How to Apply for NPS
NPS
Jan 15, 2025
Axis Pension Fund Management started running NPS money in October 2022. In four years it has become the fifth-largest pension fund by regular Tier I assets, at about ₹20,650 crore, just behind LIC. Its Scheme E alone grew from ₹5,031 crore in July 2025 to about ₹7,430 crore in October 2026.
Growth hasn’t come with strong returns. Over its first three years, Axis is below average in equity, and middle to low in bonds.
Not to be confused with Max Life Pension Fund Management. In December 2024, Axis Max Life Insurance said it would wind down that separate pension fund, citing confusion between the two similar names.
At a glance
| Scheme (Tier I) | Assets | 3-year return (rank) | 5-year return (rank) | 10-year return (rank) |
|---|---|---|---|---|
| Scheme E (equity) | ₹7,430 crore | 6.92% (8 of 9) | – | – |
| Scheme C (corporate bonds) | ₹5,349 crore | 7.37% (7 of 9) | – | – |
| Scheme G (government bonds) | ₹7,871 crore | 6.18% (6 of 9) | – | – |
Returns for Tier I as on 18 September 2026; assets from Value Research, October 2026. “–” means the fund has not completed that period.
Scheme E (equity)
| Period | Axis | Benchmark | Average of all funds | Rank |
|---|---|---|---|---|
| 1 year | -6.25% | -3.95% | -5.09% | 9 of 10 |
| 3 years | 6.92% | 8.56% | 8.10% | 8 of 9 |
| Since inception | 8.77% | – | – | – |
Axis ranks eighth of nine over 3 years, with 6.92% a year. That is 1.64 percentage points a year below the benchmark. Over the past year it ranked ninth of ten, at -6.25% against the benchmark’s -3.95%.
The scheme holds less equity than most: 93.09%, with 3.12% in debt, 1.69% in cash and 0.81% in REITs. Part of the cash sits in an overnight fund.
Scheme C (corporate bonds)
| Period | Axis | Benchmark | Average of all funds | Rank |
|---|---|---|---|---|
| 1 year | 5.16% | 4.90% | 5.26% | 7 of 10 |
| 3 years | 7.37% | 7.05% | 7.50% | 7 of 9 |
| Since inception | 7.36% | – | – | – |
The corporate bond scheme ranks seventh over 1 and 3 years, though it beat the benchmark over both. Its credit mix is on the safer side: 80.68% AAA-rated and 9.20% AA-rated, with 9.92% in cash and cash equivalents.
Scheme G (government bonds)
| Period | Axis | Benchmark | Average of all funds | Rank |
|---|---|---|---|---|
| 1 year | 3.14% | 3.43% | 2.93% | 2 of 10 (tied) |
| 3 years | 6.18% | 6.75% | 6.25% | 6 of 9 |
| Since inception | 6.66% | – | – | – |
Axis tied for second over 1 year but ranks sixth of nine over 3 years, below the benchmark. The portfolio is 91.47% sovereign. It is concentrated: the largest holding, a 6.90% government bond maturing in 2065, is 18.06% of the fund.
MSF schemes
| Scheme (as listed by NPS Trust) | Equity range | Assets (₹ crore) |
|---|---|---|
| Golden Years – I | 65%-100% | 40.20 |
NPS Trust, as on 30 September 2026.
Golden Years allows 65% to 100% in equity. At ₹40 crore, it is one of the larger MSF schemes outside HDFC and ICICI Prudential. See the MSF comparison.
Fees
From 1 April 2026, the investment management fee on regular non-government NPS schemes is slab-based: 0.12% a year on the first ₹25,000 crore of assets, then 0.08%, 0.06% and 0.04% on higher slabs. MSF schemes can charge up to 0.30%.
Verdict
- Track record: four years since launch and a three-year record, which is short for a pension decision.
- Scheme E: below average so far, eighth of nine over 3 years.
- Scheme C: beat the benchmark, with a safe credit mix, but ranks in the lower half.
- Scheme G: below the benchmark over 3 years.
- If you’re already with Axis: there’s no need to act on three years of data alone, but compare it each year with the long-record funds. You can switch pension funds once a financial year.
Compare it with the rest in the Scheme E, Scheme C and Scheme G comparisons.
Sources: returns for Tier I as on 18 September 2026, NPS Trust data as published by HDFC Securities. Net assets and portfolios: Value Research, October 2026. July 2025 assets: NPS Trust snapshot as on 18 July 2025. Max Life Pension Fund: company announcement, December 2024. MSF schemes: NPS Trust. Fees: PFRDA. Past returns do not guarantee future returns.
