How do I buy bonds in India?

You need a PAN, a bank account and, for every route except RBI Retail Direct, a demat account. Which route to use depends on the type of bond.

Which route fits which bond?

Bond type	Where retail investors buy it	Cost to note
Listed corporate bonds and NCDs	An OBPP app such as GoldenPi, Groww or Wint Wealth, settled on the exchange RFQ platform; or the NSE or BSE order book through any broker	Platform spread inside the quoted yield, rarely disclosed
New NCD public issues	OBPP and broker apps, or ASBA through net banking	Usually nothing to apply
G-secs and SDLs	RBI Retail Direct, a broker's non-competitive bid, or the exchange order book	0% to 0.06% plus GST on bids
T-bills	RBI Retail Direct or a broker's non-competitive bid	Same as G-secs
Sovereign Gold Bonds	Secondary market only (exchange order book, or NDS-OM through RBI Retail Direct), as no new tranche has been issued since Feb 2024	Brokerage and DP charges
54EC capital gain bonds	ICICI Direct, Bonds Kart and other OBPPs allowed since 14th Aug 2026	Not disclosed
RBI Floating Rate Savings Bonds	Agency bank branches and ICICI Direct	None stated

How do bond platform apps work?

An OBPP is a company registered with SEBI as a stock broker in the debt segment and enabled by NSE or BSE to run a bond platform. SEBI requires every listed debt order on such a platform to go through an exchange RFQ platform and settle through the clearing corporation (SEBI NCS Master Circular). NSE's list dated 14th Oct 2026 names 43 entities, 39 of them enabled (NSE OBPP list). Most advertise zero brokerage, which usually means the platform sells from its own inventory and keeps a spread inside the yield you see. Several also open a demat with their own depository participant for you; see are the bonds in my own demat.

Can I buy bonds through my existing broker?

Yes, for listed bonds. Any broker lets you buy a listed NCD, G-sec or SGB on the NSE or BSE order book like a share. On that capital market segment the traded price already includes accrued interest (the dirty price) under NSE circular NSE/CMTR/39581 of 4th Dec 2018, while RFQ quotes are clean and add accrued interest separately (NSE circulars, NSE RFQ). Liquidity is thin for most corporate bonds, so place limit orders. Zerodha holds an OBPP registration but shows as Not enabled on NSE's list, so on Kite you can buy listed NCDs on the order book but not through RFQ (TradingQnA).

What does buying government bonds cost?

Brokers pool non-competitive bids and you are allotted at the weighted average auction price. Zerodha waived its 0.06% fee from 1st Mar 2024 and Fyers charges nothing, while Upstox and HDFC Securities charge 0.06% of the allotment plus 18% GST, about ₹71 on a ₹1 lakh bid (TradingQnA, Fyers, Upstox, HDFC Securities). RBI Retail Direct charges no account or bid fee and holds the securities in a gilt account with RBI, but it does not offer corporate bonds (RBI). See how to buy T-bills.

What is the smallest amount I can start with?

Privately placed bonds can carry a ₹10,000 face value since 3rd Jul 2024 (SEBI NCS Master Circular), and public NCD issues on Groww take a minimum of ₹10,000 at ₹1,000 per unit (Groww). G-sec and T-bill bids start at ₹10,000 (HDFC Securities). Apps that advertise a ₹100 start usually list corporate bonds at about ₹10,000 or more: Stable Bonds' live minimums on 17th Oct 2026 ran from about ₹9,965 to about ₹1 lakh (Stable Bonds).