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.

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No open NCD issues right now

No NCDs currently open. Check upcoming issues or browse recent NCDs. Public NCD issues typically open a few times a year from NBFCs like Bajaj Finance, Muthoot, Shriram and IIFL.

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Last updated: 27 May 2026, 06:00 IST

⚠️ Data may be outdated — last new issue recorded 92 days ago. No new NCDs have opened since.

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.