{"id":16104,"date":"2026-09-09T12:36:24","date_gmt":"2026-09-09T07:06:24","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16104"},"modified":"2026-09-09T12:36:26","modified_gmt":"2026-09-09T07:06:26","slug":"fixed-vs-floating-rate-ncds-how-rate-cycles-impact-corporate-debt-returns","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/fixed-vs-floating-rate-ncds-how-rate-cycles-impact-corporate-debt-returns\/","title":{"rendered":"Fixed vs. Floating Rate NCDs: How Rate Cycles Impact Corporate Debt Returns"},"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=\"Choosing_between_fixed-_and_floating-rate_NCDs_isnt_just_a_coupon_decision_its_a_bet_on_where_Indias_interest-rate_cycle_is_headed_next_This_article_breaks_down_how_each_structure_works_compares_their_risk-return_profile_and_shows_how_the_current_RBI_repo_rate_environment_should_shape_your_NCD_allocation\"><\/span><strong>Choosing between fixed- and floating-rate NCDs isn&#8217;t just a coupon decision; it&#8217;s a bet on where India&#8217;s interest-rate cycle is headed next. This article breaks down how each structure works, compares their risk-return profile, and shows how the current RBI repo rate environment should shape your NCD allocation.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>When looking at corporate bond options in India, you have likely noticed that not all Non-Convertible Debentures (NCDs) are created equal. Some NCDs pay a coupon that is fixed throughout the entire tenor of the NCD. Others pay a coupon that resets every few months, like a floating-rate note.<\/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\/fixed-vs-floating-rate-ncds-how-rate-cycles-impact-corporate-debt-returns\/#Choosing_between_fixed-_and_floating-rate_NCDs_isnt_just_a_coupon_decision_its_a_bet_on_where_Indias_interest-rate_cycle_is_headed_next_This_article_breaks_down_how_each_structure_works_compares_their_risk-return_profile_and_shows_how_the_current_RBI_repo_rate_environment_should_shape_your_NCD_allocation\" >Choosing between fixed- and floating-rate NCDs isn&#8217;t just a coupon decision; it&#8217;s a bet on where India&#8217;s interest-rate cycle is headed next. This article breaks down how each structure works, compares their risk-return profile, and shows how the current RBI repo rate environment should shape your NCD allocation.<\/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\/fixed-vs-floating-rate-ncds-how-rate-cycles-impact-corporate-debt-returns\/#What_Are_NCDs_and_Why_Does_the_Rate_Cycle_Matter\" >What Are NCDs, and Why Does the Rate Cycle Matter?<\/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\/fixed-vs-floating-rate-ncds-how-rate-cycles-impact-corporate-debt-returns\/#Fixed_Rate_NCDs_Locking_In_Certainty\" >Fixed Rate NCDs: Locking In Certainty<\/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\/fixed-vs-floating-rate-ncds-how-rate-cycles-impact-corporate-debt-returns\/#Floating_Rate_NCDs_Riding_the_Rate_Cycle\" >Floating Rate NCDs: Riding the Rate Cycle<\/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\/fixed-vs-floating-rate-ncds-how-rate-cycles-impact-corporate-debt-returns\/#Fixed_vs_Floating_NCDs_A_Quick_Comparison\" >Fixed vs. Floating NCDs: A Quick Comparison<\/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\/fixed-vs-floating-rate-ncds-how-rate-cycles-impact-corporate-debt-returns\/#How_Indias_Current_Rate_Environment_Fits_In\" >How India&#8217;s Current Rate Environment Fits In<\/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\/fixed-vs-floating-rate-ncds-how-rate-cycles-impact-corporate-debt-returns\/#Which_One_Fits_Your_Portfolio\" >Which One Fits Your Portfolio?<\/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\/fixed-vs-floating-rate-ncds-how-rate-cycles-impact-corporate-debt-returns\/#Fixed_vs_Floating_Rate_NCDs_Frequently_Asked_Questions\" >Fixed vs. Floating Rate NCDs 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\/fixed-vs-floating-rate-ncds-how-rate-cycles-impact-corporate-debt-returns\/#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\/fixed-vs-floating-rate-ncds-how-rate-cycles-impact-corporate-debt-returns\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p>Both methods can generate a fixed income stream in the Indian corporate debt market, but it is important to consider the interest rate cycle to determine which method is best suited for you. The Indian corporate bond market mobilized over \u20b99 lakh crore in FY26, and being able to differentiate between fixed- and floating-rate NCDs and how they behave with respect to changes in interest rates can greatly improve your portfolio. Let\u2019s take a look.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_NCDs_and_Why_Does_the_Rate_Cycle_Matter\"><\/span><strong>What Are NCDs, and Why Does the Rate Cycle Matter?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An NCD, or non-convertible debt, is a debt instrument used by companies to raise money without equity dilution, which cannot be converted into shares. NCDs have become a major component of the capital markets in India. As per the SEBI Chairman, Tuhin Kanta Pandey, the outstanding corporate bonds have increased from around \u20b917.5 lakh crore at the end of FY15 to \u20b959 lakh crore in FY26 <sup>[1]<\/sup>, at a compound annual growth rate of around 12%. Within this market, NCDs constitute a significant portion, especially public NBFC and HFC issuances that allow retail investors to make direct purchases.<\/p>\n\n\n\n<p>The attractiveness of a fixed coupon compared to a floating coupon is determined by the interest rate cycle (the fluctuations in the RBI\u2019s repo rate over time). When there is an expectation of a decrease in interest rates, it is advantageous toset a fixed coupon. Conversely, when there is an expectation of an increase in interest rates, a floating coupon that adjusts upward can work in your favor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fixed_Rate_NCDs_Locking_In_Certainty\"><\/span><strong>Fixed Rate NCDs: Locking In Certainty<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A fixed rate NCD with a fixed coupon rate means that rate will not change for the entire term of the NCD. This is useful for people who need a stable income, such as retirees.&nbsp;<\/p>\n\n\n\n<p>For example, the latest public NCD issue from an NBFC offered fixed coupons for 24-, 36-, and 60-month tenures, with effective yields in the range of 8.7% to 9.0% p.a. depending on the payout option chosen. Once issued, that number stays locked in even if the RBI cuts or hikes rates later.<\/p>\n\n\n\n<p>The trade-off: should the central bank raise rates after your investment, other <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/fixed-income-securities-bonds-fds-ppf-bond-etf-which-one-to-choose\/\" type=\"post\" id=\"2475\">fixed income securities<\/a> issued later will have a more competitive coupon than yours, and your NCD&#8217;s secondary market value might also dip.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Floating_Rate_NCDs_Riding_the_Rate_Cycle\"><\/span><strong>Floating Rate NCDs: Riding the Rate Cycle<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Floating rate NCDs reset their coupons periodically, usually tying it to a benchmark such as the RBI repo rate, the 91-day Treasury Bill yield, or a bank\u2019s base\/reference rate plus a fixed spread. As the benchmark moves, so does your payout.<\/p>\n\n\n\n<p>Some NBFCs have used this structure specifically to manage funding costs across the rate cycle. One large gold-loan NBFC, Muthoot Finance, planned to raise up to \u20b92,000 crore <sup>[2]<\/sup> through three-year <a href=\"https:\/\/goldenpi.com\/collections\/floating-rate-bonds\">floating-rate bonds in 2026<\/a>, with the coupon linked to the 91-day Treasury Bill yield.\u00a0 From an investor\u2019s perspective, if the RBI resumes raising interest rates, the benchmark will increase and so will the coupon. This is more advantageous than having a coupon staying stuck at a rate set months or years earlier.\u00a0<\/p>\n\n\n\n<p>The trade-off here is uncertainty: your income isn&#8217;t fixed, and in a falling rate environment, your returns shrink along with the benchmark.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fixed_vs_Floating_NCDs_A_Quick_Comparison\"><\/span><strong>Fixed vs. Floating NCDs: A Quick Comparison<\/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>Parameter<\/strong><\/td><td><strong>Fixed Rate NCD<\/strong><\/td><td><strong>Floating Rate NCD<\/strong><\/td><\/tr><tr><td><strong>Coupon behavior<\/strong><\/td><td>Stays constant till maturity<\/td><td>Resets periodically with benchmark<\/td><\/tr><tr><td><strong>Best suited when<\/strong><\/td><td>Rates are high\/peaking, expected to fall<\/td><td>Rates are low\/rising, expected to climb.<\/td><\/tr><tr><td><strong>Income predictability<\/strong><\/td><td>High<\/td><td>Variable<\/td><\/tr><tr><td><strong>Reinvestment risk<\/strong><\/td><td>Higher (if rates rise)<\/td><td>Lower<\/td><\/tr><tr><td><strong>Typical benchmark<\/strong><\/td><td>Not applicable<\/td><td>Repo rate, T-bill yield, bank base rate<\/td><\/tr><tr><td><strong>Popular with<\/strong><\/td><td>Income-focused, retail investors<\/td><td>Institutional and rate-cycle-aware investors<\/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_Indias_Current_Rate_Environment_Fits_In\"><\/span><strong>How India&#8217;s Current Rate Environment Fits In<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As of September 2026, the RBI has held the repo rate steady at 5.25%, maintaining a neutral policy stance after a series of rate cuts through 2025. A few things worth keeping in mind in this environment:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>With the repo rate having dropped from the high 6.5% in 2024, many issuers are offering fixed coupons in the 8.5-10%+ range on their rated NCDs, reflecting credit spread over the risk-free rate rather than just the repo rate itself.<\/li>\n\n\n\n<li>Fixed-rate NCDs benefit from a neutral-to-easing stance since locking in today&#8217;s coupon protects you if rates fall further.<\/li>\n\n\n\n<li>Floating rate NCDs are more appealing if you think the RBI will raise rates again, because the coupon will increase along with the benchmark.\u00a0<\/li>\n\n\n\n<li>Credit quality still matters more than rate-cycle timing. SEBI data shows nearly 85\u201390% of bond issuances are concentrated in AAA\/AA-rated paper, so it&#8217;s worth checking where an issue sits before comparing yields.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Which_One_Fits_Your_Portfolio\"><\/span><strong>Which One Fits Your Portfolio?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There&#8217;s no universally &#8220;better&#8221; choice\u2014it depends on your view and your goals:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If you prefer stable income, if you are risk averse, or if you think rates will continue to decline, then choose fixed-rate NCDs.\u00a0<\/li>\n\n\n\n<li>Choose floating rate NCDs if you&#8217;re comfortable with variable income, want protection against future rate hikes, or are investing for the medium-to-long term where reinvestment flexibility matters.<\/li>\n\n\n\n<li>If you are unsure about the direction of the cycle, choose both, as a blend of both reduces the risk of betting wrong on rate direction.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fixed_vs_Floating_Rate_NCDs_Frequently_Asked_Questions\"><\/span><strong>Fixed vs. Floating Rate NCDs 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-1788936625696\"><strong class=\"schema-faq-question\">Q1. <strong>What is the difference between a fixed-rate and floating-rate NCD?<\/strong><\/strong> <p class=\"schema-faq-answer\">A fixed-rate NCD pays a predetermined coupon throughout its tenure, while a floating-rate NCD has a coupon that changes according to a specified benchmark or reference rate.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788936636974\"><strong class=\"schema-faq-question\">Q2. <strong>Which NCD is better when interest rates are falling?<\/strong><\/strong> <p class=\"schema-faq-answer\">A fixed-rate NCD can benefit more from falling rates because its coupon remains locked at the higher rate. If its market price rises, investors may also benefit from capital appreciation if they sell before maturity.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788936648783\"><strong class=\"schema-faq-question\">Q3. <strong>Which NCD is better when interest rates are rising?<\/strong><\/strong> <p class=\"schema-faq-answer\">A floating-rate NCD may be better positioned, provided its coupon resets upward in line with its benchmark. The actual benefit depends on the reset frequency, benchmark, and spread specified in the issue terms.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788936660083\"><strong class=\"schema-faq-question\">Q4. <strong>Does a fixed-rate NCD&#8217;s coupon change when RBI changes the repo rate?<\/strong><\/strong> <p class=\"schema-faq-answer\">No. The contractual coupon on an existing fixed-rate NCD normally remains unchanged. However, its market price can move as investors reassess the value of its fixed cash flows.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788936674223\"><strong class=\"schema-faq-question\">Q5. <strong>Do floating-rate NCDs eliminate interest-rate risk?<\/strong><\/strong> <p class=\"schema-faq-answer\">No. Floating-rate structures can reduce sensitivity to changes in market rates, but they do not eliminate interest-rate risk. The coupon may reset with a lag, or the benchmark may not move exactly in line with the market rate relevant to the investor.<\/p> <\/div> <\/div>\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:\/\/www.outlookmoney.com\/invest\/sebi-chairman-tuhin-kanta-pandey-highlights-four-major-gaps-in-corporate-bond-market\">Outlook Money \u2014 SEBI Chairman Highlights Four Major Gaps In Corporate Bond Market<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/economictimes.indiatimes.com\/markets\/bonds\/muthoot-finance-plans-floating-rate-bond-issue-of-rs-2000-cr\/articleshow\/131237856.cms\">Economic Times \u2014 Muthoot Finance plans floating-rate bond issue of \u20b92,000 crore<\/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: Choosing between fixed- and floating-rate NCDs isn&#8217;t just a coupon decision; it&#8217;s a bet on where India&#8217;s interest-rate cycle&hellip;<\/p>\n","protected":false},"author":16,"featured_media":16105,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1026,25],"tags":[],"class_list":["post-16104","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>Fixed vs Floating Rate NCDs: How Rate Cycles Affect Returns<\/title>\n<meta name=\"description\" content=\"Fixed vs floating rate NCDs explained for Indian investors. 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