Best Government Securities NPS Schemes (2026)
Government securities NPS schemes (Scheme G) invest in central and state government bonds, offering the highest safety among NPS asset classes. Here are the top-performing G-Sec schemes ranked by Ncash Score.
Top 3 Government Securities NPS Schemes
Tier I Rankings(10 schemes)
| # | Schemes | 1Y Return | 3Y CAGR | 5Y CAGR | Score | Rating |
|---|---|---|---|---|---|---|
| 1 | SBI Scheme G | -1.11% | +6.48% | +5.57% | 74 | |
| 2 | UTI Scheme G | -1.12% | +6.47% | +5.56% | 67 | |
| 3 | ABSL Scheme G | -0.46% | +6.52% | +5.81% | 66 | |
| 4 |  ICICI Scheme G | -1.24% | +6.30% | +5.53% | 60 | |
| 5 |  LIC Scheme G | -1.17% | +6.36% | +5.62% | 60 | |
| 6 |  Tata Scheme G | -2.05% | +5.96% | +4.42% | 48 | |
| 7 |  Axis Scheme G | -1.35% | +6.00% | +4.31% | 47 | |
| 8 |  Kotak Scheme G | -2.47% | +5.74% | +5.27% | 40 | |
| 9 |  HDFC Scheme G | -2.34% | +5.89% | +5.25% | 40 | |
| 10 |  DSP Scheme G | -2.69% | +4.11% | +2.44% | 37 |
Tier II Rankings(10 schemes)
| # | Schemes | 1Y Return | 3Y CAGR | 5Y CAGR | Score | Rating |
|---|---|---|---|---|---|---|
| 1 | SBI Scheme G | +0.54% | +7.04% | +5.89% | 74 | |
| 2 | UTI Scheme G | -0.07% | +6.59% | +5.63% | 67 | |
| 3 | ABSL Scheme G | -0.23% | +6.54% | +5.84% | 66 | |
| 4 | ICICI Scheme G | -0.57% | +6.50% | +5.68% | 60 | |
| 5 | LIC Scheme G | -0.80% | +6.52% | +5.78% | 60 | |
| 6 | HDFC Scheme G | -1.91% | +6.10% | +5.35% | 50 | |
| 7 | Axis Scheme G | -0.43% | +6.15% | +4.26% | 47 | |
| 8 | Kotak Scheme G | -2.22% | +5.70% | +5.22% | 40 | |
| 9 | Tata Scheme G | -2.16% | +5.94% | +4.48% | 38 | |
| 10 | DSP Scheme G | -0.32% | +4.35% | +2.59% | 37 |
What is NPS Scheme G (Government Securities)?
NPS Scheme G is the government securities asset class under the National Pension System. It invests in bonds issued by the Central Government, State Governments, and instruments guaranteed by the Government of India, making it the safest NPS option.
While government securities carry virtually zero credit risk (backed by sovereign guarantee), they are subject to interest rate risk. When interest rates rise, G-Sec prices fall and vice versa. Over long periods, they tend to deliver stable, inflation-beating returns.
Scheme G is ideal for conservative investors approaching retirement or those who prefer capital preservation over growth. It also serves as a stabilising allocation in a diversified NPS portfolio alongside Scheme E and C.
Frequently Asked Questions
What is the best Government Securities NPS scheme in 2026?
Based on the Ncash Score methodology, SBI Scheme G Tier I is the top-ranked government securities NPS scheme in 2026 with a score of 74/100. The Ncash Score evaluates returns (45%), risk metrics (25%), consistency (25%), and track record (5%).
What does NPS Scheme G invest in?
NPS Scheme G (Government Securities) invests in central and state government bonds, treasury bills, and government-guaranteed securities. All investments are managed by PFRDA-registered Pension Fund Managers (PFMs) following strict regulatory guidelines.
How many Government Securities NPS schemes are there?
There are currently 10 Tier I and 10 Tier II government securities NPS schemes across all pension fund managers. Tier I is the mandatory retirement account with lock-in until age 60, while Tier II is a voluntary account with flexible withdrawals.
Who should invest in Government Securities NPS schemes?
Government Securities NPS schemes are best suited for conservative investors who prioritise capital safety over growth, especially those nearing retirement age. Your choice should depend on your age, risk tolerance, and retirement timeline.
How is the Ncash Score calculated?
The Ncash Score is a proprietary rating out of 100 that evaluates NPS schemes across four dimensions: Returns performance (45 points), Risk-adjusted metrics like Sharpe ratio and max drawdown (25 points), Consistency of returns across periods (25 points), and Track record length (5 points). Higher scores indicate better overall performance.
