{"id":16101,"date":"2026-09-09T12:12:16","date_gmt":"2026-09-09T06:42:16","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16101"},"modified":"2026-09-09T12:12:18","modified_gmt":"2026-09-09T06:42:18","slug":"call-vs-put-options-in-corporate-bonds","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/call-vs-put-options-in-corporate-bonds\/","title":{"rendered":"Call vs. Put Options in Corporate Bonds: A Retail Investor\u2019s Guide"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"Callable_and_puttable_bonds_can_quietly_change_your_investment_timeline_This_guide_explains_call_vs_put_options_in_Indian_corporate_bonds_why_issuers_and_investors_use_them_and_how_SEBIs_2024%E2%80%932026_reforms_are_making_these_clauses_easier_for_retail_investors_to_track\"><\/span><strong>Callable and puttable bonds can quietly change your investment timeline. This guide explains call vs. put options in Indian corporate bonds, why issuers and investors use them, and how SEBI&#8217;s 2024\u20132026 reforms are making these clauses easier for retail investors to track.\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>Investing in corporate bonds in India is not as simple as &#8220;lend money, earn fixed interest, and get principal back on maturity.&#8221; Many bonds in India, especially subordinated and perpetual debentures issued by large corporates and financial institutions, have embedded call options, and more recently, issues have contained put options as well. <\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/call-vs-put-options-in-corporate-bonds\/#Callable_and_puttable_bonds_can_quietly_change_your_investment_timeline_This_guide_explains_call_vs_put_options_in_Indian_corporate_bonds_why_issuers_and_investors_use_them_and_how_SEBIs_2024%E2%80%932026_reforms_are_making_these_clauses_easier_for_retail_investors_to_track\" >Callable and puttable bonds can quietly change your investment timeline. This guide explains call vs. put options in Indian corporate bonds, why issuers and investors use them, and how SEBI&#8217;s 2024\u20132026 reforms are making these clauses easier for retail investors to track.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/call-vs-put-options-in-corporate-bonds\/#What_Are_Call_and_Put_Options_in_Corporate_Bonds\" >What Are Call and Put Options in Corporate Bonds?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/call-vs-put-options-in-corporate-bonds\/#Why_Do_Indian_Companies_Issue_Callable_Bonds\" >Why Do Indian Companies Issue Callable Bonds?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/call-vs-put-options-in-corporate-bonds\/#Why_Do_Put_Options_Matter_for_Retail_Bondholders\" >Why Do Put Options Matter for Retail Bondholders?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/call-vs-put-options-in-corporate-bonds\/#Call_vs_Put_Option_Key_Differences\" >Call vs. Put Option: Key Differences<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/call-vs-put-options-in-corporate-bonds\/#How_SEBI_Is_Reshaping_Indias_Corporate_Bond_Market\" >How SEBI Is Reshaping India&#8217;s Corporate Bond Market&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/call-vs-put-options-in-corporate-bonds\/#How_to_Check_If_Your_Bond_Has_a_Call_or_Put_Option\" >How to Check If Your Bond Has a Call or Put Option<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/call-vs-put-options-in-corporate-bonds\/#Frequently_Asked_Questions\" >Frequently Asked Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/call-vs-put-options-in-corporate-bonds\/#Sources\" >Sources<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/call-vs-put-options-in-corporate-bonds\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p>If you have seen the phrase &#8220;call\/put option&#8221; in an NCD prospectus and ignored it, this guide is for you. With the repo rate being held at 5.25% by the RBI for most of 2026, and SEBI actively changing the bond market regulations for retail participation, having an understanding of these clauses is a must. It impacts the reinvestment risk, expected return, and exit opportunities of an investor. This article will cover what call and put options are, where to spot them, and their impacts on a portfolio.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_Call_and_Put_Options_in_Corporate_Bonds\"><\/span><strong>What Are Call and Put Options in Corporate Bonds?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A corporate bond is a loan given to a company with the expectation of periodic interest payments and the full repayment of the principal at maturity. A call option or put option is an embedded clause that allows one of the parties to terminate the agreement before the bond&#8217;s maturity date.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Call option: Gives the issuer the right (not obligation) to redeem the bond before maturity, usually on pre-specified &#8220;call dates,&#8221; often at par or a small premium.<\/li>\n\n\n\n<li>Put option: Gives the bondholder the right to sell the bond back to the issuer before maturity, typically also on set dates.<\/li>\n<\/ul>\n\n\n\n<p>Think of it this way: a callable bond protects the company; a puttable bond protects you.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Do_Indian_Companies_Issue_Callable_Bonds\"><\/span><strong>Why Do Indian Companies Issue Callable Bonds?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In India, call options are primarily found in subordinated and perpetual debentures issued by large corporates and NBFCs, both used to shore up capital rather than fund short-term working capital. Issuers add them mainly to manage interest rate and capital-cost risk. If the interest rates decline or if refinancing becomes cheaper, the company has the option to exercise the call option and redeem the bond early. ICICI Prudential Life Insurance is one such example where the company exercised the call option in 2025 to redeem \u20b91,200 crore <sup>[1]<\/sup> of subordinated NCDs ahead of schedule.<\/p>\n\n\n\n<p><em>Note: This and other issuer examples in this article are past, completed events cited for illustration only. They are not current offers, live investment products, or endorsements of any issuer or security.<\/em><\/p>\n\n\n\n<p>For you as an investor, a <a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/callable-vs-non-callable-bond-redemption\/\" type=\"post\" id=\"10980\">callable bond<\/a> usually means:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Slightly higher coupon to compensate for &#8220;call risk&#8221;<\/li>\n\n\n\n<li>Uncertainty over your actual holding period<\/li>\n\n\n\n<li>Reinvestment risk: if called early, you may have to reinvest at lower prevailing rates<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Do_Put_Options_Matter_for_Retail_Bondholders\"><\/span><strong>Why Do Put Options Matter for Retail Bondholders?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A put option works in your favor. If you&#8217;re worried about the issuer&#8217;s creditworthiness, rising rates elsewhere, or simply need liquidity, a put date lets you exit at a pre-agreed price without waiting for maturity or selling at a discount in a thin secondary market. This directly addresses a long-standing problem in Indian corporate bonds.<\/p>\n\n\n\n<p>This is precisely why SEBI introduced the Liquidity Window Facility, effective November 1, 2024, allowing eligible investors to sell certain debt securities back to the issuer before maturity through a predefined put-option mechanism.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Call_vs_Put_Option_Key_Differences\"><\/span><strong>Call vs. Put Option: Key Differences<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Feature<\/strong><\/td><td><strong>Call Option<\/strong><\/td><td><strong>Put Option<\/strong><\/td><\/tr><tr><td>Who benefits?<\/td><td>Issuer (company)<\/td><td>Bondholder (you)<\/td><\/tr><tr><td>Purpose<\/td><td>Refinance\/manage capital cost<\/td><td>Exit early\/manage liquidity.<\/td><\/tr><tr><td>Effect on coupon<\/td><td>Usually a higher coupon (compensates you for call risk)<\/td><td>Usually a slightly lower coupon (you&#8217;re paying for the safety net)<\/td><\/tr><tr><td>Main risk to investor<\/td><td>Reinvestment risk<\/td><td>The issuer may not always offer favorable exit pricing.<\/td><\/tr><tr><td>Typical Indian usage<\/td><td>Subordinated\/perpetual NCDs (e.g., NBFCs, insurers, large corporates)<\/td><td>Increasingly offered via SEBI&#8217;s Liquidity Window (since Nov 2024)<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Latest Bond Updates:<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/fixed-vs-floating-rate-ncds-how-rate-cycles-impact-corporate-debt-returns\/\" aria-label=\"Fixed vs. Floating Rate NCDs: How Rate Cycles Impact Corporate Debt Returns\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09123432\/Fixed-vs-Floating-rate-NCDs-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Fixed vs Floating rate NCDs\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09123432\/Fixed-vs-Floating-rate-NCDs-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09123432\/Fixed-vs-Floating-rate-NCDs-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09123432\/Fixed-vs-Floating-rate-NCDs-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09123432\/Fixed-vs-Floating-rate-NCDs-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09123432\/Fixed-vs-Floating-rate-NCDs.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/fixed-vs-floating-rate-ncds-how-rate-cycles-impact-corporate-debt-returns\/\">Fixed vs. Floating Rate NCDs: How Rate Cycles Impact Corporate Debt Returns<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/call-vs-put-options-in-corporate-bonds\/\" aria-label=\"Call vs. Put Options in Corporate Bonds: A Retail Investor\u2019s Guide\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09121142\/Call-vs.-Put-Option-in-Corporate-Bonds-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Call vs. Put Option in Corporate Bonds\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09121142\/Call-vs.-Put-Option-in-Corporate-Bonds-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09121142\/Call-vs.-Put-Option-in-Corporate-Bonds-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09121142\/Call-vs.-Put-Option-in-Corporate-Bonds-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09121142\/Call-vs.-Put-Option-in-Corporate-Bonds-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09121142\/Call-vs.-Put-Option-in-Corporate-Bonds.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/call-vs-put-options-in-corporate-bonds\/\">Call vs. Put Options in Corporate Bonds: A Retail Investor\u2019s Guide<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/bond-laddering-in-a-falling-rate-environment\/\" aria-label=\"Bond Laddering in a Falling Rate Environment: A Guide for Indian Investors\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09113526\/Bond-Laddering-in-a-Falling-Rate-Environment-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Bond Laddering in a Falling Rate Environment\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09113526\/Bond-Laddering-in-a-Falling-Rate-Environment-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09113526\/Bond-Laddering-in-a-Falling-Rate-Environment-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09113526\/Bond-Laddering-in-a-Falling-Rate-Environment-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09113526\/Bond-Laddering-in-a-Falling-Rate-Environment-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09113526\/Bond-Laddering-in-a-Falling-Rate-Environment.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/bond-laddering-in-a-falling-rate-environment\/\">Bond Laddering in a Falling Rate Environment: A Guide for Indian Investors<\/a><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_SEBI_Is_Reshaping_Indias_Corporate_Bond_Market\"><\/span><strong>How SEBI Is Reshaping India&#8217;s Corporate Bond Market&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>India&#8217;s corporate bond market reached 59 lakh crore by the end of FY26 <sup>[2]<\/sup>, growing at a CAGR of approximately 12% in the last 10 years. In FY26, companies raised 9.1 lakh crore <sup>[2]<\/sup> through debt issuance, almost double the amount raised through equity issuance. Public NCD issuances, however, decreased from 19,168 crore in FY24 to 8,149 crore in FY25 <sup>[3]<\/sup>, prompting SEBI to explore measures to revive retail participation in public debt issues.<\/p>\n\n\n\n<p>Recent and proposed reforms include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The introduction of the Liquidity Window Facility with voluntary put options (November 2024 onwards)<\/li>\n\n\n\n<li>A consultation paper from 2025 proposing an increase in NCD issue coupons or pricing discounts to attract retail investors<\/li>\n\n\n\n<li>Enhanced disclosure norms, including risk-based classification, to help investors evaluate embedded options before investing<\/li>\n\n\n\n<li>Encouraging market participants to reissue existing bonds to reduce the number of fragmented and illiquid ISINs<\/li>\n\n\n\n<li>A pending August 2026 proposed revision to the Advertisement Code for OBPPs, which would introduce tighter restrictions on FOMO\/urgency marketing and a mandatory \u201cfixed returns\u201d disclaimer; public comments accepted until September 11, 2026, and the final rules have not been issued yet.\u00a0<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Check_If_Your_Bond_Has_a_Call_or_Put_Option\"><\/span><strong>How to Check If Your Bond Has a Call or Put Option<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Examine the key terms in the issue section of the prospectus\/information memorandum; call\/put dates are always disclosed upfront<\/li>\n\n\n\n<li>Effective yield tables may also be useful. Options typically only apply to specific bond series<\/li>\n\n\n\n<li>Look for the term &#8220;call\/put option date&#8221; or &#8220;liquidity window&#8221; specifically<\/li>\n\n\n\n<li>Contact your debenture trustee or check the listing of your bond on the BSE\/NSE debt segment for confirmation\u00a0<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1788935342319\"><strong class=\"schema-faq-question\">Q1. <strong>Can a company call back my bond anytime it wants?<\/strong><\/strong> <p class=\"schema-faq-answer\">No. Call options can only be exercised on pre-specified call dates mentioned in the prospectus, not arbitrarily.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788935352540\"><strong class=\"schema-faq-question\">Q2. <strong>Do put options guarantee I&#8217;ll get my full investment back?<\/strong><\/strong> <p class=\"schema-faq-answer\">Not always at full value. Under SEBI&#8217;s Liquidity Window, the exit price can be up to 100 basis points below valuation.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788935370267\"><strong class=\"schema-faq-question\">Q3. <strong>Are callable bonds riskier for retail investors?<\/strong><\/strong> <p class=\"schema-faq-answer\">They carry reinvestment risk rather than credit risk. You may need to redeploy proceeds at lower prevailing rates if called early.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788935378457\"><strong class=\"schema-faq-question\">Q4. <strong>How do I know if my bond has these options?<\/strong><\/strong> <p class=\"schema-faq-answer\">Check the &#8220;Terms of the Issue&#8221; section of the prospectus or the bond&#8217;s listing disclosures on NSE\/BSE.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788935389752\"><strong class=\"schema-faq-question\">Q5. <strong>Are put options common in Indian corporate bonds today?<\/strong><\/strong> <p class=\"schema-faq-answer\">They&#8217;re becoming more common since SEBI&#8217;s November 2024 circular, though issuers offer them voluntarily.<\/p> <\/div> <\/div>\n\n\n\n<p><em>Investments in debt securities\/municipal debt securities\/securitized debt instruments are subject to risks, including delay and\/or default in payment. Read all the offer\/scheme-related documents carefully before investing.\u00a0<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sources\"><\/span><strong>Sources<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><a rel=\"nofollow\" href=\"https:\/\/nsearchives.nseindia.com\/content\/debt\/WDM\/ICICIPRULI_02042026161303_NSE_Update_on_status_of_interest_payment.pdf\">ICICI Prudential Life \u2014 NSE filing on interest\/redemption<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.careratings.com\/uploads\/newsfiles\/1779794474_Press%20Release_Debt%20Market%20Summit_CareEdge%20Ratings.pdf\">CARE Ratings \u2014 Address by Tuhin Kanta Pandey, CareEdge Debt Summit, May 2026<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.sebi.gov.in\/sebi_data\/meetingfiles\/jan-2026\/1767338563689_1.pdf\">SEBI \u2014 Board Memorandum: Incentives in Public Issues<\/a><\/li>\n<\/ol>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udcdd Quick Summary: Callable and puttable bonds can quietly change your investment timeline. This guide explains call vs. put options in Indian&hellip;<\/p>\n","protected":false},"author":17,"featured_media":16103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1026,25],"tags":[],"class_list":["post-16101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guide","category-bond-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Call vs. Put Options in Corporate Bonds: A Retail Investor\u2019s Guide<\/title>\n<meta name=\"description\" content=\"Understand call vs. put options in corporate bonds, how they affect returns, early redemption, reinvestment risk and liquidity, and what retail investors should check. \ue201\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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