What is the minimum investment in an NCD?

Minimum investment is typically ₹10,000 (1 bond of face value ₹1,000 × 10 units minimum) for retail investors.

Are NCD returns better than fixed deposits?

NCDs typically offer 0.5–2% higher interest than bank FDs for similar tenors, but carry higher risk. AAA-rated NCDs from large NBFCs are considered relatively safe.

How is NCD interest taxed?

NCD interest is taxed as per your income tax slab — same as FD interest. There is no TDS on listed NCDs held in demat form.

Can I sell NCDs before maturity?

Yes — listed NCDs can be sold on BSE/NSE during market hours. However liquidity is often low, so you may not get fair price.

What is the difference between secured and unsecured NCDs?

Secured NCDs are backed by company assets — safer in case of default. Unsecured NCDs offer higher interest but have no asset backing.

NCD Bond Issues

Track Non-Convertible Debenture issues in India with coupon rate, credit rating, issue size, and subscription dates.

Company	Issue Size	Coupon	Rating	Open	Close	Face Value	Status
Indiabulls Housing Finance Limited	₹400.00 Cr	10.75%	CRISIL AA/Stable	12 May 2026	26 May 2026	₹1,000	closed
Edelweiss Financial Services Limited	₹200.00 Cr	10.50%	CRISIL AA-/Stable	05 May 2026	20 May 2026	₹1,000	closed
ICL Fincorp Limited	₹90.00 Cr	11.25%	ACUITE BBB/Stable	08 Apr 2026	30 Apr 2026	₹1,000	closed
Shriram Finance Limited	₹1000.00 Cr	9.20%	CRISIL AA+/Stable	01 Apr 2026	30 Apr 2026	₹1,000	closed
JM Financial Products Limited	₹500.00 Cr	10.20%	ICRA AA/Stable	14 Apr 2026	28 Apr 2026	₹1,000	closed
Manappuram Finance Limited	₹600.00 Cr	10.00%	CRISIL AA/Stable	18 Mar 2026	04 Apr 2026	₹1,000	closed
Muthoot Finance Limited	₹1000.00 Cr	8.50%	CRISIL AA/Stable	01 Mar 2026	25 Mar 2026	₹1,000	closed
IIFL Finance Limited	₹2000.00 Cr	9.00%	CRISIL AA/Stable	12 Feb 2026	14 Mar 2026	₹1,000	closed

Last updated: 27 May 2026, 23:06 IST

What are NCDs?

Non-Convertible Debentures (NCDs) are fixed-income debt instruments issued by companies to raise capital. Unlike convertible debentures, NCDs cannot be converted into equity shares. They offer a fixed interest rate (coupon) and return your principal at maturity.

Secured vs Unsecured

Secured NCDs are backed by company assets, making them safer in case of default. Unsecured NCDs have no collateral but typically offer higher coupon rates to compensate for extra risk.

Interest Payment Options

NCDs offer flexible interest payout: monthly, quarterly, annual, or cumulative (interest paid at maturity with compounding). Choose based on your cash flow needs.

Credit Ratings

NCDs are rated by agencies like CRISIL, ICRA, and CARE. Ratings range from AAA (highest safety) to AA+, AA, A+ and below. Higher-rated NCDs offer lower coupon but greater safety.

Tax Treatment & Listing

NCD interest is taxable as income at your slab rate. After issuance, NCDs are listed on BSE/NSE and can be traded in the secondary market, though liquidity varies.

How to Apply for NCDs

1
Check NCD issue details — Verify the issuer, coupon rate, tenor, credit rating, and minimum investment amount.
2
Apply through broker or bank — Use Zerodha, Upstox, Groww, or your bank's net banking portal to place your application.
3
UPI mandate or ASBA — Approve the UPI mandate on your phone or apply via Application Supported by Blocked Amount (ASBA) through your bank.
4
Allotment within 6 business days — The registrar processes allotment based on first-come-first-served or proportionate basis.
5
NCDs credited to demat — Allotted NCDs appear in your demat account and are listed on BSE/NSE for secondary trading.

Recent NCD Issues (2025-26)

Company	Coupon	Tenor	Rating	Issue Size
Muthoot Finance	8.50%	26 Months	AA+	₹1,000 Cr
IIFL Finance	9.25%	36 Months	AA	₹1,000 Cr
Shriram Finance	8.75%	24 Months	AA+	₹500 Cr
Bajaj Finance	8.10%	36 Months	AAA	₹2,000 Cr
Tata Capital	7.90%	24 Months	AAA	₹1,000 Cr

Data shown for recent closed issues. Check back when new NCDs launch.

Frequently Asked Questions

Disclaimer: NCD data is for informational purposes only. Interest rates, ratings, and issue details may change. Verify all details from the official offer document before investing. Past performance is not indicative of future returns.