National Pension System subscribers earn double digit return in 2012-13

Government's flagship retirement scheme, New Pension Scheme (NPS) has delivered double-digit return for the financial year 2012-13.

For this fiscal, the government has announced 8.7% interest for deposits under Public Provident Fund (PPF), while it has approved 8.5% rate of interest for 2012-13 for Employees Provident Fund (EPF) subscribers. The Pension Fund Regulatory Authority (PFRDA) in a statement claimed that the NPS is not only the cheapest retirement product but also the highest returns generating scheme.

The Private Corporate Debt and Government scheme have generated the highest returns at 14.19% and 13.52%, respectively. The Swavlamban scheme, where in, the government contributes Rs 1,000 annually to each NPS account, has generated average annual return at 13.40%.

The scheme for state government employees has given 13% return, while for central government employees it has given 12.39% return.

At present, NPS has accumulated a corpus of Rs 33,000 crores contributed by 50 lakh subscribers.