Where to buy bonds in India
Every channel Indian retail investors actually use to buy bonds — SEBI-registered bond platforms, stock brokers, RBI Retail Direct, banks and issuer-direct — compared on what they really cost. Most platforms advertise zero brokerage while earning an invisible price markup; we surface it.
Curated corporate bonds, bond IPOs and G-secs from ₹1,000. "Zero brokerage" marketing with the real cost embedded as a price spread. GoldenPi, IndiaBonds, Wint Wealth, Stable Money, Bondbazaar and more.
G-sec auctions and listed bonds at exchange prices through the demat account you already have. Groww is itself a registered OBPP; Zerodha routes G-sec bids via Kite; ICICI Direct charges a visible, explicit brokerage.
RBI Retail Direct sells T-bills, dated G-secs and SDLs with zero fees — the cheapest possible route for government paper. BSE Direct and NSE goBID aggregate the same RBI auctions.
The 8.05% RBI Floating Rate Savings Bond is sold through bank net-banking (SBI, HDFC, ICICI, Axis) — not on bond platforms. 54EC capital-gain bonds are bought directly from REC, PFC, IRFC and HUDCO.
SEBI-registered bond platforms at a glance
All 13 pure-play OBPPs, with the fee model each one actually runs — not the marketing line. Registration numbers and status are re-verified against the exchange OBPP lists.
| Platform | SEBI reg. no. | Min. investment | What you really pay |
|---|---|---|---|
| GoldenPi review → | INZ000310732 | ~₹10,000 | "Zero fee" — spread in price (<0.15% YTM est.) |
| IndiaBonds review → | INZ000311637 | ₹1,000–₹10,000 | "Zero brokerage" — dealer spread in price |
| Wint Wealth review → | INZ000313632 | ₹1,000 (select) | No explicit fee — sourcing spread in price |
| Bondbazaar | INZ000303236 | ~₹1,000 (1 unit) | Zero brokerage — live exchange prices, no markup |
| Grip Invest review → | INZ000312836 | ₹1,000 (SDIs ₹1L) | No explicit fee — spread + issuer commissions |
| Stable Money / Stable Bonds review → | INZ000314637 | ₹1,000 | "No hidden charges" — dealer spread (own book) |
| Jiraaf review → | INZ000315538 | ~₹1,000–₹10,000 | "No service fee" — dealer spread in price |
| Aspero | INZ000310534 | from ~₹300 | "Zero fees" — price markup (~1.2pp spread cited) |
| TheFixedIncome | INZ000312335 | ~₹10,000 | "0% brokerage" — dealer/distributor spread |
| BondsIndia | INZ000296636 | ~₹10,000 | No published fee schedule (opaque) |
| AltiFi | INZ000318831 | ~₹10,000 | "Zero entry fee" — issuer-side fees + spread |
| InCred Money / Bidd review → | INZ000312534 | ₹1,000–₹10,000 | "0 brokerage" — distributor/dealer spread |
| Bondskart | INZ000195834 | ~₹99,000+ (most NCDs) | Undisclosed dealer spread (DCM desk sourcing) |
Brokers and government channels
You may not need a bond platform at all. Brokers route you to exchange prices with no markup, and RBI Retail Direct is free.
| Channel | Min. investment | Cost model | Status |
|---|---|---|---|
| Groww | ₹10,000 (bond IPOs) | No bond fee schedule published | active |
| Zerodha | ₹10,000 (G-sec auction) | No markup — auction/exchange prices | active — Coin bond store discontinued; G-secs via Kite auctions, listed NCDs on Kite |
| ICICI Direct | ₹10,000 (G-sec) | Explicit brokerage — 0.06% on primary G-sec (transparent) | active |
| Angel One | ~₹10,000 (NCD IPOs) | Free NCD-IPO applications — distribution fees from issuers | active |
| Upstox | per IndiaBonds (₹1,000+) | "Zero brokerage" — partner OBPP spread | active |
| INDmoney | — | — | OBPP-registered, NO live retail bond product (Jul 2026) |
| Dhan | — | — | OBPP-enabled, no bonds product shipped (Jul 2026) |
| RBI Retail Direct | ₹10,000 | Zero — no account, bid or maintenance fee | active — 3.74L RDG accounts (Jul 2026) |
| NSE goBID | ₹10,000 | Free (allotment at auction price) | web-only — mobile app discontinued Jul 2025 |
| BSE Direct | ₹10,000 | Free (allotment at auction price) | active |
Bond guides
Plain-English explainers on the products themselves — current rates, how each is taxed, and the cheapest way to buy.
The 8.05% government savings bond: current rate, who sells it, senior-citizen exit rules and how it compares with an FD.
G-Sec · T-Bill · SDL · SGBGovernment bonds in IndiaThe full menu of government paper, current yields, how each is taxed, and the cheapest route to buy each one.
Ratings · yields · riskCorporate bonds & NCDsThe AAA-to-D rating ladder, yields by rating bucket, how they are taxed, and the real default risk behind the higher coupons.
Save LTCG on property54EC capital gain bondsREC/PFC/IRFC bonds at 5.25% to save capital-gains tax on property — lock-in, the ₹50 lakh cap and a break-even check.
Secondary marketTax-free bondsNHAI/IRFC/PFC tax-free bonds on the exchange — the equivalent pre-tax yield that makes them worth it for high earners.
Beginner guideHow to invest in bondsStart here: bond types, where to buy, minimums, and a step-by-step first purchase.
Adani · Muthoot · IIFL …NCD tracker by issuerLatest NCD issue rates, tenures, credit ratings and whether an issue is open now — tracked per issuer, updated each tranche.
Free toolBond yield (YTM) calculatorWork out the true annual return on any bond from its price, coupon and maturity.
Frequently asked
What people ask before buying bonds online.
An OBPP is a SEBI-registered stock broker (debt segment) that runs an online platform selling listed bonds to retail investors. SEBI created the framework in November 2022; every legitimate bond platform — GoldenPi, IndiaBonds, Wint Wealth, Stable Money and others — must hold this registration. If a platform selling bonds is not on the registered list, that is a red flag.
Registration means trades settle through exchange mechanisms and your money does not sit with the platform — but it is not a guarantee on the bonds themselves. Bonds sold on registered platforms have defaulted (for example, TruCap Finance NCDs in July 2025 hit buyers across four registered platforms), and one registered platform has been penalised by SEBI for bypassing exchange settlement rules. Check the issuer’s credit rating, not just the platform’s registration.
Most OBPPs advertise "zero brokerage" but earn a dealer spread built into the bond price you pay — the cost is real, just invisible. Buying listed bonds on-exchange through a regular broker (Zerodha, Groww or any demat account) means you pay the visible order-book price plus your broker’s normal charges. Government securities can also be bought with zero fees via RBI Retail Direct.
SEBI cut the minimum face value of privately placed corporate bonds to ₹10,000 in 2024, and most platforms list bonds from ₹1,000–₹10,000. Government securities via RBI Retail Direct or broker auctions start at ₹10,000. Some platforms advertise entries as low as ₹100–₹300 on select bonds.