Comparison

IndiaBonds vs Zerodha

IndiaBonds is an online bond platform enabled on NSE and BSE that sells corporate bonds, NCD IPOs and government securities through the exchange RFQ platform, while Zerodha's bond platform is Not enabled on NSE, so on Zerodha you buy listed bonds on the Kite order book and bid for G-secs, T-bills and SDLs. IndiaBonds now runs its own depository participant; Zerodha keeps bonds in the demat with your shares.

Verified 17th Oct 2026

Lean to IndiaBonds if

You want a curated corporate bond shelf with RFQ quotes, NCD IPOs in the same app, or NRI or HUF access.

Full IndiaBonds review

Lean to Zerodha if

You want bonds in the demat you already use for shares, free G-sec and T-bill bids, and exchange order book prices rather than a platform's quote.

Full Zerodha review

Side by side

	IndiaBonds	Zerodha
Legal entity	India Bond Pvt Ltd (CIN U67100MH2008PTC178990, incorporated 2008) source	Zerodha Broking Ltd 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	Not verified in our research source
SEBI registration	INZ000311637 (stock broker), NSE member 90316, BSE member 6811 source	INZ000031633 (stock broker) source
NSE OBPP status	Enabled since 25th Apr 2023 (list as on 14th Oct 2026) source	Registered, status Not enabled (list as on 14th Oct 2026) source
BSE OBPP status	Active since 5th Apr 2023 source	Not on the BSE list (file dated 24th Sep 2026) 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	In your Zerodha demat; G-secs bought in primary bids and held to maturity show in Coin 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	Zerodha's own minimum not captured in our research; brokers quote ₹10,000 face value for non-competitive G-sec bids 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	G-sec, T-bill and SDL primary bids free; no brokerage on secondary purchases on Kite, exchange charges apply; STT not applicable to SGB, G-sec, T-bill and SGrB source
Yield shown as	YTM on listings source	Coin and Console show the dirty price of a G-sec as your buy average 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; costs the same as exiting any demat security source
Settlement	Funds go only to the clearing corporation's designated account; T+ cycle not verified source	Exchange cash segment, where G-secs trade at the dirty price (NSE circular NSE/CMTR/39581) 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	Not applicable: no curated shelf; the order book carries whatever is listed source
NRI access	Advertised on the site (as is HUF access) source	Zerodha's G-sec help section has an NRI eligibility article; the rules were not captured in our research source
Play Store (India)	4.4 from 3,703 ratings, read 17th Oct 2026 source	Kite: 4.4 from 3.94 lakh reviews, 1 crore+ downloads, read 17th Oct 2026 source
App Store (India)	4.76 from 845 ratings, read 17th Oct 2026 source	Kite: 4.35 from 10,574 ratings, read 17th Oct 2026 source
SEBI or exchange actions	None found as of 17th Oct 2026 (search not exhaustive) source	None bond specific found in our research source
Corporate bonds via RFQ	Not covered	Not live. Press on 26th Aug 2026 reported SEBI approval and internal testing, with no launch date source
Listed bonds on the exchange order book	Not covered	Yes: listed NCDs, bonds and tax-free bonds on Kite, per Zerodha staff on 18th Apr 2026 source
NCD IPOs	Not covered	Not available; Zerodha tells users to apply through net banking ASBA source
G-sec, T-bill and SDL bids	Not covered	Yes, non-competitive bids on Kite; the 0.06% fee was waived from 1st Mar 2024 source
SGBs	Not covered	Zerodha supports SGB bids and states STT does not apply to SGBs; no new tranche has been issued since Feb 2024 source
DP charge when you sell	Not covered	₹15.34 per scrip (₹3.5 CDSL plus ₹9.5 Zerodha plus ₹2.34 GST), with an extra ₹0.25 CDSL discount on bond debits source

How they differ

How each one sells bonds

IndiaBonds is an OBPP, so its corporate bond orders are routed through an exchange RFQ platform and settled by the clearing corporation, usually from a quote the platform sets. Zerodha's OBPP is registered but listed as Not enabled on NSE's file as on 14th Oct 2026; the press reported on 26th Aug 2026 that it had SEBI approval and was testing a bond platform, with no launch date. On Kite you can buy listed NCDs, bonds and tax-free bonds on the exchange order book, where the price is whatever other investors quote and G-secs trade at the dirty price, including accrued interest.

What do you pay?

IndiaBonds publishes no per bond fee, but its terms allow brokerage, platform usage or subscription fees, and its bond cards carry an Additional Yield via Bond Spread label; its markup is not disclosed. Zerodha charges no brokerage on bond purchases on Kite, exchange charges apply, and selling costs a DP charge of ₹15.34 per scrip including GST. Zerodha's G-sec, T-bill and SDL bids have been free since 1st Mar 2024.

Where do your bonds sit?

IndiaBonds runs its own NSDL depository participant, registered in 2026 (DP ID IN305103); whether an existing demat can still be used was not verified. Zerodha credits bonds to your Zerodha demat next to your shares, where AMC is ₹0 for BSDA accounts up to ₹4 lakh and ₹300 a year plus GST for non-BSDA accounts after the first year.

What can you buy?

IndiaBonds lists corporate bonds, Bond SIPs, NCD IPOs, G-secs, SDLs, SGBs, 54EC, tax-free, bank and PSU bonds, at a stated 5% to 12.2%. Zerodha covers whatever is listed on the exchange, government securities by auction bid, and SGB bids, though no new SGB tranche has come since Feb 2024. Zerodha does not take NCD IPO applications; staff point users to net banking ASBA.

Can you sell early?

On Zerodha you sell on the order book like any demat security, which depends on a buyer; corporate bond trading is thin, with a secondary turnover ratio of about 0.3 cited by SEBI's chairman in May 2026. IndiaBonds' sell terms could not be read.

Record and ties

No bond specific SEBI or exchange order was found against either. IndiaBonds' terms say related parties may earn fees from issuers it sells, and it powered Upstox's bond offering from 25th Aug 2025. IndiaBonds advertises NRI and HUF access; Zerodha's NRI rules for bonds were not captured in our research.

Questions people ask

Can I buy corporate bonds on Zerodha?

Yes, on the Kite exchange order book, where listed NCDs and bonds trade like shares. Zerodha has no RFQ bond platform yet, since its OBPP was Not enabled on NSE as of 14th Oct 2026.

Is IndiaBonds cheaper than Zerodha for bonds?

Not comparable directly. IndiaBonds' cost sits in a spread it does not publish, and its terms allow fees; Zerodha charges no brokerage on bond purchases but exchange charges and a ₹15.34 DP charge on sale apply.

Can I apply for NCD IPOs on IndiaBonds or Zerodha?

IndiaBonds lists NCD IPOs. Zerodha does not take NCD IPO applications and tells users to apply through net banking ASBA.