Comparison
IndiaBonds vs The Bond Project
IndiaBonds 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.
Verified
The team behind this site also builds The Bond Project. See disclosures.
Lean to IndiaBonds if
You are an NRI, or you want 54EC bonds and a broad shelf in one place.
Lean to The Bond Project if
You are a resident Zerodha user who wants the exchange price with nothing added.
Side by side
| IndiaBonds | The Bond Project | |
|---|---|---|
| Legal entity | India Bond Pvt Ltd (CIN U67100MH2008PTC178990, incorporated 2008) source | Fortyglyph Private Limited (CIN U66190MH2026PTC471341) source |
| Group or backers | Co-founders Vishal Goenka and Aditi Mittal, who is also a director of AK Capital (a shareholding link is not verified). First external round of ₹32.5 cr on 25th Jun 2025 from unnamed individual investors. source | Founded by Rubin Talati, who earlier built the retail bond platform at Paytm Money source |
| SEBI registration | INZ000311637 (stock broker), NSE member 90316, BSE member 6811 source | None. It is a data and order routing tool, not a broker, OBPP or adviser; execution, KYC and custody stay with your broker source |
| NSE OBPP status | Enabled since 25th Apr 2023 (list as on 14th Oct 2026) source | Not applicable: orders go to the exchange order book through your broker source |
| BSE OBPP status | Active since 5th Apr 2023 source | Not applicable source |
| Where your bonds sit | IndiaBonds runs its own NSDL DP (DP ID IN305103, registration IN-DP-855-2026), marketed as IB Demat New. Whether an existing demat can still be used was not verified. source | Your existing Zerodha demat. The Bond Project never holds your money or bonds source |
| Minimum investment | ₹1,000 advertised; ₹10,000 face value bonds offered (e.g. Manba Finance at ₹9,980.42 on 17th Oct 2026) source | No platform minimum; you trade the exchange lot of each bond source |
| Fees and markup | T&C allow brokerage, platform usage or subscription fees. Homepage bond cards carry an "Additional Yield via Bond Spread" label. Markup not disclosed. source | ₹100 for 30 days or ₹500 for 1 year, one-time, no autopay; no per-order fee and no spread. Your broker's brokerage and statutory charges apply source |
| Yield shown as | YTM on listings source | Indicative YTM computed from the exchange price, pre-tax source |
| Selling before maturity | Not verified: FAQ titles cover selling, but the answers render in the browser and could not be read source | Sell on the exchange order book through your broker at any time it is open; a Liquidity Indicator shows how actively each bond has traded source |
| Settlement | Funds go only to the clearing corporation's designated account; T+ cycle not verified source | Exchange order book through Zerodha Kite; bonds settle into your own demat source |
| Credit range on shelf | Interest of 5% to 12.2% stated. Homepage on 17th Oct 2026 showed CARE A-, Ind-Ra A- and CRISIL BBB+ bonds at 11.15% to 11.25% YTM. source | No curated shelf: the full listed universe of 500+ government, corporate, gold and tax-free bonds, with ratings from CRISIL, CARE, ICRA and others source |
| NRI access | Advertised on the site (as is HUF access) source | No. Residents of India aged 18 or over source |
| Play Store (India) | 4.4 from 3,703 ratings, read 17th Oct 2026 source | No app; web platform source |
| App Store (India) | 4.76 from 845 ratings, read 17th Oct 2026 source | No app; web platform source |
| SEBI or exchange actions | None found as of 17th Oct 2026 (search not exhaustive) source | None found; not a SEBI intermediary source |
Same bonds, which one shows the higher yield?
18 bonds were on both. IndiaBonds showed the higher yield on 1, The Bond Project on 17. On average The Bond Project was 17 basis points higher. A higher yield on the same bond means a lower price. Read on 17th Oct 2026, 16th Oct 2026, 15th Oct 2026, 5th Oct 2026, 11th Sep 2026, 28th Sep 2026, 14th Oct 2026, 16th Sep 2026, 8th Oct 2026, 30th Sep 2026; quotes move daily, so check both apps before you buy.
| Bond | IndiaBonds | The Bond Project | Higher |
|---|---|---|---|
| Indian Railway Finance Corporation Limited · INE053F07579 | 5.23% | 4.26% | IndiaBonds |
| Government Of India · IN0020210244 | 7.10% | 7.52% | The Bond Project |
| Government Of India · IN0020200245 | 6.98% | 7.40% | The Bond Project |
| Government Of India · IN0020210202 | 7.55% | 7.91% | The Bond Project |
| Housing And Urban Development Corporation Limited · INE031A07865 | 5.24% | 5.60% | The Bond Project |
| Government Of India · IN0020250117 | 7.60% | 7.94% | The Bond Project |
| National Housing Bank · INE557F07090 | 5.23% | 5.55% | The Bond Project |
| Housing And Urban Development Corporation Limited · INE031A07915 | 5.23% | 5.51% | The Bond Project |
| Government Of India · IN0020210020 | 7.26% | 7.53% | The Bond Project |
| Government Of India · IN0020250133 | 7.25% | 7.50% | The Bond Project |
| Government Of India · IN0020220029 | 7.28% | 7.52% | The Bond Project |
| Indian Railway Finance Corporation Limited · INE053F07660 | 5.23% | 5.47% | The Bond Project |
Every bond on both platforms, by company: prices.
How they differ
What you pay
IndiaBonds' T&C allow brokerage, platform or subscription fees, and its bond cards carry an "Additional Yield via Bond Spread" label; the markup is not disclosed. The Bond Project charges ₹100 for 30 days or ₹500 for 1 year and nothing per order.
Custody
IndiaBonds runs its own NSDL DP. The Bond Project uses your existing Zerodha demat.
Who can use it
IndiaBonds invites NRIs. The Bond Project is for residents only.
What you can buy
IndiaBonds sells G-secs, SDLs, SGBs and 54EC bonds as well as corporate bonds. The Bond Project covers listed bonds on the exchange, with no 54EC or new issues.
Questions people ask
Does IndiaBonds disclose its spread?
No. Its cards carry a bond spread label, but the markup is not published.
Can NRIs use The Bond Project?
No. It is for residents of India only.