The coupon rate is the yearly interest a bond pays, as a percentage of its face value. A ₹1,000 NCD with a 9% coupon pays ₹90 a year, whatever price you paid for it.
Coupons can be paid monthly, quarterly, half-yearly or yearly. A 9% coupon paid monthly gives ₹7.50 a month on ₹1,000 of face value. In a cumulative NCD, the coupon is compounded and paid at maturity instead.
The coupon is not the return you earn if you buy the bond on the market. If you pay more than face value, your return is lower than the coupon; if you pay less, it is higher. That return is the yield to maturity.
Coupons on outstanding bonds
Across 4,875 outstanding fixed-coupon bonds, the median coupon is 8.85%; half of them pay between 7.81% and 10.25%.
| Coupon | Bonds |
|---|---|
| < 7% | 198 |
| 7–8% | 1,255 |
| 8–9% | 1,125 |
| 9–10% | 881 |
| 10–11% | 475 |
| 11–12% | 404 |
| 12% + | 537 |
Data as of 6 Nov 2026 (snapshot 20261106-2030). Methodology and sources
Related
Related terms: Yield to maturity (YTM) · Current yield · Face value · Accrued interest
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.
