Indian Bonds & Sovereign Debt Screener
Track real-time yields, clean/dirty prices, modified duration, and tax treatments across Central Government Securities, State Development Loans, 100% Tax-Free PSU Bonds, Section 54EC Capital Gains Bonds, and High-Yield AAA Corporate NCDs.
GS 2034 Sovereign Benchmark
Secured Senior NCDs (CRISIL AAA)
REC / PFC 5Y Capital Gains Exemption
NHAI, PFC, REC, IRFC (Sec 10(15))
Best Government G-Secs, Tax-Free PSU Bonds & SGBs
Direct access to Central Government Dated Securities (10Y Benchmark ~6.84%), State Development Loans (+35 bps spread), Tax-Free PSU Bonds offering up to 8.93% pre-tax equivalent yield for HNIs, and Section 54EC capital gains exemption bonds.
| Security Name & ISIN | Category | Rating | Coupon % | YTM % | Market Price (₹) | Maturity Date | Duration | Taxability |
|---|---|---|---|---|---|---|---|---|
Sovereign Gold Bond 2023-24 Series IV (Maturity Feb 2032) IN0020230093•Reserve Bank of India | Sovereign Gold Bond | SOVEREIGN | 2.50% | 11.45% | ₹7,795.00 | 2032-02-21 | 4.7 Yrs | Tax-Free Capital Gains |
Sovereign Gold Bond 2022-23 Series IV (Maturity Nov 2030) IN0020220052•Reserve Bank of India (on behalf of Govt of India) | Sovereign Gold Bond | SOVEREIGN | 2.50% | 11.20% | ₹7,780.00 | 2030-11-20 | 3.6 Yrs | Tax-Free Capital Gains |
Muthoot Finance Limited 8.90% Secured NCD 2027 INE414G07HS9•Muthoot Finance Ltd. | AAA Corporate Bond | CRISIL AA+ / ICRA AA+ | 8.90% | 8.75% | ₹1,002.50 | 2027-10-22 | 0.8 Yrs | Slab Taxable |
HDFC Credila Financial Services 8.65% Senior NCD 2030 INE539K07248•HDFC Credila Financial Services Ltd. | AAA Corporate Bond | CRISIL AAA / ICRA AAA | 8.65% | 8.50% | ₹1,006.00 | 2030-05-18 | 2.9 Yrs | Slab Taxable |
L&T Finance Limited 8.55% Secured NCD 2028 INE498L07BC8•L&T Finance Holdings Ltd. | AAA Corporate Bond | CRISIL AAA / CARE AAA | 8.55% | 8.40% | ₹1,005.00 | 2028-09-15 | 1.6 Yrs | Slab Taxable |
Tata Capital Financial Services 8.45% NCD 2029 INE306N07LA2•Tata Capital Financial Services Ltd. | AAA Corporate Bond | CRISIL AAA / ICRA AAA | 8.45% | 8.25% | ₹1,008.50 | 2029-08-24 | 2.4 Yrs | Slab Taxable |
7.52% Tamil Nadu State Development Loan 2035 IN3120240018•Government of Tamil Nadu (RBI Managed) | State Development Loan | SOVEREIGN | 7.52% | 7.31% | ₹101.55 | 2035-02-15 | 6.1 Yrs | Slab Taxable |
7.42% Maharashtra State Development Loan 2034 IN2220240034•Government of Maharashtra (RBI Managed) | State Development Loan | SOVEREIGN | 7.42% | 7.22% | ₹101.40 | 2034-03-27 | 5.5 Yrs | Slab Taxable |
7.30% Government of India Security 2053 (30-Year Ultra Long) IN0020230044•Government of India (RBI) | Central Govt G-Sec | SOVEREIGN | 7.30% | 7.12% | ₹102.15 | 2053-06-19 | 12.8 Yrs | Slab Taxable |
7.18% Government of India Security 2037 IN0020230085•Government of India (RBI) | Central Govt G-Sec | SOVEREIGN | 7.18% | 6.95% | ₹101.90 | 2037-08-14 | 7.2 Yrs | Slab Taxable |
7.10% Government of India Dated Security 2034 (10Y Benchmark) IN0020240019•Government of India (RBI) | Central Govt G-Sec | SOVEREIGN | 7.10% | 6.84% | ₹101.75 | 2034-04-08 | 5.6 Yrs | Slab Taxable |
364-Day Government of India Treasury Bill (Zero Coupon) IN002024Z012•Government of India (RBI) | Treasury Bill | SOVEREIGN | Zero Coupon | 6.75% | ₹93.68 | 2027-11-12 | 0.9 Yrs | Slab Taxable |
National Highways Authority of India (NHAI) 8.30% Tax-Free Bond 2037 INE906R07090•National Highways Authority of India (PSU) | Tax-Free PSU Bond | CRISIL AAA / CARE AAA | 8.30% | 5.45% | ₹1,215.00 | 2037-01-25 | 7.1 Yrs | 100% Tax-Free Interest |
Indian Railway Finance Corporation (IRFC) 8.00% Tax-Free Bond 2033 INE053F07936•Indian Railway Finance Corporation (Ministry of Railways) | Tax-Free PSU Bond | CRISIL AAA / ICRA AAA | 8.00% | 5.40% | ₹1,130.00 | 2033-02-23 | 5.1 Yrs | 100% Tax-Free Interest |
Power Finance Corporation (PFC) 8.20% Tax-Free Bond 2032 INE134E07439•Power Finance Corporation Ltd. (Maharatna PSU) | Tax-Free PSU Bond | CRISIL AAA / ICRA AAA | 8.20% | 5.35% | ₹1,145.00 | 2032-02-01 | 4.3 Yrs | 100% Tax-Free Interest |
REC Limited 8.01% Tax-Free Infrastructure Bond 2028 INE020B07HZ5•REC Limited (Maharatna PSU) | Tax-Free PSU Bond | CRISIL AAA / CARE AAA | 8.01% | 5.25% | ₹1,055.00 | 2028-11-05 | 1.9 Yrs | 100% Tax-Free Interest |
REC Limited Section 54EC Capital Gains Tax-Exemption Bond INE020B08E94•REC Limited (Govt of India Enterprise) | 54EC Capital Gains Bond | CRISIL AAA / ICRA AAA | 5.25% | 5.25% | ₹10,000.00 | 2031-03-31 | 4.2 Yrs | Section 54EC Exemption |
Power Finance Corporation (PFC) Section 54EC Capital Gains Bond INE134E08MA2•Power Finance Corporation Ltd. | 54EC Capital Gains Bond | CRISIL AAA / CARE AAA | 5.25% | 5.25% | ₹10,000.00 | 2031-03-31 | 4.2 Yrs | Section 54EC Exemption |
NHAI Section 54EC Capital Gains Tax-Exemption Bond INE906R08130•National Highways Authority of India | 54EC Capital Gains Bond | CRISIL AAA / ICRA AAA | 5.25% | 5.25% | ₹10,000.00 | 2031-03-31 | 4.2 Yrs | Section 54EC Exemption |
Tax-Free Bond vs Bank Fixed Deposit (Post-Tax Return Comparison)
For investors in the 20% to 30% tax brackets, a Tax-Free PSU bond offering 5.45% tax-free yield beats a 7.50% Bank FD because Bank FD interest is taxed at peak slab rates.
A Bank FD would need to offer 7.79% to equal this tax-free bond in your tax bracket! The bond delivers an extra +0.2% net post-tax alpha every year.
Fixed Income & Bond Market Investor Guide
Key insights on Yield to Maturity (YTM), duration risk, tax-free bonds math, and Section 54EC capital gains relief.
Why do Tax-Free PSU Bonds often outperform Bank FDs for investors in the 30% tax slab?
Interest income from Tax-Free PSU Bonds (issued under Section 10(15)(iv)(h) by NHAI, PFC, REC, IRFC, and HUDCO) is 100% exempt from income tax with zero TDS. For an investor in the 30% income tax slab (effective 31.2% with cess), a tax-free coupon of 5.45% is equivalent to a pre-tax bank FD interest rate of 7.92% (5.45% / (1 - 0.312)). For high net-worth individuals subject to 39% peak surcharge, the pre-tax equivalent yield rises above 8.93%, beating standard bank FDs.
How does Section 54EC save tax on long-term capital gains from real estate sales?
Under Section 54EC of the Income Tax Act, any individual who earns long-term capital gains from the sale of land or building can save tax by investing up to ₹50 Lakhs in specified capital gains bonds within 6 months of the sale deed. Bonds issued by REC, PFC, NHAI, and IRFC offer a 5.25% annual coupon and have a mandatory 5-year lock-in period.
What is the difference between G-Secs, SDLs, and Corporate NCDs?
Central Government Securities (G-Secs) are sovereign-backed debt instruments issued by RBI with zero credit risk. State Development Loans (SDLs) are sovereign debt issued by Indian state governments and typically trade at an attractive +30 to +45 bps spread over benchmark G-Secs. Corporate Non-Convertible Debentures (NCDs) are issued by private or public corporations (e.g., L&T Finance, HDFC Credila) and offer higher coupon yields (8.50% - 9.00%) reflecting their corporate credit risk.
How are capital gains on Sovereign Gold Bonds (SGB) treated at maturity?
Under Section 47(viic) of the Income Tax Act, redemption of Sovereign Gold Bonds (SGB) by an individual investor upon 8-year maturity is 100% exempt from capital gains tax. Additionally, the investor receives a semi-annual coupon of 2.50% p.a., which is taxable at applicable personal income tax slab rates.
What is Yield to Maturity (YTM) and why is it superior to Coupon Rate?
The Coupon Rate is simply the annual percentage of face value paid out as interest. Yield to Maturity (YTM) accounts for the bond's current market purchase price (premium or discount), time to maturity, and coupon payments, providing the true total annualized rate of return if held until the maturity date.