An NCD, or non-convertible debenture, is a loan to a company in the form of a tradable security: the company pays a fixed rate of interest (the coupon) and repays the face value on the maturity date. Unlike a convertible debenture, it can never be converted into shares.
In India "bond" and "debenture" mean much the same thing; public sector companies and banks tend to say bond, private companies and NBFCs say NCD. NCDs are issued either through a public issue, where anyone can apply, or a private placement to a smaller group of investors. Listed NCDs trade on BSE and NSE and are held in a demat account; each series has its own ISIN.
NCDs can be secured by the company's assets or unsecured, can pay interest monthly, quarterly, yearly or all at the end (cumulative), and carry a credit rating for that issue. The coupon is higher than a bank fixed deposit mainly because the risk is higher: NCDs are not covered by deposit insurance.
NCDs and bonds on Bond Interpretation
Bond Interpretation profiles 823 issuers with 5,694 outstanding bonds and NCDs, each with its ISIN, coupon, interest frequency, maturity, issue size, security and rating. Search the issuers.
Across 4,863 outstanding fixed-coupon bonds, the median coupon is 8.85%; half of them pay between 7.8% and 10.25%.
| Coupon | Bonds |
|---|---|
| < 7% | 198 |
| 7–8% | 1,254 |
| 8–9% | 1,121 |
| 9–10% | 879 |
| 10–11% | 471 |
| 11–12% | 404 |
| 12% + | 536 |
Data as of 5 Nov 2026 (snapshot 20261105-2032). Methodology and sources
Related
Related terms: Secured NCD · Unsecured NCD · Cumulative NCD · Coupon rate · Credit rating · Public issue of NCDs
Before investing, look up the issuer: all its outstanding bonds, rating history and disclosure documents.
This page is for information only. It is not investment advice, a credit rating or a recommendation to buy, sell or hold any security. Facts are taken from the issuer's own documents and the sources linked on this page; check them with the source before investing.
