{"id":16841,"date":"2026-10-30T18:24:15","date_gmt":"2026-10-30T12:54:15","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16841"},"modified":"2026-10-30T18:24:16","modified_gmt":"2026-10-30T12:54:16","slug":"hdfc-bonds-types-yield-rating","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/guide\/hdfc-bonds-types-yield-rating\/","title":{"rendered":"HDFC Bonds Explained: Types, Yields, Safety, and Ratings"},"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=\"HDFC_bonds_are_debt_instruments_through_which_HDFC_Bank_and_its_group_companies_borrow_from_investors_paying_fixed_interest_and_returning_the_principal_at_maturity_The_main_types_are_senior_infrastructure_bonds_Tier_2_bonds_AT1_bonds_and_subsidiary_NCDs\"><\/span><strong>HDFC bonds are debt instruments through which HDFC Bank and its group companies borrow from investors, paying fixed interest and returning the principal at maturity. The main types are senior infrastructure bonds, Tier 2 bonds, AT1 bonds, and subsidiary NCDs.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>Ask investors whether HDFC bonds are safe, and the usual answer is, \u201cIt\u2019s HDFC, so it\u2019s AAA.\u201d That\u2019s only partly true. CARE reaffirmed AAA on HDFC Bank\u2019s infrastructure bonds in April 2026, but the bank also sells Tier 2 and AT1 bonds with very different repayment rules. This guide explains the main types of HDFC bonds in India, what they pay, how they\u2019re rated, and where the risks sit. That way you choose by structure, not logo.<\/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\/guide\/hdfc-bonds-types-yield-rating\/#HDFC_bonds_are_debt_instruments_through_which_HDFC_Bank_and_its_group_companies_borrow_from_investors_paying_fixed_interest_and_returning_the_principal_at_maturity_The_main_types_are_senior_infrastructure_bonds_Tier_2_bonds_AT1_bonds_and_subsidiary_NCDs\" >HDFC bonds are debt instruments through which HDFC Bank and its group companies borrow from investors, paying fixed interest and returning the principal at maturity. The main types are senior infrastructure bonds, Tier 2 bonds, AT1 bonds, and subsidiary NCDs.<\/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\/guide\/hdfc-bonds-types-yield-rating\/#What_Are_HDFC_Bonds_Types_and_the_Post-Merger_Picture\" >What Are HDFC Bonds? Types and the Post-Merger Picture<\/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\/guide\/hdfc-bonds-types-yield-rating\/#Types_of_HDFC_Bond_Compared_Yield_Rating_and_Risk\" >Types of HDFC Bond Compared: Yield, Rating, and Risk<\/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\/guide\/hdfc-bonds-types-yield-rating\/#HDFC_Bank_Infrastructure_Bonds\" >HDFC Bank Infrastructure Bonds<\/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\/guide\/hdfc-bonds-types-yield-rating\/#HDFC_Bank_Tier_2_Bonds_Higher_Yield_Lower_Priority\" >HDFC Bank Tier 2 Bonds: Higher Yield, Lower Priority<\/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\/guide\/hdfc-bonds-types-yield-rating\/#HDFC_Bank_AT1_Bonds_Higher_Yield_With_a_Catch\" >HDFC Bank AT1 Bonds: Higher Yield, With a Catch<\/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\/guide\/hdfc-bonds-types-yield-rating\/#HDB_Financial_Services_NCDs_Group_Paper_Not_Bank_Paper\" >HDB Financial Services NCDs: Group Paper, Not Bank Paper<\/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\/guide\/hdfc-bonds-types-yield-rating\/#How_to_Buy_HDFC_Bonds_in_India_and_How_Theyre_Taxed\" >How to Buy HDFC Bonds in India and How They\u2019re Taxed<\/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\/guide\/hdfc-bonds-types-yield-rating\/#Which_HDFC_Bond_Should_You_Choose\" >Which HDFC Bond Should You Choose?<\/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\/guide\/hdfc-bonds-types-yield-rating\/#HDFC_Bonds_Frequently_Asked_Questions\" >HDFC Bonds Frequently Asked Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/guide\/hdfc-bonds-types-yield-rating\/#Sources\" >Sources<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/goldenpi.com\/blog\/guide\/hdfc-bonds-types-yield-rating\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_HDFC_Bonds_Types_and_the_Post-Merger_Picture\"><\/span><strong>What Are HDFC Bonds? Types and the Post-Merger Picture<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An HDFC bond is a loan you give to HDFC Bank or a group company. You earn a coupon (the interest rate) and get your principal back at maturity. What differs is your place in the repayment queue.<\/p>\n\n\n\n<p>The 2023 merger added another layer. HDFC Bank\u2019s bond records include former HDFC Ltd instruments transferred to the bank following the merger, effective July 1, 2023. One example is the 7.8% NCD maturing on May 3, 2033 (ISIN: INE040A08666), originally issued by HDFC Ltd. CDSL\u2019s trade records show that on October 21, 2026, it traded at \u20b9100.14 per \u20b9100 of face value, with a yield to maturity of 7.75%. The coupon is fixed at issue, while the yield depends on the price paid and the remaining cash flows. When a bond trades above face value, its yield is generally lower than its coupon.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_of_HDFC_Bond_Compared_Yield_Rating_and_Risk\"><\/span>Types of <strong>HDFC Bond Compared: Yield, Rating, and Risk<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Yields marked \u201cindicative\u201d are calculated from each bond\u2019s terms at face value, not from trading prices. The legacy bond\u2019s 7.5% is an October 27 market quote.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Instrument<\/strong><\/td><td><strong>Issuer<\/strong><\/td><td><strong>Indicative yield<\/strong><\/td><td><strong>Rating<\/strong><\/td><td><strong>Key catch<\/strong><\/td><\/tr><tr><td>Infrastructure bonds<\/td><td>HDFC Bank<\/td><td>7.64% (7.65% coupon, due 2034)<\/td><td>AAA<\/td><td>Long tenure; prices fall if rates rise<\/td><\/tr><tr><td>Tier 2 bonds<\/td><td>HDFC Bank<\/td><td>7.83% (7.84% coupon, due 2032)<\/td><td>AAA<\/td><td>Subordinated; PONV risk; \u20b91 crore face value<\/td><\/tr><tr><td>AT1 bonds<\/td><td>HDFC Bank<\/td><td>No reliable quote<\/td><td>AA+<\/td><td>Perpetual; the coupon can be skipped; QIB-only<\/td><\/tr><tr><td>Legacy HDFC Ltd bonds<\/td><td>Issued by HDFC Ltd; now HDFC Bank<\/td><td>7.5% (market quote, 7.8% coupon, due 2033)<\/td><td>AAA<\/td><td>Older terms; check each bond<\/td><\/tr><tr><td>Subsidiary NCDs<\/td><td>HDB Financial<\/td><td>7.58%\u20138.28% coupons (2026 issues)<\/td><td>AAA<\/td><td>NBFC credit: support isn\u2019t a guarantee.<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"HDFC_Bank_Infrastructure_Bonds\"><\/span><strong>HDFC Bank Infrastructure Bonds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>HDFC Bank\u2019s infrastructure bonds are unsecured, redeemable bonds with a minimum maturity of seven years. RBI rules provide relief from CRR and SLR requirements on eligible funding, subject to limits linked to the bank\u2019s qualifying infrastructure and affordable-housing loans. These bonds must be issued without embedded call or put options.<\/p>\n\n\n\n<p>CARE Ratings has rated HDFC Bank\u2019s \u20b955,000 crore infrastructure-bond program CARE AAA\/Stable <sup>[1]<\/sup>. In March 2024, the bank raised \u20b92,910 crore through a 10-year infrastructure-bond issue carrying a 7.65% coupon and maturing on March 20, 2034 <sup>[2]<\/sup>. The bond\u2019s indicative yield at face value is about 7.64%.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"HDFC_Bank_Tier_2_Bonds_Higher_Yield_Lower_Priority\"><\/span><strong>HDFC Bank Tier 2 Bonds: Higher Yield, Lower Priority<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Tier 2 bonds count as regulatory capital, so holders rank behind depositors and senior bondholders. CARE rates \u20b947,000 crore of them AAA, but the rating hides a feature. Basel III Tier 2 bonds carry a point-of-non-viability (PONV) trigger, so investors may lose principal if the RBI judges the bank can\u2019t survive alone. That\u2019s remote for HDFC Bank, but it\u2019s the risk you\u2019re paid for. The bank\u2019s December 2022 Tier 2 series has an indicative yield of 7.83% and matures in December 2032. It has a \u20b91 crore face value, which puts it largely out of retail reach.<\/p>\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 has-dates wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/\" aria-label=\"ICICI Bonds Explained: Types, Safety, Yields, and Ratings\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30184435\/ICICI-Bonds-Explained-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"ICICI Bonds Explained\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30184435\/ICICI-Bonds-Explained-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30184435\/ICICI-Bonds-Explained-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30184435\/ICICI-Bonds-Explained-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30184435\/ICICI-Bonds-Explained-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30184435\/ICICI-Bonds-Explained.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/\">ICICI Bonds Explained: Types, Safety, Yields, and Ratings<\/a><time datetime=\"2026-10-30T18:48:31+05:30\" class=\"wp-block-latest-posts__post-date\">October 30, 2026<\/time><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/guide\/hdfc-bonds-types-yield-rating\/\" aria-label=\"HDFC Bonds Explained: Types, Yields, Safety, and Ratings\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"HDFC Bank Bonds Explained\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/guide\/hdfc-bonds-types-yield-rating\/\">HDFC Bonds Explained: Types, Yields, Safety, and Ratings<\/a><time datetime=\"2026-10-30T18:24:15+05:30\" class=\"wp-block-latest-posts__post-date\">October 30, 2026<\/time><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/indian-bond-yields-rise-as-markets-await-us-fed-rate-decision\/\" aria-label=\"Indian Bond Yields Rise as Markets Await US Fed Rate Decision\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Indian Bond Yield Rise\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise.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\/indian-bond-yields-rise-as-markets-await-us-fed-rate-decision\/\">Indian Bond Yields Rise as Markets Await US Fed Rate Decision<\/a><time datetime=\"2026-10-30T18:08:50+05:30\" class=\"wp-block-latest-posts__post-date\">October 30, 2026<\/time><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"HDFC_Bank_AT1_Bonds_Higher_Yield_With_a_Catch\"><\/span><strong>HDFC Bank AT1 Bonds: Higher Yield, With a Catch<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>AT1 (Additional Tier 1) bonds are equity-like risk in a debt wrapper. The features that matter:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Perpetual:<\/strong> They\u2019re perpetual and unsecured, with non-cumulative coupons. There\u2019s no maturity date, only a call option the bank can use.<\/li>\n\n\n\n<li><strong>Cancellable coupons:<\/strong> The bank has full discretion to cancel coupon payments.<\/li>\n\n\n\n<li><strong>Write-down risk:<\/strong> The RBI can direct a bank to write down the entire value of <a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/perpetual-bonds-at1-in-india-is-the-extra-yield-worth-the-call-risk\/\">AT1 bonds<\/a> once it crosses PONV.<\/li>\n\n\n\n<li><strong>Lower rating:<\/strong> CARE rates HDFC Bank\u2019s Tier-I bonds at AA+, against AAA, for its infrastructure and Tier 2 debt.<\/li>\n\n\n\n<li><strong>Restricted access:<\/strong> Only qualified institutional buyers can take part in new AT1 issues, with a \u20b91 crore minimum allotment and trading lot.<\/li>\n<\/ul>\n\n\n\n<p>The cautionary tale is Yes Bank. In March 2020, \u20b98,415 crore of its AT1 bonds were written off in the rescue. More than six years later, on October 15, 2026, the Supreme Court upheld a ruling quashing that write-off, holding that the bank\u2019s administrator, not the RBI, had no authority to order it. The case turned on the process, not on whether AT1 bonds can absorb losses. One advocate noted the judgment doesn\u2019t protect them from a lawfully ordered write-down. HDFC Bank is far stronger, but the structure is the same.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"HDB_Financial_Services_NCDs_Group_Paper_Not_Bank_Paper\"><\/span><strong>HDB Financial Services NCDs: Group Paper, Not Bank Paper<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>HDB Financial Services is an NBFC that HDFC Bank set up in 2007. The bank remains the majority owner, with a 74.1% stake after the company\u2019s July 2025 IPO. Its bonds are the company\u2019s liability, not the bank\u2019s. CRISIL reaffirmed AAA\/Stable on its debt on September 28, 2026. But the rating rests on expected support from HDFC Bank and a moral obligation from the shared brand, not a legal guarantee. CRISIL says a one-notch downgrade of the bank, or a big fall in its ownership, could pull the rating down. It also calls the company\u2019s own asset quality moderate, with gross NPAs of 2.3% in June 2026.<\/p>\n\n\n\n<p>Rank matters here too, because the same AAA covers plain NCDs, subordinated debt, and perpetual bonds. Coupons on its 2026 NCD issues ranged from about 7.58% to 8.28%. CRISIL warns that the rating on perpetual bonds could move more sharply than on other debt.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Buy_HDFC_Bonds_in_India_and_How_Theyre_Taxed\"><\/span><strong>How to Buy HDFC Bonds in India and How They\u2019re Taxed<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You can buy listed bonds through a demat account or a SEBI-regulated online bond platform. The 2033 bond lists a \u20b91.1 lakh minimum on a \u20b91 lakh face value, and the Tier 2 series above needs \u20b91 crore. Check trading volumes too, since thin liquidity widens the gap between buy and sell prices.<\/p>\n\n\n\n<p>On tax, coupons are taxed at your slab rate, and gains on a listed bond sold after 12 months face long-term capital gains tax at 12.5%. Unlisted bonds are taxed at slab rates regardless of holding period. Unlike FDs, bonds don\u2019t get deposit insurance: DICGC cover is \u20b95 lakh per depositor per bank, and RBI\u2019s rules say infrastructure bonds aren\u2019t eligible for it.<\/p>\n\n\n\n<p>Want to compare similar options? Browse AAA-rated bank and NBFC NCDs on GoldenPi and check the coupon, tenure, and rating side by side before you invest.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Which_HDFC_Bond_Should_You_Choose\"><\/span><strong>Which HDFC Bond Should You Choose?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you want predictable income and can hold to maturity, senior infrastructure bonds and the older legacy bonds are the cleanest fit. Tier 2 suits investors who have read the PONV clause, though ticket sizes can be large. AT1 is institutional territory, and for fresh issues most readers have no access anyway. Judge group NCDs as NBFC credit. Whatever you pick, read the offer document, confirm the latest rating and match the maturity to your goal.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"HDFC_Bonds_Frequently_Asked_Questions\"><\/span>HDFC Bonds <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-1793364145219\"><strong class=\"schema-faq-question\">Q1. <strong>What types of bonds does HDFC Bank issue?<\/strong><\/strong> <p class=\"schema-faq-answer\">HDFC Bank has issued infrastructure bonds, non-convertible debentures (NCDs), Basel III Tier II bonds, and Additional Tier I (AT1) bonds. Their maturity, payment terms, seniority, and risk characteristics differ.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793364154985\"><strong class=\"schema-faq-question\">Q2. <strong>What is the difference between coupon rate and yield?<\/strong><\/strong> <p class=\"schema-faq-answer\">The coupon rate is the interest paid relative to a bond\u2019s face value. Yield reflects the return based on the price paid and the relevant cash flows. Buying a bond below or above face value changes its yield.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793364163014\"><strong class=\"schema-faq-question\">Q3. <strong>Why do HDFC Bank\u2019s AT1 bonds have a lower rating than its other bonds?<\/strong><\/strong> <p class=\"schema-faq-answer\">AT1 bonds are designed to absorb losses under specified conditions. Their contractual and regulatory features can expose investors to risks that do not apply in the same way to ordinary senior debt. This can justify a lower rating even when the issuer is the same bank.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793364175566\"><strong class=\"schema-faq-question\">Q4. <strong>Are HDFC Bank Tier II bonds safer than AT1 bonds?<\/strong><\/strong> <p class=\"schema-faq-answer\">Tier II bonds and AT1 bonds have different capital structures and loss-absorption provisions. Tier II bonds generally rank ahead of AT1 instruments, but both are regulatory capital instruments and carry risks beyond those of ordinary senior debt.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793364184575\"><strong class=\"schema-faq-question\">Q5. <strong>Are HDFC bonds risk-free because the issuer is a large bank?<\/strong><\/strong> <p class=\"schema-faq-answer\">No. A large issuer and a high credit rating can indicate strong credit quality, but neither makes a bond risk-free. Investors remain exposed to credit, interest-rate, liquidity and, where relevant, instrument-specific loss-absorption risks.<\/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.careratings.com\/upload\/CompanyFiles\/PR\/202307160732_HDFC_Bank_Limited.pdf\">CARE Ratings \u2014 HDFC Bank rating release, July 3, 2023<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.crisil.com\/mnt\/winshare\/Ratings\/RatingList\/RatingDocs\/HDFCBankLimited_June%2023_%202026_RR_398560.html\">CRISIL Ratings \u2014 HDFC Bank rating rationale, June 23, 2026<\/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: HDFC bonds are debt instruments through which HDFC Bank and its group companies borrow from investors, paying fixed interest&hellip;<\/p>\n","protected":false},"author":15,"featured_media":16842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1026,25],"tags":[1058,1059],"class_list":["post-16841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guide","category-bond-news","tag-hdfc-bonds","tag-hdfc-bond-types"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>HDFC Bonds Explained: Types, Yields, Safety, and Ratings<\/title>\n<meta name=\"description\" content=\"Explore HDFC bonds in India, including yield to maturity (YTM), credit ratings, interest payouts, tenure and risks. 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Why do HDFC Bank\u2019s AT1 bonds have a lower rating than its other bonds?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"AT1 bonds are designed to absorb losses under specified conditions. Their contractual and regulatory features can expose investors to risks that do not apply in the same way to ordinary senior debt. This can justify a lower rating even when the issuer is the same bank.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/hdfc-bonds-types-yield-rating\/#faq-question-1793364175566","position":4,"url":"https:\/\/goldenpi.com\/blog\/guide\/hdfc-bonds-types-yield-rating\/#faq-question-1793364175566","name":"Q4. Are HDFC Bank Tier II bonds safer than AT1 bonds?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Tier II bonds and AT1 bonds have different capital structures and loss-absorption provisions. 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