Frequently asked questions about bonds

A free, public reference for bonds in the Indian debt market. You can look up any live bond, compare its coupon, yield, credit rating and maturity, and see which bonds are available to invest in on Grip. It is built for research, so it covers the full set of live bonds rather than a shortlist.

Yes. We list every live, non-matured bond we can source from public market data, across all credit ratings, including unrated bonds. Matured bonds are left out because they can no longer be bought. If a bond is still live, you should be able to find it here.

It marks a bond you can actually invest in through Grip's platform. The directory is a reference for all bonds, but only a subset is open for investment on Grip at any time. When a bond carries the "Available on Grip" marker, you can move from research to investing in a few steps.

Yes, completely. There is no login, subscription or charge to browse, search or compare bonds. You only need an account when you decide to invest in a bond on Grip's platform.

We refresh the bond data on a regular schedule and show an "as of" date, so you always know how current it is. Details like ratings and terms come from public market data. Figures such as yield are indicative and meant for comparison; the exact terms for any investment are confirmed on Grip's platform before you invest.

From public market data published for India's debt securities. We clean and standardise it so you can compare bonds on a like-for-like basis: one rating scale, consistent maturity buckets, and a comparable yield measure.

An OBPP is a SEBI-regulated platform for buying and selling bonds online. Under SEBI's framework, any such platform must register as a stockbroker in the debt segment of a recognised stock exchange and follow rules on disclosure, order handling and grievance redressal. The aim is to make bond investing more transparent and accessible for everyday investors. Grip operates within this framework.

Deal only with platforms registered with SEBI as Online Bond Platform Providers. You can check SEBI's list of registered OBPPs on sebi.gov.in and the member lists on the NSE and BSE websites, and a registered platform shows its SEBI registration details on its own site. In November 2025 SEBI publicly cautioned investors against using unregistered bond platforms, so this check is worth a minute of your time.

A bond is a loan you give to a company or a government. In return, the issuer pays you interest at a set rate (the coupon) and returns your principal on a fixed date (maturity). Bonds are a way to earn predictable income, usually with less price movement than equities, though they carry their own risks.

The coupon is the annual interest rate the issuer pays on the bond's face value. A 9% coupon on a bond with a face value of 1,000 pays 90 a year, usually split into periodic payments (for example, twice a year). For most bonds the coupon is fixed at issue.

Face value (or par value) is the amount the issuer repays at maturity and the base on which the coupon is calculated. It varies by bond, and many privately placed corporate bonds now carry a face value of around 1,000. The price you pay in the market can be above or below face value.

Maturity is the date the issuer repays your principal and the bond ends. A bond maturing in 2030 returns your face value in 2030. Longer maturities usually pay more, but they lock your money up for longer and react more to interest-rate changes.

An ISIN (International Securities Identification Number) is a unique 12-character code that identifies one specific bond. Every bond in the directory has its own ISIN, so you can be sure you are looking at exactly the security you mean, even when an issuer has many bonds.

A PSU bond is issued by a public sector undertaking (a government-owned company), while a corporate bond is issued by a private company. PSU bonds are often seen as lower risk because of government ownership, though that is not a guarantee unless the bond is specifically guaranteed. We label ownership on every bond so you can filter for it.

Government securities (G-Secs) are bonds issued by the central government and carry the lowest credit risk in the market. State Development Loans (SDLs) are issued by state governments. Treasury bills are short-term instruments (up to a year) issued at a discount to face value, with no separate coupon. These are different from a bond issued by a government-owned company, which is a corporate bond.

Tax-free bonds pay interest that is exempt from income tax under the Income Tax Act. They are usually issued by government-backed entities and tend to carry lower coupons because of the tax benefit. Note that the exemption applies to the interest, not to any capital gain if you sell before maturity.

A secured bond is backed by specific assets the issuer pledges, which can be used to repay you if the issuer defaults. An unsecured bond has no such backing and relies on the issuer's overall creditworthiness. Secured does not mean risk-free, but it can improve recovery if things go wrong.

Seniority decides who gets paid first if an issuer runs into trouble. Senior bonds rank ahead of subordinated (junior) bonds, which in turn rank ahead of equity. Subordinated bonds usually pay a higher coupon to compensate for sitting lower in that queue, so a richer yield often comes with weaker standing on repayment.

A callable bond lets the issuer repay you early, usually when interest rates have fallen, which can cut your expected return (this is called call risk). A puttable bond works the other way, letting you sell the bond back to the issuer before maturity. The bond's terms tell you whether either option exists and when.

A fixed-rate bond pays the same coupon for its whole life. A floating-rate bond resets its coupon periodically against a benchmark rate, so its payments rise and fall with the market. Floating-rate bonds are less sensitive to interest-rate moves, since the coupon adjusts rather than the price.

A zero-coupon bond pays no periodic interest. Instead, you buy it below face value and receive the full face value at maturity, and the gap is your return. Because there is no coupon, your return depends entirely on the price you pay, which is why a single yield at face value is not meaningful for these bonds.

A market-linked debenture pays a return tied to the performance of an index or other underlying, rather than a fixed coupon. Some are structured to protect your principal, some are not, so the terms matter a great deal. MLDs are more complex than plain bonds and also follow their own tax treatment, so read the offer document carefully.

The coupon is the fixed interest rate on face value. The yield is your actual return, which also accounts for the price you pay. Buy a bond below face value and your yield is higher than the coupon; pay above face value and it is lower. Yield is the better number for comparing bonds.

Yield to maturity is the total return you would earn if you bought a bond at its current price and held it to maturity, collecting every coupon and the final principal. It puts bonds with different prices, coupons and maturities on one comparable measure, which is why it is the standard figure for comparing bonds.

Current yield is the annual coupon divided by the bond's current price. It is a quick way to gauge income, but it ignores any gain or loss between today's price and the face value you receive at maturity, so yield to maturity is the better all-in comparison.

It is the effective annual yield of the bond's cashflows priced at face value on the as-of date. We show it so you can compare bonds consistently. It is an indicative figure for research, not a promised return: your real yield depends on the price you actually pay, which is confirmed on Grip's platform.

Some bonds, such as zero-coupon bonds or those that pay everything at maturity, have a return that depends entirely on the price you pay, so a single indicative yield at face value would mislead. For those, the bond page explains why and lets you work out the yield from a price you enter.

A bond pays fixed amounts, so its value today is what those fixed cashflows are worth now. When market interest rates rise, those fixed payments look less attractive, so the price falls and the yield rises. When rates fall, the price rises and the yield falls. This inverse link is why bond prices move whenever rates change.

Accrued interest is the coupon that has built up since the last payment date. The clean price is the quoted price without it; the dirty price is the clean price plus accrued interest, and it is the amount you actually pay to settle the trade. So the final amount is usually a little above the quoted price.

Yield reflects more than rating. Maturity, the issuer's sector and reputation, how easily the bond trades, whether it is secured, and demand all move yields. A longer or less liquid bond usually pays more. A higher yield is the market asking for more return, often for more risk, so always read it alongside the rating and the issuer.

A credit rating is an independent agency's opinion on how likely an issuer is to pay you back. Ratings run from AAA (highest safety) down to D (in default). They are a useful shortcut for credit quality, but they are opinions, not guarantees, and they can change over time.

The long-term scale runs AAA, AA, A, BBB, BB, B, C, then D. AAA is the strongest and D means the issuer has defaulted. Within most grades there are finer notches (for example AA+, AA, AA-). We show a clear, colour-coded grade on every bond.

In India, ratings come from SEBI-registered credit rating agencies, the main ones being CRISIL, ICRA, CARE Ratings and India Ratings. A bond can be rated by more than one agency. Where that happens, we show the most conservative current grade, so you are never given a rosier picture than the ratings support.

When more than one agency rates the same bond, we show the lowest of their current grades. We do this on purpose: it is the more cautious reading of the bond's credit quality, and it avoids flattering a bond by quoting only its kindest rating.

Bonds rated BBB- and above are called investment grade, seen as having adequate to high credit quality. Bonds rated below that, from BB downward, are called high-yield or speculative and pay more to make up for higher credit risk. The extra yield is the market pricing in more risk, not a free lunch.

An outlook (positive, stable or negative) signals the likely direction of a rating over the next year or two; it is not a change in itself. A rating watch flags a near-term review triggered by a specific event, such as a merger or regulatory action. Both are signals to read alongside the current grade.

A high rating means lower assessed credit risk, not zero risk. AAA issuers can be downgraded, and a rating does not protect you from interest-rate moves or from selling early at a loss. Treat a rating as one important input, alongside maturity, yield and your own view of the issuer.

A downgrade means the agency now sees higher credit risk than before. It usually pushes the bond's market price down and its yield up, and it raises the issuer's future borrowing costs. A downgrade is a prompt to check why the agency acted and whether the bond still suits you.

Unrated bonds simply do not carry a current public credit rating. That does not automatically make them bad, but it does mean you have less independent information, so they call for more caution. We list them because this is a complete directory: you can research any live bond here, then decide what fits you.

Bonds are generally less volatile than stocks, but they are not risk-free. The main risks are the issuer failing to pay (credit risk), bond prices falling when interest rates rise (interest-rate risk), and not being able to sell quickly at a fair price (liquidity risk). Matching the bond to your timeline and risk comfort matters more than chasing the highest yield.

Credit risk is the chance the issuer cannot pay your interest or return your principal. It is highest for lower-rated and unrated issuers and lowest for top-rated ones. Ratings are the standard guide to credit risk, but they are opinions and can change.

When market interest rates rise, existing bonds with lower coupons become less attractive, so their prices fall, and the reverse when rates fall. Longer-dated bonds move more. This only affects you if you sell before maturity: hold to maturity and you get your face value back regardless, provided the issuer pays.

Liquidity risk is the chance you cannot sell a bond quickly at a fair price because few buyers are active in it. Many corporate bonds in India trade thinly. If you may need your money before maturity, favour bonds that trade more actively and read the terms carefully.

Reinvestment risk is the chance that when you receive coupons or your principal back, interest rates have fallen and you can only reinvest at a lower rate. It matters most for high-coupon bonds and for callable bonds when rates are falling.

Platform risk is about whether the platform you use is regulated, transparent and able to handle a grievance; you reduce it by using a SEBI-registered platform where your bonds sit in your own demat account. Issuer risk is the chance the bond's issuer fails to pay, and it exists no matter which platform you use. A regulated platform does not reduce issuer risk, which is what ratings, security and seniority help you judge.

Grip operates as a SEBI-registered entity in the debt segment, and bonds you buy are held in your own demat account, in your name, not by the platform. Funds for exchange-routed orders settle through the clearing corporation. This structure reduces process and counterparty risk, but it does not remove the credit risk of the bond's issuer, which is always yours to assess.

For many bonds, an independent SEBI-registered debenture trustee represents the bondholders. It holds any security on your behalf, monitors the issuer, and can act or take legal steps if the issuer defaults. It is a layer of protection between you and the issuer, which matters most for secured bonds.

In India, even a one-day or one-rupee shortfall from the scheduled date counts as a default. The bond can be downgraded, the debenture trustee can act on behalf of bondholders, and recovery depends on whether the bond is secured and on the legal process that follows. Secured bondholders generally rank ahead of unsecured ones, with equity holders last.

Find a bond marked "Available on Grip," open it, and follow the steps on Grip's platform. You will need a one-time KYC and a demat account, after which you can place your order, which is routed through the exchange. The directory is where you research and compare; the investment itself happens on Grip.

It depends on the bond. Many bonds are now available from around 10,000, after the face value of privately placed corporate bonds was reduced to that level, while some need more depending on the issue and its lot size. Where a bond is available on Grip, the minimum is shown on its page before you start.

Yes. Bonds are held electronically in your own demat account, in your name. KYC and demat setup are a one-time process, and KYC completed with one SEBI-registered intermediary is generally recognised across the market, so you usually do not repeat it for each platform.

Often yes, in the secondary market, but not always easily. Whether you can sell, and at what price, depends on how actively the bond trades and where interest rates have moved since you bought. If selling early matters to you, weigh liquidity before you invest, and do not assume you will get your purchase price back.

You receive the scheduled coupons along the way and your face value back on the maturity date, provided the issuer pays. Holding to maturity removes price risk from interest-rate moves, since you are repaid at face value regardless of where prices have gone, though credit risk remains until the issuer pays.

The issuer pays interest on a set schedule, for example annually, half-yearly, quarterly or monthly, into your linked bank account. Each bond page shows its payment frequency. Some bonds pay all of their interest at maturity instead of along the way.

Listed bond trades settle on a T+1 basis, which means one working day after the trade, with settlement handled through the exchange's clearing corporation. You receive a confirmation of the trade with its details, and the bonds appear in your demat account once settlement completes.

Two parts are taxed differently. Interest is added to your total income and taxed at your income tax slab rate. Capital gains, if you sell above your purchase price, depend on the bond and how long you held it. This is general information, not tax advice; rules change, so check the current position or speak to a tax professional.

For listed bonds, gains on bonds held for 12 months or less are short-term and taxed at your slab rate. Gains on bonds held for more than 12 months are long-term and currently taxed at a flat 12.5% without indexation, for sales on or after 23 July 2024. Some instruments differ, so confirm the current rules for your case.

Unlisted bonds are treated differently. For sales, redemptions or maturities on or after 23 July 2024, gains on unlisted bonds are treated as short-term and taxed at your slab rate, whatever the holding period. Market-linked debentures follow the same short-term, slab-rate treatment.

In most cases interest is subject to TDS, typically 10% where it applies. From the 2025-26 financial year, no TDS is deducted if your total interest on securities for the year is 10,000 or less. TDS is not an extra tax: you set it off against your final tax liability when you file, and claim a refund if too much was withheld. Government security interest is usually paid without TDS, and tax-free bond interest has none.

The interest on tax-free bonds is exempt from income tax, which is their main appeal. But if you sell one in the market before maturity for a profit, that capital gain is still taxable based on your holding period. So the interest is tax-free, the capital gain is not.

These let you defer tax on certain long-term capital gains, specifically from selling land or a building, by investing the gain (up to 50 lakh in a financial year) in specified bonds within six months of the sale. They carry a five-year lock-in, and the interest they pay is taxable at your slab rate. They are a tax-planning tool rather than a regular income investment.

No. We show bond facts and a consistent yield measure for research, and we explain tax in general terms only. Tax outcomes depend on your income, the bond type and current law, all of which change. For decisions, please refer to the latest Income Tax rules or consult a qualified tax adviser.