How to Calculate NPS Returns?
NPS
Jan 7, 2025
UTI Pension Fund, formerly UTI Retirement Solutions, is one of the original NPS pension funds, running money since 2009. Its regular Tier I E, C and G schemes hold about ₹12,700 crore.
UTI has no standout scheme and no badly weak one. It sits in the upper half in equity, does well in government bonds over 3 and 5 years, and is mid-table in corporate bonds. That steadiness makes it a sensible single choice.
At a glance
| Scheme (Tier I) | Assets | 3-year return (rank) | 5-year return (rank) | 10-year return (rank) |
|---|---|---|---|---|
| Scheme E (equity) | ₹5,582 crore | 8.74% (3 of 9) | 8.75% (3 of 7) | 11.62% (4 of 6) |
| Scheme C (corporate bonds) | ₹2,606 crore | 7.61% (4 of 9) | 6.41% (5 of 7) | 7.39% (5 of 6) |
| Scheme G (government bonds) | ₹4,509 crore | 6.46% (2 of 9 (tied)) | 5.84% (2 of 7) | 6.88% (5 of 6) |
Returns for Tier I as on 18 September 2026; assets from Value Research, October 2026. Rank is among funds with a record for that period.
Scheme E (equity)
| Period | UTI | Benchmark | Average of all funds | Rank |
|---|---|---|---|---|
| 1 year | -6.05% | -3.95% | -5.09% | 8 of 10 |
| 3 years | 8.74% | 8.56% | 8.10% | 3 of 9 |
| 5 years | 8.75% | 8.76% | 8.44% | 3 of 7 |
| 7 years | 13.62% | 14.05% | 13.42% | 4 of 7 |
| 10 years | 11.62% | 12.37% | 11.55% | 4 of 6 |
| Since inception | 11.80% | – | – | – |
UTI ranks third over 3 and 5 years and fourth over 7 and 10 years. It beat the benchmark over 3 years and came within 0.01 points of it over 5 (8.75% against 8.76%). Its 10-year return of 11.62% is 0.52 percentage points a year behind HDFC, the leader.
The past year was weaker: UTI ranked eighth, at -6.05%.
The portfolio is almost fully invested, at 98.48% equity. Its top holdings are HDFC Bank (7.24%), ICICI Bank (7.00%), Reliance Industries (4.97%), Bharti Airtel (4.30%) and State Bank of India (3.78%). Financial stocks are 33.58% of the portfolio, technology 13.82% and consumer discretionary 13.69%.
Scheme C (corporate bonds)
| Period | UTI | Benchmark | Average of all funds | Rank |
|---|---|---|---|---|
| 1 year | 5.59% | 4.90% | 5.26% | 2 of 10 |
| 3 years | 7.61% | 7.05% | 7.50% | 4 of 9 |
| 5 years | 6.41% | 6.19% | 6.43% | 5 of 7 |
| 7 years | 7.37% | 7.48% | 7.33% | 2 of 7 (tied) |
| 10 years | 7.39% | 7.59% | 7.52% | 5 of 6 |
| Since inception | 8.53% | – | – | – |
UTI’s corporate bond record is mid-table: second over 1 year, joint second over 7 years, but fourth or fifth over 3, 5 and 10 years. Over 10 years it trails the benchmark slightly (7.39% against 7.59%).
The portfolio is 81.26% AAA-rated and 10.28% AA-rated. About 3.95% is in REITs and other unrated holdings.
Scheme G (government bonds)
| Period | UTI | Benchmark | Average of all funds | Rank |
|---|---|---|---|---|
| 1 year | 3.02% | 3.43% | 2.93% | 5 of 10 |
| 3 years | 6.46% | 6.75% | 6.25% | 2 of 9 (tied) |
| 5 years | 5.84% | 5.90% | 5.73% | 2 of 7 |
| 7 years | 6.52% | 6.41% | 6.55% | 4 of 7 (tied) |
| 10 years | 6.88% | 6.86% | 7.07% | 5 of 6 |
| Since inception | 7.91% | – | – | – |
UTI ranks second over 5 years and joint second over 3 years. Over longer periods it falls back, to joint fourth over 7 years and fifth of six over 10. The portfolio is 95.79% sovereign, the second-highest share after LIC. Its largest holding is a 6.90% government bond maturing in 2065, at 13.56% of the fund.
MSF schemes
| Scheme (as listed by NPS Trust) | Equity range | Assets (₹ crore) |
|---|---|---|
| Wealth Builder E – I | 90%-100% | 36.66 |
| Dynamic Asset – Tier I | 40%-65% | 8.03 |
| Wealth Builder E – II | 90%-100% | 3.90 |
| Dynamic Asset – Tier II | 40%-65% | 2.23 |
NPS Trust, as on 30 September 2026.
UTI runs two MSF schemes, each in Tier I and Tier II. Wealth Builder holds 90% to 100% in equity; Dynamic Asset is balanced, with 40% to 65%. Together they hold ₹51 crore. 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
- Scheme E: consistently in the upper half; third over 3 and 5 years.
- Scheme C: mid-table.
- Scheme G: upper half over 3 and 5 years.
- Auto choice: a good single choice. UTI doesn’t rank last over 3, 5, 7 or 10 years in any scheme.
- Active choice: reasonable across the board, though each asset class has a fund with a stronger record: ICICI Prudential for E, HDFC for C and LIC for G.
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. MSF schemes: NPS Trust. Fees: PFRDA. Past returns do not guarantee future returns.
