Bonds, without the jargon.

What is the money for, and how long can it stay?

1. Park cash under a year

   Short tenor, no coupon — the discount to face is the return, and the tenors run 91, 182 and 364 days.

   Then Treasury bills — the T-bill guide covers the weekly auctions and the capital-gains treatment of the discount.

2. Long-dated government paper I can sell

   Maturities from 5 to 40 years, half-yearly coupon — and the price moves when yields move, which is the risk, not a fee.

   Then Dated G-secs — the G-sec guide covers Retail Direct auctions and the NDS-OM secondary route.

3. Government paper at a state spread

   SDLs auction like Central stock and can trade at a spread for state finances and thinner liquidity.

   Then State Development Loans — the SDL guide explains the spread you are being paid to accept.

4. A fixed payout for seven years, no market moves

   Coupon resets at the NSC rate plus 35 bps, paid half-yearly, never compounded — and the bond is not tradeable.

   Then RBI Floating Rate Savings Bonds — the FRB guide has the redemption windows and the slab-rate tax on the interest.

5. Company borrowing, listed

   Listed NCDs trade on the exchange, so the exit exists — priced off the issuer's credit, not the government's.

   Then Listed corporate bonds — the corporate bond guide covers credit assessment and the market-risk floor.

6. Higher coupon, no exit

   Unlisted NCDs have no exchange to leave through, and transfers are deemed short-term — the coupon is paying for the illiquidity.

   Then Unlisted NCDs — the unlisted NCD guide sets out the deemed-STCG rule and the liquidity you are giving up.