Rates and credit
The price of money in India
The 10-year government bond yields 7.19% and the 1-year 6.17%, as of 30 Sept 2026.
For: debt investors, borrowers and anyone reading how tight credit is.
10-year G-sec yield
7.19%
30 Sept 2026 · a year ago 6.61%
Higher than 72% of readings since 2018
Higher than 72% of readings since 2018
10-year minus 91-day T-bill
+1.67 pts
30 Sept 2026 · a year ago +1.14 pts
Higher than 67% of readings since 2018
Higher than 67% of readings since 2018
AAA corporate 5-year spread
105 bps
29 Sept 2026 · a year ago 94 bps
Higher than 96% of readings since 2021
Higher than 96% of readings since 2021
AA NBFC 3-year spread
222 bps
29 Sept 2026 · a year ago 209 bps
Higher than 88% of readings since 2021
Higher than 88% of readings since 2021
The yield curve
| Tenor | Latest (30 Sept 2026) | 1 month ago (28 Aug 2026) | 1 year ago (30 Sept 2025) |
|---|---|---|---|
| 1 year | 6.17% | 5.79% | 5.56% |
| 2 years | 6.56% | 6.21% | 5.83% |
| 3 years | 6.73% | 6.33% | 5.93% |
| 5 years | 6.94% | 6.55% | 6.25% |
| 7 years | 7.14% | 6.73% | 6.53% |
| 10 years | 7.19% | 6.92% | 6.61% |
| 15 years | 7.38% | 7.11% | 6.90% |
| 20 years | 7.59% | 7.39% | 7.10% |
| 30 years | 7.68% | 7.55% | 7.20% |
G-sec par yields
Weekly, FBIL.
1 year5 years10 years30 years
Loading chart…
Source: FBIL par yields; corporate and NBFC bond spreads (IndiaDataHub); RBI T-bill primary yields, call rate, CP yields
Slope of the curve
10-year minus 1-year par yield. Below zero: an inverted curve.
Loading chart…
Source: FBIL par yields; corporate and NBFC bond spreads (IndiaDataHub); RBI T-bill primary yields, call rate, CP yields
Credit spreads
Corporate bond spreads, 5-year
Over G-secs of the same tenor, basis points, weekly.
AAAAAA
Loading chart…
Source: FBIL par yields; corporate and NBFC bond spreads (IndiaDataHub); RBI T-bill primary yields, call rate, CP yields
NBFC bond spreads, 3-year
Over G-secs, basis points, weekly.
AAAAAA
Loading chart…
Source: FBIL par yields; corporate and NBFC bond spreads (IndiaDataHub); RBI T-bill primary yields, call rate, CP yields
Money markets
Short-term rates
Weekly.
Call money91-day T-bill364-day T-bill
Loading chart…
Source: FBIL par yields; corporate and NBFC bond spreads (IndiaDataHub); RBI T-bill primary yields, call rate, CP yields