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Compare bond platforms in India

In India you buy bonds through one of three routes: an online bond platform or broker app that deals through the exchange RFQ platform, any broker's exchange order book, or a government channel such as RBI Retail Direct. Corporate bonds and NCDs go through the first two, while T-bills, G-secs and SDLs can be bought without a fee through RBI Retail Direct and some brokers.

59registered bond platforms on the exchange lists
34platforms, brokers and RBI channels reviewed
44most asked bond questions answered

Updated

Same bond, different yield

196 bonds were on sale on two or more of the 13 platforms we read; the gap between the highest and lowest yield for the same bond had a median of 34 basis points and reached 270. A higher yield on the same bond means you pay less.

BondPlatformsHighest YTMLowest YTMGap
IIFL Samasta Finance Limited · 9.5% coupon, matures 23rd Jul 2027211.00% on Wint Wealth8.30% on Stable Bonds270 bps
Keertana Finserv Private Limited · 11.4% coupon, matures 24th Oct 2027511.85% on Grip Invest9.75% on Bonds Kart210 bps
Aye Finance Private Limited · 10.05% coupon, matures 12th Sep 2027410.00% on IndiaBonds8.25% on Wint Wealth175 bps
Keertana Finserv Private Limited · 11.3% coupon, matures 6th Mar 2027211.10% on Altifi9.50% on Wint Wealth160 bps
Earlysalary Services Private Limited · 10.7% coupon, matures 5th Mar 202729.50% on IndiaBonds8.00% on Wint Wealth150 bps
Ugro Capital Limited · 9.75% coupon, matures 30th Oct 20274up to 11.25% on Jiraaf9.75% on Bonds Kart150 bps
Slice Small Finance Bank Limited · 12% coupon, matures 17th Dec 2031311.90% on BondScanner10.50% on Wint Wealth140 bps
Profectus Capital Private Limited · 9.75% coupon, matures 17th Oct 2027310.60% on Jiraaf9.22% on Bonds Kart138 bps

All 116 companies, bond by bond · Sovereign Gold Bonds

Head to head

GoldenPi vs IndiaBondsGoldenPi and IndiaBonds are two of the oldest specialist platforms on both exchanges, with similarly broad shelves; the main difference is custody, since GoldenPi uses your existing demat and IndiaBonds now runs its own depository participant. IndiaBonds advertises NRI access; GoldenPi's NRI terms were not verified.The Bond Project vs Wint WealthWint sells bonds from its own inventory with a reported 1% commission inside the price and a discretionary sell-back; The Bond Project sells nothing itself and shows the exchange price for a flat subscription.Stable Bonds vs Wint WealthStable Bonds and Wint Wealth both put bonds in a demat opened with their own depository participant and both run on NSE only, but they price and exit differently. Stable advertises zero brokerage with extra yield via a brokerage waiver; Wint's commission was reported at about 1% per bond.GoldenPi vs The Bond ProjectBoth leave bonds in your own existing demat. GoldenPi sells from a broad shelf with an undisclosed spread and no transaction charge; The Bond Project shows the exchange price and charges a flat subscription instead.GoldenPi vs Wint WealthGoldenPi settles bonds into the demat you already have and sells government securities as well as corporate bonds; Wint Wealth puts bonds in a demat opened with its own depository participant and offers a discretionary sell-back. Neither publishes the spread inside the yield it shows.Stable Bonds vs The Bond ProjectStable Bonds markets zero brokerage but keeps bonds in a demat it opens and, per third parties, prices in a spread; The Bond Project adds no spread and uses your existing Zerodha demat.IndiaBonds vs Wint WealthIndiaBonds trades on NSE and BSE with a shelf that includes G-secs, SGBs, 54EC and tax-free bonds and advertises NRI access; Wint Wealth is NSE only and sells corporate bonds and FDs. Both now run their own NSDL depository participants.Groww vs The Bond ProjectGroww sells bonds through its NSE enabled desk into your Groww demat without publishing any bond fee or spread; The Bond Project shows the exchange price and routes orders to Zerodha for a flat subscription.Grip Invest vs Wint WealthGrip Invest and Wint Wealth both run their own depository participants and both offer a platform sell route, but Grip states its exit charge of 0.25% while Wint's sell-back price is at its discretion. Grip also sells securitised debt and does not accept NRIs.IndiaBonds vs The Bond ProjectIndiaBonds sells a wide shelf, including to NRIs, with T&C that allow fees and a spread label on its cards; The Bond Project adds no spread, shows the exchange order book, and is for residents using Zerodha.Grip Invest vs Stable BondsGrip Invest and Stable Bonds both run their own demat and both offer a sell route, but Grip states a 0.25% charge after about 2 months while Stable promises zero exit fee inside a penalty-free window and reserves a spread or penalty after it. Grip sells securitised debt; Stable sells PSU, state government and NBFC bonds.The Bond Project vs ZerodhaThe Bond Project runs on top of your Zerodha account: Kite executes the order, while The Bond Project adds the bond search, order book depth, yields, ratings and cash flows that Kite does not show.

All 33 comparisons

Route finder: where each kind of bond is sold

Bond typeWhere you can buy itTypical costNotes
Listed corporate bonds and NCDsOnline bond platforms such as GoldenPi, IndiaBonds and Wint Wealth; broker apps with an enabled platform such as Groww; any broker's exchange order book, for example Zerodha, directly or through The Bond Project, which shows that order book with yieldsPlatforms mostly state no fee and earn a spread they do not publish; the order book costs brokerage, exchange charges and a DP charge when you sellPlatform orders settle through exchange RFQ; check whether the platform opens its own demat
New NCD issuesBroker apps such as Groww (since Jul 2025); platforms such as GoldenPi (UPI up to ₹5 lakh) and IndiaBonds; net banking ASBANo fee published by GrowwGroww takes ₹10,000 minimum at ₹1,000 per unit; Zerodha does not offer bond IPOs
G-secsRBI Retail Direct; non-competitive bids through brokers; existing lines on the exchange; some bond platformsFree on Retail Direct, Zerodha and Fyers; 0.06% at Upstox (plus GST) and HDFC SecuritiesBids start at ₹10,000; exchange prices include accrued interest
T-billsRBI Retail Direct, with auto-bidding since 6th Aug 2025; broker bids; NSE goBID web portalSame as G-secsAllotted at the auction's weighted average price
SDLsRBI Retail Direct; broker bids; the exchangeSame as G-secsFyers does not accept SDLs as pledge collateral
SGBsExchange order book through any broker; NDS-OM through RBI Retail DirectBrokerage and exchange chargesNo new tranche since Feb 2024; the redemption tax exemption for exchange buyers is reported to have changed in Budget 2026, so confirm against the Finance Act
54EC bonds54EC bonds from REC, PFC, IRFC and HUDCO through ICICI Direct, Bonds Kart, GoldenPi, IndiaBonds, Aspero and AltifiNo fee published5.25%, ₹20,000 minimum at ICICI Direct, ₹50 lakh maximum, 5 year lock-in
RBI Floating Rate Savings BondsAgency bank branches such as Canara Bank; ICICI Direct online (details)No fee published8.05% for 1st Jul to 31st Dec 2026, reset every 6 months; 7 year tenor; not tradable
Tax-free bondsExchange order book through brokers such as Zerodha and Kotak Neo; platforms such as GoldenPi, IndiaBonds, Aspero and Bonds KartOrder book costs or the platform's spreadOnly the interest is tax-free, not any capital gain
Securitised debt instrumentsGrip Invest, Jiraaf and AltifiNot disclosedA May 2025 SEBI change reportedly set a ₹1 crore minimum for most SDIs; not verified

How do the three routes differ?

Online bond platforms. These are companies registered with SEBI as stock brokers in the debt segment and enabled by NSE or BSE as online bond platform providers (OBPPs). The two exchange files listed 59 entities as on 14th Oct 2026 (NSE) and 24th Sep 2026 (BSE), of which 39 were enabled on NSE and 35 active on BSE. Every order in listed debt must go through an exchange RFQ platform and settle through the clearing corporation. Most platforms sell from their own inventory, quote a clean price with accrued interest added, and are not required to show their markup. See the full registry.

The exchange order book. Any broker lets you buy listed bonds, SGBs and government securities on the NSE or BSE cash segment, like a share. G-secs and SDLs there trade at a price that includes accrued interest, under NSE circular NSE/CMTR/39581. Liquidity in most corporate bonds is thin, and the same bond can quote differently on the two exchanges.

Government channels. RBI Retail Direct gives individuals a free gilt account with RBI for primary bids in T-bills, G-secs, SDLs and SGBs and secondary trading on NDS-OM. NSE's goBID app was suspended from 30th Jul 2025, with the web portal still running. Floating Rate Savings Bonds are sold through agency banks, and 54EC bonds through the channels listed above.

What to check before you pick a platform

  • Registry status. Match the SEBI registration number and website in the app's footer to the NSE and BSE files. Treat Not enabled on NSE or Inactive on BSE as a stop sign; SEBI warned on 19th Nov 2025 about unregistered platforms.
  • Custody. Find out whether bonds go to the demat you already hold or to a demat the platform opens. A second demat can end BSDA status, and some sell routes work only inside the platform's demat. See platforms that use your existing demat.
  • Fees and spread. SEBI makes platforms show clean price, dirty price and YTM with its calculation for each bond, but not their own spread. NSE and BSE warned in Jul 2025 that brokerage reversals and zero-brokerage claims change the effective yield, so compare the price you pay for the same bond across platforms.
  • Exit. Read the sell terms: cost, minimum holding period and whether a sale is guaranteed. See where you can sell before maturity.
  • Shelf credit, by the lowest rating. A platform's stated range can be higher than what it sells. On 17th Oct 2026 Aspero listed BB+ bonds against an AA- to BBB claim, and several apps showed Hella Infra Market paper only with Acuité's A- after India Ratings had cut it to B+ Issuer Not Cooperating.
  • Penalties. SEBI has fined Aspero (₹1 lakh, Apr 2025), GoldenPi and its directors (₹4.5 lakh, 2025), Wint Wealth (₹1 lakh, Nov 2025) and IIFL Capital (₹2 lakh, Oct 2026), each for trades not routed through RFQ. Registration covers the intermediary, never the issuer's ability to pay.

What changes on 21st Nov 2026?

SEBI's circular of 7th Oct 2026 takes effect 45 days after issue, around 21st Nov 2026. From then every online bond platform's website, app and bond adverts must show a Credit Risk-o-Meter for each bond:

Rating bandCredit Risk-o-Meter level
AAALowest
AAVery low
ALow
BBBModerate credit risk
BBModerate risk of default
B, C and DHigh to very high risk of default

Where a bond has several ratings, the meter must use the lowest. Unsecured bonds must be marked unsecured in bold red, and Issuer Not Cooperating status must be shown. For split-rated bonds sold today on the higher rating alone, the meter will move down.

Specialist bond platforms

Bond platform Altifi Northern Arc's bond platform on NSE and BSE, with a wide product list, your own demat, and a parent that may sell to you. Corporate bondsNCD issuesG-secsT-billsSDLsSGBs54EC bondsMunicipal bondsSecuritised debtFDs Bond platform Aspero Yubi group bond platform on NSE and BSE with about 220 listed bonds, a platform fee at purchase and a shelf reaching BB+. Corporate bondsG-secsSGBsTax-free bonds54EC bondsMunicipal bonds Bond platform Bondbazaar Bootstrapped Mumbai bond platform on NSE and BSE with G-secs from ₹100, its own CDSL demat and no stated brokerage. Corporate bondsNCD issuesG-secsSDLsSGBsTax-free bonds54EC bonds Bond platform Bonds Kart JM Financial's bond platform on NSE and BSE: a short list of mostly NBFC bonds, large tickets and 54EC bonds. Corporate bondsNCD issues54EC bondsTax-free bonds Bond platform BondScanner NSE enabled since Oct 2025, BondScanner says plainly that it sells from inventory and earns a spread; bonds land in your own demat. Corporate bondsG-secs Bond platform Digifinn (formerly BondsIndia) BondsIndia under a new name: an NSE and BSE enabled bond platform run by Launchpad Fintech, built around relationship managers. Corporate bondsNCD issuesG-secsSDLsSGBsTax-free bondsMarket linked debentures54EC bonds Bond platform GoldenPi NSE and BSE enabled bond platform with a wide shelf, from G-secs to 54EC bonds, that settles into your own existing demat. Corporate bondsNCD issuesG-secsT-billsSDLsSGBs54EC bondsTax-free bondsFDs Bond platform Grip Invest NSE enabled platform selling corporate bonds and securitised debt (SDIs), with a paid early exit after about 2 months. Corporate bondsSecuritised debtFDs Bond platform InCred Money (Bidd) InCred group's bond business, sold as Bidd and inside the InCred Money app, with a paid exit after 21 days. Corporate bondsNCD issuesMarket linked debenturesFDs Bond platform IndiaBonds NSE and BSE enabled bond platform with corporate, government, 54EC and tax-free bonds, open to NRIs, now running its own demat. Corporate bondsNCD issuesG-secsSDLsSGBs54EC bondsTax-free bondsFDs Bond platform Jiraaf NSE and BSE enabled platform for corporate bonds and SDIs that settles into your own demat but offers no way to sell back. Corporate bondsG-secsT-billsSDLsSGBsSecuritised debtFDs Bond platform SMEST BSE only, web only bond platform from SMEST Capital that sells from its own inventory, with a ₹10,000 minimum. Corporate bondsNCD issuesG-secs Bond platform Stable Bonds Stable Money's NSE-only bond platform with its own CDSL demat, zero brokerage marketing and a sell feature that is not guaranteed. Corporate bondsG-secsSDLsFDs Bond platform Wint Wealth NSE enabled bond platform that sells corporate bonds and FDs, holds your bonds in its own demat and buys them back at its discretion. Corporate bondsFDs

See all platforms, broker apps and government channels

Most asked questions

How do I buy bonds in India?

Retail investors in India buy bonds through 3 routes: a SEBI registered online bond platform (OBPP) or broker app that settles corporate bonds on the exchange RFQ platform, the NSE or BSE order book through any broker, and RBI Retail Direct or a broker's non-competitive bid for G-secs, T-bills and SDLs. Government bids start at ₹10,000 and are free on RBI Retail Direct, Zerodha and Fyers, while Upstox and HDFC Securities charge 0.06% plus GST.

Which is the best and safest bond platform?

No single bond platform is best or safest for everyone, and SEBI registration covers the platform, not the bonds it sells. Compare 6 checkable facts: exchange registry status, where your bonds are held, disclosed costs, exit terms, the credit quality on the shelf and the regulatory record; SEBI fined 4 bond platforms between Apr 2025 and Oct 2026, all for settling trades off the exchange RFQ platform.

Are Wint Wealth, Grip, Stable, Aspero and other bond apps safe or legit?

Wint Wealth, Grip Invest, Stable Bonds and Aspero are SEBI registered stock brokers enabled as online bond platforms on NSE (Wint since 16th Aug 2023, Grip since 29th Aug 2023, Stable since 20th Mar 2024, Aspero since 8th Oct 2024), so they are legitimate intermediaries. Registration does not protect you if the company whose bond you buy fails to pay, so each bond's issuer, lowest rating and seniority still decide how safe your money is.

Bonds vs FD: which is better?

Neither is better in general: interest on both bonds and FDs is taxed at your slab rate, so a 10% bond and a 7.5% FD keep a 2.5 point gap before tax and a 1.75 point gap at the 30% slab. That extra yield pays you for taking one company's credit risk and a harder exit, while a bank FD is a deposit covered by DICGC insurance up to its limit.

How is bond interest taxed?

Bond interest is added to your income and taxed at your slab rate, whether it comes from a corporate NCD, a G-sec or an SDL. If you sell a listed bond after holding it more than 12 months the gain is taxed at 12.5% without indexation; if you hold it 12 months or less, or the bond is unlisted or a market-linked debenture, the gain is taxed at slab (rules in force since 23rd Jul 2024).

Is TDS deducted on bond and NCD interest?

Yes. Since 1st Apr 2023 issuers deduct 10% TDS from interest on listed debentures and NCDs (20% if your PAN is not on record), including bonds issued before that date. From 1st Apr 2026 the rule sits in section 393(1) of the Income-tax Act 2025 at the same rate, and 54EC capital gain bond interest is paid without TDS.

Is an SGB bought on the exchange still tax-free at maturity?

As reported after Budget 2026, no: from 1st Apr 2026 the capital gains exemption on SGB redemption applies only to original subscribers who hold to maturity, so an SGB bought on the exchange and redeemed with RBI would be taxed as a long-term gain at 12.5% if held more than 12 months. This rests on a Quicko reply and forum threads, not on the enacted Finance Act text, so confirm it before relying on it.

How do I buy T-bills and what yield will I get?

Place a non-competitive bid through RBI Retail Direct or your broker before the weekly auction; you are allotted at the weighted average auction price, the minimum is ₹10,000, and you receive ₹100 per unit at maturity. A 91 day T-bill allotted at ₹98.25 earns 1.78% over 91 days, which annualises to about 7.14%; bids are free on RBI Retail Direct, Zerodha and Fyers and cost 0.06% plus GST at Upstox and HDFC Securities.

All 44 questions

Quick answers

How do I buy bonds in India?

Use an online bond platform or a broker app with an enabled bond platform for corporate bonds, any broker's exchange order book for listed bonds and SGBs, or RBI Retail Direct and broker bids for T-bills, G-secs and SDLs. Which route fits depends on the bond type.

Which is the safest bond platform?

No platform makes a bond safe. Check that the platform is enabled on the NSE or BSE list, where your bonds will sit, what it charges, how you can exit and whether SEBI has penalised it, then judge each bond on its lowest rating and seniority.

Can I buy T-bills and G-secs without paying a fee?

Yes. RBI Retail Direct charges no account or bid fee, and Zerodha and Fyers charge nothing for primary bids. Upstox and HDFC Securities charge 0.06% of the allotment.

Why does the same bond show a different yield on two apps?

Most platforms sell from their own inventory at a price that includes a spread they are not required to disclose. Apps may also show clean or dirty price, so compare the price you pay.

What happens to my bonds if a platform shuts down?

Bonds in a demat in your name stay yours, and the issuer keeps paying interest to your bank. Platform-only features such as a sell-back may stop, and the issuer's credit risk does not change.

Sources

  1. NSE list of registered OBPPs, updated as on 14th Oct 2026
  2. BSE OBPP member list (file dated 24th Sep 2026)
  3. SEBI page on online bond platform providers
  4. SEBI caution on unregistered online bond platforms, 19th Nov 2025
  5. SEBI NCS Master Circular, Chapter XXI (OBPP rules)
  6. SEBI circular on the Credit Risk-o-Meter, 7th Oct 2026
  7. SEBI circular modifying the OBPP framework, 14th Aug 2026
  8. NSE and BSE joint investor advisory, Jul 2025
  9. NSE: about the Request for Quote platform
  10. NSE circulars page (NSE/CMTR/39581)
  11. RBI press release on the Retail Direct scheme
  12. Business Standard on Retail Direct T-bill auto-bidding, 6th Aug 2025
  13. NSE circular on the goBID app, 29th Jul 2025
  14. TradingQnA: Zerodha staff on G-sec bid fees
  15. TradingQnA: Bonds and bond IPOs on Zerodha, Apr 2026
  16. Fyers support: charges and cut-off timings for bonds
  17. Fyers support: pledging bonds
  18. Upstox help: charges for T-bills, SDLs and G-secs
  19. HDFC Securities: G-sec bonds
  20. Groww update: bond IPOs on Groww
  21. GoldenPi llms.txt (updated 2nd Oct 2026)
  22. Outlook Money on the pause in new SGB issues
  23. TradingQnA: SGB taxation after Budget 2026
  24. ICICI Direct bonds page (54EC and Floating Rate Savings Bonds)
  25. Bonds Kart homepage
  26. RBI press release on Floating Rate Savings Bonds, 1st Jul 2026
  27. RBI press release on Floating Rate Savings Bonds 2020 terms
  28. Canara Bank: Floating Rate Savings Bonds
  29. Kotak Neo support: NCDs and bonds
  30. Business Standard on SEBI's SDI rule change, May 2025 (not opened)
  31. Aspero homepage
  32. India Ratings on Hella Infra Market, 1st Oct 2026
  33. SEBI adjudication order on Credavenue Securities, 4th Apr 2025
  34. Moneylife on SEBI's GoldenPi order, 1st Aug 2025
  35. SEBI adjudication order on Fourdegreewater Services, 21st Nov 2025
  36. IANS report on SEBI's IIFL Capital order, Oct 2026
  37. TradingQnA: Challenge in investing via Wint Wealth
  38. GoldenPi FAQ: what happens if GoldenPi shuts down