The scoreboard
NSE publishes a family of government-securities indices, each holding G-Secs of a different maturity, plus the Nifty 1D Rate Index, which tracks the overnight rate. Here are their annualised returns to 5 October 2026, from the index levels NSE publishes. They carry no fund costs.
| Index | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| Nifty 1D Rate | 5.30% | 6.07% | 5.77% | 5.41% |
| Nifty 4-8 yr G-Sec | 3.47% | 7.17% | 5.99% | 7.00% |
| Nifty 8-13 yr G-Sec | 2.21% | 6.80% | 5.55% | 6.31% |
| Nifty 10 yr Benchmark G-Sec | 1.24% | 6.37% | 5.05% | 5.45% |
| Nifty 11-15 yr G-Sec | 2.56% | 7.03% | 6.13% | 6.82% |
| Nifty 15 yr and above G-Sec | 1.08% | 6.08% | 5.58% | 6.74% |
| Nifty Composite G-Sec | 2.24% | 6.76% | 5.66% | 6.40% |
Three-, five- and ten-year figures are compound annual rates; the one-year figure is simple. Three things stand out.
- Over one year, shorter beat longer in a straight line: 5.30% for overnight down to 1.08% for the 15-year-plus index.
- Over ten years, the 4-8 year index led at 7.00%, narrowly ahead of the 11-15 year index at 6.82%.
- The Nifty 10 yr Benchmark index is the weakest long-term G-Sec index at 5.45% over ten years, barely above overnight money's 5.41%.
Calendar years
| Year | 1D Rate | 4-8 yr | 10 yr Benchmark | 15 yr and above |
|---|---|---|---|---|
| 2017 | 5.95% | 4.21% | 0.34% | 1.86% |
| 2018 | 6.18% | 7.52% | 6.11% | 8.96% |
| 2019 | 5.76% | 10.76% | 9.41% | 13.43% |
| 2020 | 3.42% | 12.47% | 8.75% | 15.06% |
| 2021 | 3.28% | 3.38% | 1.33% | 0.40% |
| 2022 | 4.76% | 2.18% | 0.40% | 2.92% |
| 2023 | 6.74% | 7.92% | 8.08% | 8.23% |
| 2024 | 6.79% | 8.67% | 9.55% | 12.43% |
| 2025 | 5.81% | 7.99% | 6.85% | 3.24% |
| 2026 to 5 Oct | 3.92% | 2.44% | 0.70% | 0.77% |
The overnight index moved in a narrow band, 3.28% to 6.79%. The 15-year-plus index ran from 0.40% to 15.06%. That is the whole trade-off in one column: when yields fell, as in 2019 and 2020, the long index earned three to four times as much as overnight money. When they rose, as in 2021 and again this year, it earned almost nothing.
The overnight index beat the 15-year-plus index in four of the nine full years (2017, 2021, 2022 and 2025), and in 2026 so far.
What it means for gilt and debt funds
These indices are a ceiling, not a promise. A fund carries expenses, and its manager picks a maturity mix that rarely matches an index. Our October gilt fund returns shows how the funds that hold these bonds have done, and how bond yields move bond fund prices explains the mechanism behind the table above.
What this does not tell you
It is history. A maturity that led over ten years can trail for several. The 15-year-plus index's 6.74% over ten years sits beside 0.77% this year.
Starting points matter. Each window ends on 5 October 2026 and starts on the first trading day on or before 3 October 2016, 1 October 2021, 3 October 2023 and 1 October 2025. A different start gives different figures.
These are government bonds only. Corporate bond and credit funds carry credit risk that G-Secs do not.
Tax is not included. Debt fund gains are taxed at your slab rate; see how debt and hybrid funds are taxed.
Where to go from here
The guide to the debt fund duration ladder explains how maturity sets a fund's sensitivity to yields. Use the screener to compare funds by category and return.
Frequently asked questions
Which G-Sec maturity has returned the most?
Over ten years to 5 October 2026 the Nifty 4-8 yr G-Sec Index returned 7.00% a year, ahead of the 11-15 yr index at 6.82% and the 15 yr and above index at 6.74%. The Nifty 10 yr Benchmark G-Sec returned 5.45% a year. Over the last year the picture reversed: the shortest G-Sec index led.
Did long-dated government bonds do badly in 2026?
They have barely moved. Through 5 October 2026 the Nifty 15 yr and above G-Sec Index is up 0.77% and the Nifty 10 yr Benchmark G-Sec up 0.70% since 31 December 2025. The Nifty 4-8 yr index is up 2.44% and the Nifty 1D Rate Index, which tracks overnight money, is up 3.92%.
Does a longer maturity always earn more?
No. Over five years the overnight rate index returned 5.77% a year, more than the 10-year benchmark index (5.05%), the 8-13 year index (5.55%) and the 15 year and above index (5.58%). Longer bonds earn more in years when yields fall and less when they rise.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
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