Bonds Hub
Bonds, without the jargon.
Six routes into Indian fixed income — three government, one RBI savings bond, two corporate — with the access route, the tax rule and calculators that model the numbers you keep.
What this hub is — and what it isn't
- Sourced and dated. Framework facts with a named official source and a review date.
- Calculator-first. Three tools price the YTM, the ladder and the post-2024 tax.
- Access-led, never ranked. No best-bond badge — cost, credit and tax differ.
- No live yields. No bond feed; calculators run on numbers you enter.
Government securities
Centre, states and T-bills through your RBI Retail Direct account.
Government securities (G-secs)
Long-dated Central government stock — a benchmark with market-price risk.
Min Rs.10,000 face in primary auctions (varies by auction) · No demat (RBI/BLA account)
Read the guide →Treasury bills (T-bills)
91/182/364-day zero-coupon paper — the cash-parking G-sec.
Min Rs.10,000 face in primary auctions (varies by auction) · No demat (RBI/BLA account)
Read the guide →State Development Loans (SDLs)
State-government stock — a spread over G-secs for the same route.
Min Rs.10,000 face in primary auctions (varies by auction) · No demat (RBI/BLA account)
Read the guide →RBI savings bonds
The 7-year floating-rate bond in a Bond Ledger Account.
Corporate bonds and NCDs
Company borrowings: listed ones trade, unlisted ones are deemed STCG.
Corporate bonds (listed)
Exchange-listed company debt — credit spread over G-secs.
Min Rs.10,000 face for most new NCDs (older issues vary) · Demat
Read the guide →NCDs and unlisted bonds
Private placements — deemed short-term, whatever the holding.
Min Often Rs.1,00,000+ face (issue terms vary) · Demat
Read the guide →Price it before you buy it
Three in-browser tools — nothing leaves your device.
FAQs
Bond questions we get asked
How do I buy government bonds as a retail investor?
Open a Retail Direct Gilt (RDG) account with RBI through the Retail Direct portal, then bid non-competitively in primary auctions or buy and sell on NDS-OM. Payments go from your savings account via internet banking or UPI, and the scheme charges no fees.
What is the RBI Floating Rate Savings Bond paying now?
The coupon resets every six months at the prevailing NSC rate plus 35 basis points — it was 8.05% on 1 Jan 2024. There is no live quote on this site: check the receiving-office page (SBI bond desk) for the current half-year coupon before investing.
How are bonds taxed after the 2024 changes?
Since 23 Jul 2024 there are two holding periods: 12 months for listed securities, 24 months for others. Listed-bond gains held over 12 months are LTCG at 12.5% without indexation; short-term gains join income at slab. Unlisted bonds are always deemed short-term under section 50AA. Interest is always taxed at slab.
Is a higher bond yield always better?
No — extra yield compensates for something: longer duration, weaker credit, thinner liquidity, or worse tax treatment. Compare yield after tax and after the risk you actually bear.
Do bond calculators on this site use live prices?
No. YTM, ladder and tax calculators run entirely on numbers you enter — the site has no bond-price or yield feed, so nothing here is a quote.
Sources
Reviewed 24 Sept 2026. Yields move — the RBI portal, CCIL and the tax department are the authority, and this hub links straight to them.
- RBI - Retail Direct Scheme (press release 2021-2022/1183, 12 Nov 2021)RDG accounts; primary-auction non-competitive bids; NDS-OM odd-lot/RFQ secondary; UPI/internet-banking payments; no scheme fees.
- CCIL - RBI NDS-OM (trading platform operated by CCIL on behalf of RBI)CCIL operates the NDS-OM trading and settlement stack behind Retail Direct secondary trades.
- RBI - Floating Rate Savings Bonds press release (PRID 53020; 2021-2022/1465, 31 Dec 2021)FRSB 2020 (Taxable): NSC rate + 35 bps spread, reset half-yearly from 1 Jan 2021.
- SBI - RBI Floating Rate Savings Bonds desk (receiving-office terms)Eligibility (individuals + HUF, no NRIs); demat form in a Bond Ledger Account only; Rs.1,000 minimum, no maximum; 7-year tenure; half-yearly interest (8.05% on 1 Jan 2024); non-cumulative, non-tradeable, not loan-eligible.
- SEBI - Issue and Listing of Non-Convertible Securities Regulations, 2021 (last amended 21 Jan 2026)SEBI framework for the issue and listing of non-convertible securities, including NCDs.
- NSE Clearing - Corporate bond settlementExchange-reported corporate-bond trades settle in demat through NSE Clearing's CBRICS, RFQ or CCIL routes.
- SEBI - Private-placement listing timelines under the NCS frameworkSEBI timelines and listing obligations for securities issued on a private-placement basis.
- CBDT - FAQs on the new capital-gains regime (PIB, 24 Jul 2024, PRID 2036604)Two holding periods since 23 Jul 2024 (12 months listed, 24 months other); other-LTCG at 12.5% without indexation.
- Income Tax Department - Tax on sale of debentures (as amended by Finance Act, 2026)Post-23-Jul-2024 holding table (listed debentures/G-secs: 12 months; unlisted: deemed STCG).
- Income Tax Department - Section 50AA (special provision for specified securities)Unlisted bonds/debentures transferred, redeemed or matured on/after 23 Jul 2024 are deemed short-term.