra Pension Fund Ltd. | 59.0831 | 36.20% | 20.44% | 20.39% | 15.46% | 14.05% | 12.91% |
LIC Pension Fund Ltd. | 37.6194 | 32.19% | 19.56% | 19.80% | 14.62% | 12.87% | 12.83% |
Max Life Pension Fund Management Limited | 15.5773 | 34.95% | NA | NA | NA | NA | 26.55% |
SBI Pension Funds Pvt. Ltd | 53.9657 | 32.15% | 19.35% | 19.03% | 14.77% | 13.43% | 12.21% |
Tata Pension Management Pvt. Ltd. | 15.9553 | 40.81% | NA | NA | NA | NA | 27.11% |
UTI Pension Fund Ltd. | 57.993 | 36.19% | 19.55% | 20.21% | 15.60% | 14.24% | 12.76% |
DSP Pension Fund Managers Private Limited | 12.0246 | NA | NA | NA | NA | NA | 20.25% |
NPS Pension Calculator
Use the Cleartax NPS Calculator to easily estimate your monthly pension and tax benefits. Simply enter the key details of your NPS scheme, and the tool will calculate your expected lump sum amount and provisional pension upon maturity or retirement based on your monthly contributions. It’s quick and automated – get a clear picture of your future pension and total corpus.
While many invest in NPS to save on taxes, it’s important to understand the full scope of the program, especially since contributions are mandatory for central and state government employees. Before you start investing, ensure you’re aware of the withdrawal rules and any mandatory clauses involved to make the most of your NPS benefits.
About the Author
CA Mohammed S Chokhawala
I'm a chartered accountant, well-versed in the ins and outs of income tax, GST, and keeping the books balanced. Numbers are my thing, I can sift through financial statements and tax codes with the best of them. But there's another side to me – a side that thrives on words, not figures. Read more
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