Bond Screener
Discover and compare Indian corporate bonds, G-Secs, tax-free bonds, and more
10-yr G-Sec Yield
7.05%
Benchmark
AAA Credit Spread
+0.85%
vs G-Sec
RBI Repo Rate
6.50%
Current
Rate Environment
Softening
Accommodative stance
Total Bonds Listed
35
Across all types
Curated Collections
Quick Filters
Credit Rating
Issuer Type
| Issuer | Rating | Coupon % | YTM % | Maturity | Face Val | Min Invest | Liquidity | ||
|---|---|---|---|---|---|---|---|---|---|
IndiaBulls HFC NBFC·NCD | BBB+ CRISIL | 12.50% Fixed·M | 12.80% | 01 Sept 2026 2mo remaining | ₹1,000 | ₹10,000 | OTC-only | ||
Piramal Finance NBFC·NCD | A- India Ratings | 11.50% Fixed·Q | 11.75% | 01 Jun 2027 11mo remaining | ₹1,000 | ₹10,000 | OTC+Exchange | ||
Edelweiss NBFC·NCD | A ICRA | 10.75% Fixed·M | 10.95% | 01 Mar 2027 8mo remaining | ₹1,000 | ₹10,000 | OTC+Exchange | ||
Manappuram NBFC·NCD | AA CARE | 10.25% Fixed·M | 10.45% | 10 Jan 2027 6mo remaining | ₹1,000 | ₹1,000 | OTC+Exchange | ||
Muthoot Finance NBFC·NCD | AA ICRA | 9.50% Fixed·M | 9.65% | 20 Jun 2026 0mo remaining | ₹1,000 | ₹1,000 | OTC+Exchange | ||
Shriram Finance NBFC·NCD | AA+ CRISIL | 9.10% Fixed·M | 9.25% | 01 Aug 2026 1mo remaining | ₹1,000 | ₹5,000 | OTC+Exchange | ||
Chola Finance NBFC·NCD | AA CRISIL | 8.90% Fixed·A | 9.05% | 15 Nov 2027 1.4yr remaining | ₹1,000 | ₹10,000 | OTC+Exchange | ||
L&T Finance NBFC·NCD | AA+ ICRA | 8.55% Fixed·Q | 8.70% | 10 Apr 2028 1.8yr remaining | ₹1,000 | ₹5,000 | OTC+Exchange | ||
Tata Capital M NBFC·NCD | AA+ CRISIL | 8.35% Fixed·M | 8.60% | 01 Jul 2027 12mo remaining | ₹1,000 | ₹5,000 | OTC+Exchange | ||
Tata Capital NBFC·NCD | AA+ CRISIL | 8.40% Fixed·A | 8.50% | 20 May 2027 11mo remaining | ₹1,000 | ₹10,000 | OTC+Exchange | ||
Bajaj Finance NBFC·NCD | AAA CRISIL | 8.05% Fixed·M | 8.35% | 15 Jan 2026 0mo remaining | ₹1,000 | ₹1,000 | OTC+Exchange | ||
Mahindra Finance NBFC·NCD | AA+ ICRA | 8.20% Fixed·A | 8.35% | 10 Oct 2028 2.3yr remaining | ₹1,000 | ₹10,000 | OTC+Exchange | ||
Bajaj Finance M NBFC·NCD | AAA CRISIL | 7.95% Fixed·M | 8.25% | 05 Jan 2027 6mo remaining | ₹1,000 | ₹5,000 | OTC+Exchange | ||
Bajaj Finance ZCB NBFC·Zero-coupon | AAA CRISIL | Zero-coupon | 8.20% | 10 Feb 2028 1.6yr remaining | ₹1,000 | ₹5,000 | OTC-only | ||
HUDCO PSU·NCD | AA+ CRISIL | 8.10% Fixed·A | 8.18% | 30 Jun 2032 6.0yr remaining | ₹1,000 | ₹10,000 | OTC+Exchange |
Indicative data. Verify all information before investing. Bonds are subject to credit and market risk. Check rating rationale before investing.
Bond Glossary
28 essential terms explained in plain language
28 terms
Yield to Maturity (YTM)
The total annualised return you earn if you hold a bond until it matures, assuming all coupon payments are reinvested at the same rate. YTM is the most important metric when comparing bonds, as it accounts for coupon payments, face value repayment, and the current market price.
Current Yield
Annual coupon income divided by the current market price of the bond, expressed as a percentage. Unlike YTM, it ignores capital gain or loss at maturity, making it a simpler but less accurate measure. Useful for quick income comparisons across bonds trading near face value.
Coupon Rate
The fixed annual interest rate the bond issuer agrees to pay on the face value of the bond. For example, a 8% coupon on a ₹1,000 face value bond pays ₹80 per year regardless of the bond's market price. It is set at the time of issuance and does not change for fixed-rate bonds.
Face Value (Par Value)
The nominal or principal amount of the bond that the issuer will repay to the bondholder at maturity. Indian corporate bonds typically have face values of ₹1,000, ₹10,000, or ₹1,00,000. This is also the base on which coupon interest is calculated.
Dirty Price
The full price of a bond including accrued interest since the last coupon payment. This is the actual amount you pay when purchasing a bond in the secondary market. Dirty Price = Clean Price + Accrued Interest.
Clean Price
The market price of a bond excluding accrued interest. This is what is typically quoted by brokers and bond platforms. It provides a standardised way to compare bond prices across different coupon payment schedules.
Accrued Interest
Interest that has accumulated since the last coupon payment date but has not yet been paid to the bondholder. When you buy a bond between coupon dates, you compensate the seller for this accrued interest. It resets to zero on each coupon payment date.
Duration
A measure of a bond's price sensitivity to changes in interest rates, expressed in years. It represents the weighted average time to receive all cash flows (coupons + principal). A higher duration means greater price risk when rates change.
Modified Duration
A refined version of duration that directly measures the percentage change in a bond's price for a 1% change in interest rates. If modified duration is 5, a 1% rate rise causes approximately 5% price decline. Essential for managing interest rate risk.
Convexity
Measures the curvature of the price-yield relationship. Bonds with higher convexity experience smaller price declines when rates rise and larger price gains when rates fall. A desirable property — higher convexity bonds are more valuable all else equal.
Credit Spread
The difference in yield between a corporate bond and a comparable government security (G-Sec). It represents the additional yield investors demand for taking on credit risk. A wider spread indicates higher perceived credit risk or market stress.
Yield Curve
A graph showing yields of bonds with different maturities at a given point in time. A normal yield curve slopes upward (higher yields for longer maturities). An inverted yield curve (short-term yields > long-term) often signals economic slowdown.
OTC (Over-the-Counter)
Trading that happens directly between buyers and sellers (via brokers) rather than on an exchange. Most Indian corporate bonds are traded OTC. Prices are negotiated bilaterally and not publicly visible in real-time — you need to request quotes from your broker.
NCD (Non-Convertible Debenture)
A type of corporate bond that cannot be converted into equity shares. NCDs are issued by companies to raise funds. They can be secured (backed by company assets) or unsecured. Most listed Indian corporate bonds are NCDs with face values of ₹1,000.
MLD (Market-Linked Debenture)
A hybrid instrument where returns are linked to a market index (like Nifty 50) rather than a fixed coupon. MLDs offer potential for higher returns but with more uncertainty. Post-2023, MLDs are taxed as short-term capital gains regardless of holding period.
AT1 / Perpetual Bond
Additional Tier 1 bonds are perpetual (no fixed maturity) instruments issued by banks to meet Basel III capital requirements. They typically have a call option allowing the bank to redeem them after 5 years. The bank can skip coupon payments without defaulting if capital ratios fall below regulatory thresholds.
54EC Bond
Bonds issued by NHAI and REC under Section 54EC of the Income Tax Act. Investing capital gains from the sale of land/property into these bonds within 6 months exempts you from Long-Term Capital Gains tax. Maximum investment is ₹50 lakhs per financial year, with a mandatory 5-year lock-in period.
Tax-free Bond
Bonds issued by specific PSUs (NHAI, IRFC, HUDCO, etc.) where the interest income is fully exempt from income tax under Section 10(15)(iv)(h). Particularly beneficial for investors in the 30% tax bracket. The stated coupon is the tax-equivalent yield — no tax adjustment needed.
SDL (State Development Loan)
Market borrowings by state governments, auctioned through the RBI. SDLs are considered quasi-sovereign instruments and carry slightly higher yields than central G-Secs (typically 25–50 basis points higher). They carry state government credit risk but are generally considered very safe.
G-Sec (Government Security)
Bonds issued by the Government of India through the Reserve Bank of India. They carry zero credit risk (sovereign guarantee) and are the benchmark for all other Indian fixed income instruments. Available to retail investors via RBI Retail Direct at no cost.
T-Bill (Treasury Bill)
Short-term government securities with maturities of 91 days, 182 days, or 364 days. T-Bills are issued at a discount to face value and redeemed at par. They carry no coupon — the return is the difference between issue price and face value. The safest short-term instrument in India.
Call Option (Bond)
The issuer's right to repay the bond before maturity at a specified date and price. Callable bonds typically offer higher yields to compensate for this risk. When rates fall, issuers exercise the call to refinance at lower rates — which hurts investors who must then reinvest at lower yields.
Put Option (Bond)
The investor's right to sell the bond back to the issuer at a specified date and price before maturity. Bonds with put options protect investors from rising interest rates. Because this option benefits investors, puttable bonds typically offer slightly lower yields.
Seniority (Bond)
The priority of a bond in the order of repayment if an issuer defaults. Senior Secured bonds are paid first (backed by specific assets). Senior Unsecured bonds come next. Subordinated bonds are paid after senior obligations. Perpetual / AT1 bonds are last. Higher seniority = lower risk = lower yield.
Collateral
Specific assets (loans, receivables, property) pledged by the issuer to secure a bond. If the issuer defaults, bondholders can seize and liquidate these assets to recover money. Secured bonds with strong collateral have better recovery rates in default scenarios.
TDS on Bonds
Tax Deducted at Source on bond interest. Banks and companies deduct 10% TDS if annual interest exceeds ₹5,000 (₹40,000 for senior citizens). NRIs face 30% TDS. You can claim TDS credit while filing your ITR. Tax-free bond interest is exempt from TDS.
LTCG on Bonds
Long-Term Capital Gains on bonds held for more than 12 months. Post the July 2024 budget, listed bonds are taxed at 12.5% without indexation on LTCG. For unlisted bonds held 24+ months, the rate is 12.5%. Short-term gains (held <12 months) are taxed at your slab rate.
Day Count Convention
The rule for counting days when calculating accrued interest. "Actual/Actual" uses actual calendar days (common for G-Secs). "Actual/365" uses actual days but assumes a 365-day year (common for corporate bonds). "30/360" assumes each month has 30 days. Affects accrued interest calculations.
Definitions are simplified for educational purposes. For authoritative definitions, refer to SEBI regulations, RBI circulars, and FIMMDA guidelines.