{"id":16844,"date":"2026-10-30T18:48:31","date_gmt":"2026-10-30T13:18:31","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16844"},"modified":"2026-10-30T18:49:47","modified_gmt":"2026-10-30T13:19:47","slug":"icici-bonds-types-safety-yields-and-ratings","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/","title":{"rendered":"ICICI Bonds Explained: Types, Safety, Yields, 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=\"ICICI_bonds_are_debt_instruments_issued_by_ICICI_Bank_or_ICICI_Home_Finance_old_ICICI_Safety_Bonds_were_issued_by_former_ICICI_Ltd_before_its_2002_merger_with_ICICI_Bank_ICICI_Home_Finance_NCDs_are_AAA-rated_housing-finance_bonds_issued_by_a_separate_ICICI_Group_entity_not_directly_by_ICICI_Bank\"><\/span><strong>ICICI bonds are debt instruments issued by ICICI Bank or ICICI Home Finance; old ICICI Safety Bonds were issued by former ICICI Ltd. before its 2002 merger with ICICI Bank. ICICI Home Finance NCDs are AAA-rated housing-finance bonds issued by a separate ICICI Group entity, not directly by ICICI Bank.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>ICICI Bank is one of India\u2019s largest private-sector banks, and its bonds are widely followed because they combine a strong banking franchise with a layered capital structure. But \u201cICICI bond\u201d is not one product: the risk, maturity, liquidity, and loss-absorption features differ materially across instruments. Understanding those differences matters more than chasing the highest headline yield.<\/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\/icici-bonds-types-safety-yields-and-ratings\/#ICICI_bonds_are_debt_instruments_issued_by_ICICI_Bank_or_ICICI_Home_Finance_old_ICICI_Safety_Bonds_were_issued_by_former_ICICI_Ltd_before_its_2002_merger_with_ICICI_Bank_ICICI_Home_Finance_NCDs_are_AAA-rated_housing-finance_bonds_issued_by_a_separate_ICICI_Group_entity_not_directly_by_ICICI_Bank\" >ICICI bonds are debt instruments issued by ICICI Bank or ICICI Home Finance; old ICICI Safety Bonds were issued by former ICICI Ltd. before its 2002 merger with ICICI Bank. ICICI Home Finance NCDs are AAA-rated housing-finance bonds issued by a separate ICICI Group entity, not directly by ICICI Bank.<\/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\/icici-bonds-types-safety-yields-and-ratings\/#ICICI_Bond_Types_at_a_Glance\" >ICICI Bond Types at a Glance<\/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\/icici-bonds-types-safety-yields-and-ratings\/#ICICI_Safety_Bonds_What_Happened_and_How_to_Claim\" >ICICI Safety Bonds: What Happened and How to Claim<\/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\/icici-bonds-types-safety-yields-and-ratings\/#The_Modern_ICICI_Debt_Spectrum\" >The Modern ICICI Debt Spectrum<\/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\/icici-bonds-types-safety-yields-and-ratings\/#ICICI_Senior_Infrastructure_Bonds\" >ICICI Senior Infrastructure Bonds<\/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\/icici-bonds-types-safety-yields-and-ratings\/#ICICI_Tier_2_Bonds\" >ICICI Tier 2 Bonds<\/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\/icici-bonds-types-safety-yields-and-ratings\/#ICICI_AT1_Bonds_and_the_PONV_Walkthrough\" >ICICI AT1 Bonds and the PONV Walkthrough<\/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\/icici-bonds-types-safety-yields-and-ratings\/#ICICI_Home_Finance_NCDs\" >ICICI Home Finance NCDs<\/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\/icici-bonds-types-safety-yields-and-ratings\/#How_to_Buy_and_Tax\" >How to Buy and Tax<\/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\/icici-bonds-types-safety-yields-and-ratings\/#Which_ICICI_Bond_Fits_Your_Portfolio\" >Which ICICI Bond Fits Your Portfolio<\/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\/icici-bonds-types-safety-yields-and-ratings\/#ICICI_Bonds_Frequently_Asked_Questions\" >ICICI 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-12\" href=\"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/#Sources\" >Sources<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p>ICICI bonds mean two very different things depending on when you encountered the name. If you hold an old ICICI Safety Bond, your question is usually about redemption, unclaimed money, or a lost certificate; if you are evaluating ICICI Bank debt today, the relevant choices are senior infrastructure bonds, Tier 2 bonds, AT1 bonds, and ICICI Home Finance NCDs. This guide covers both: legacy holders can go straight to ICICI Safety Bonds: What Happened and How to Claim, while investors comparing current paper can start at The Modern ICICI Debt Spectrum.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ICICI_Bond_Types_at_a_Glance\"><\/span><strong>ICICI Bond Types at a Glance<\/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>Instrument<\/strong><\/td><td><strong>Issuer<\/strong><\/td><td><strong>Indicative yield\/coupon<\/strong><\/td><td><strong>Rating<\/strong><\/td><td><strong>Priority or catch<\/strong><\/td><\/tr><tr><td>Senior infrastructure bonds<\/td><td>ICICI Bank<\/td><td>7.53% coupon on the July 2034 issue; current dated yield varies<\/td><td>AAA (ICRA\/CARE)<\/td><td>Senior unsecured, minimum seven-year maturity under RBI norms<\/td><\/tr><tr><td>Tier 2 bonds<\/td><td>ICICI Bank<\/td><td>Varies by ISIN and maturity<\/td><td>AAA (CARE; ICRA on Basel III programs)<\/td><td>Subordinated and subject to PONV write-down\/conversion<\/td><\/tr><tr><td>AT1 bonds<\/td><td>ICICI Bank<\/td><td>Varies; typically higher than senior paper<\/td><td>AA+ (ICRA\/CARE)<\/td><td>Perpetual, cancellable coupons and PONV write-down risk<\/td><\/tr><tr><td>NCDs<\/td><td>ICICI Home Finance<\/td><td>Example: 7.85% coupon, about 7.72% secondary yield<\/td><td>AAA (ICRA\/CARE\/CRISIL)<\/td><td>Separate NBFC issuer; housing-finance credit with parent linkage<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ICICI_Safety_Bonds_What_Happened_and_How_to_Claim\"><\/span><strong>ICICI Safety Bonds: What Happened and How to Claim<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The old ICICI Safety Bonds were issued by former ICICI Ltd. before its merger with ICICI Bank in 2002. ICICI Bank\u2019s investor pages continue to list long-term bonds issued by the former ICICI Ltd, which is why many families still hold these certificates or demat holdings today.<\/p>\n\n\n\n<p>ICICI Bank currently states that no new bond issuances are active, while existing bondholders can continue to manage holdings with the bank and associated partners. If you hold an old bond, first check whether it is in demat or physical form. For demat holdings, ensure your registered bank account and contact details are updated, since redemption proceeds are typically credited to the registered account. For physical certificates, contact the registrar with the certificate and supporting identity documents.<\/p>\n\n\n\n<p>For money unclaimed for seven years, the amount may be transferred to the Investor Education and Protection Fund (IEPF). Investors can then file a claim through Form IEPF-5 on the IEPF website; claims involving physical bonds generally require the original certificate. ICICI Bank lists 3i Infotech as the registrar for its bonds and debentures, though holders should confirm the registrar from their own certificate because older issues may differ.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Modern_ICICI_Debt_Spectrum\"><\/span><strong>The Modern ICICI Debt Spectrum<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Today\u2019s ICICI debt market is best understood as a spectrum: ICICI Bank issues senior, Tier 2, and <a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/perpetual-bonds-at1-in-india-is-the-extra-yield-worth-the-call-risk\/\" type=\"post\" id=\"16040\">AT1 bonds<\/a>, while ICICI Home Finance issues NCDs backed by a housing-finance business and parent support. The 2002 merger of ICICI Ltd into ICICI Bank is also the source of much of the legacy bond paper still searched for today.<\/p>\n\n\n\n<p>On 23 October 2026, ICRA reaffirmed its [ICRA] AAA (Stable) rating on ICICI Bank\u2019s infrastructure bonds <sup>[1]<\/sup>. CARE Ratings reaffirmed its CARE AAA; Stable ratings on the bank\u2019s infrastructure and Tier II bonds. Both agencies also reaffirmed their respective AA+ ratings, with stable outlooks, on Tier I bonds.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ICICI_Senior_Infrastructure_Bonds\"><\/span><strong>ICICI Senior Infrastructure Bonds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>ICICI Bank\u2019s senior infrastructure bonds are unsecured bank obligations, but they sit ahead of Tier 2 and AT1 capital in the repayment hierarchy and do not have the loss-absorption triggers attached to regulatory capital instruments. The RBI\u2019s framework for banks raising resources through infrastructure bonds sets a minimum maturity of seven years, rather than a fixed 7\u201310-year window.<\/p>\n\n\n\n<p>A useful example is ICICI Bank\u2019s 7.53% infrastructure bond (ISIN: INE090A08UL3), allotted on 1 July 2024 and maturing on 3 July 2034. It has a face value of \u20b91 lakh per bond, pays interest annually, and carries AAA\/Stable ratings from ICRA, CARE Ratings, and CRISIL Ratings. For a buyer today, the relevant number is not only the coupon but the dated yield, which is the return if purchased at the current market price and held to maturity. Secondary-market yields can differ from the original coupon as interest rates and credit spreads move.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ICICI_Tier_2_Bonds\"><\/span><strong>ICICI Tier 2 Bonds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Tier 2 bonds are subordinated debt: they rank behind senior creditors if a bank is wound up. They also carry a Point of Non-Viability (PONV) trigger, under which the bonds can be written down or converted if the regulator determines the bank would become non-viable without recapitalization.<\/p>\n\n\n\n<p>That makes Tier 2 paper riskier than senior infrastructure bonds, even when both carry strong ratings. CARE rates ICICI Bank\u2019s Tier II bonds AAA (Stable), while ICRA maintains AAA ratings on the bank\u2019s Basel III bond programs; still, the rating reflects the bank\u2019s overall credit strength, not a guarantee that subordination or PONV risk cannot matter in severe stress. Investors should read the specific ISIN\u2019s term sheet for call dates, maturity and trigger terms rather than assuming they match another ICICI issue.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ICICI_AT1_Bonds_and_the_PONV_Walkthrough\"><\/span><strong>ICICI AT1 Bonds and the PONV Walkthrough<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Additional Tier 1, or AT1, bonds are the most complex part of a bank\u2019s capital stack. They are perpetual instruments, meaning they have no fixed maturity date, and their coupons can be cancelled at the bank\u2019s discretion without constituting a default.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Key features to understand:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Perpetual structure:<\/strong> AT1 bonds do not have a stated maturity date, so exit is usually through a sale in the secondary market rather than waiting for redemption.<\/li>\n\n\n\n<li><strong>Discretionary coupons:<\/strong> The bank can skip or cancel coupon payments, subject to regulatory conditions, without triggering an event of default.<\/li>\n\n\n\n<li><strong>PONV write-down:<\/strong> If the RBI determines that the bank is non-viable, AT1 bonds can be written down fully or partially, or converted into equity, before senior and Tier 2 creditors absorb losses.<\/li>\n\n\n\n<li><strong>Rating and access:<\/strong> ICICI Bank\u2019s Tier 1 bonds are rated AA+ by ICRA and CARE, lower than the AAA rating on its senior infrastructure bonds and CARE\u2019s AAA on Tier II bonds.<\/li>\n\n\n\n<li><strong>Restricted access:<\/strong> Following SEBI\u2019s 2020 framework, non-institutional investors such as HNIs generally cannot subscribe to fresh AT1 issues; access is effectively limited to the secondary market, often in large lot sizes.<\/li>\n<\/ul>\n\n\n\n<p>For investors whose priority is principal protection, the extra yield on perpetual AT1 paper is compensation for materially different risks, not a free upgrade over senior <a href=\"https:\/\/goldenpi.com\/collections\/highly-rated-bonds\">AAA bonds<\/a>. Senior infrastructure bonds may offer lower potential yield, but they avoid the perpetual structure, coupon-cancellation risk and PONV write-down features that define AT1 instruments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ICICI_Home_Finance_NCDs\"><\/span><strong>ICICI Home Finance NCDs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>ICICI Home Finance Company Limited is a separate issuer from ICICI Bank, though its credit profile is supported by its relationship with the parent. Its NCDs are therefore best viewed as housing-finance credit with parent linkage, rather than direct ICICI Bank exposure.<\/p>\n\n\n\n<p>ICRA has reaffirmed its [ICRA]AAA (Stable) rating on ICICI Home Finance NCDs, while CARE also rates the company\u2019s debt at AAA. For example, a 7.85% secured NCD (ISIN: INE071G07603) maturing on 12 May 2028 has been quoted at an indicative yield of around 7.70% <sup>[2]<\/sup>. This is illustrative, not a guaranteed return: the yield available to an investor depends on the purchase price, residual maturity, the specific ISIN and prevailing market conditions.<\/p>\n\n\n\n<p>You can also compare similar options and 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=\"How_to_Buy_and_Tax\"><\/span><strong>How to Buy and Tax<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Investors can buy listed ICICI Bank and ICICI Home Finance bonds through the secondary market via a broking platform or through primary NCD issues when available. ICICI Bank itself currently says no new bond issuances are active, so much of the practical access today is through listed secondary-market bonds.<\/p>\n\n\n\n<p>Interest from bonds is generally taxed at the investor\u2019s applicable income-tax slab. If a bond is sold before maturity, capital-gains treatment depends on the holding period and the applicable tax rules at the time of sale. Investors should also check whether the bond is listed, its settlement liquidity, face value, and accrued-interest treatment before placing an order.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Which_ICICI_Bond_Fits_Your_Portfolio\"><\/span><strong>Which ICICI Bond Fits Your Portfolio<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A conservative investor seeking predictable maturity proceeds will usually look first at ICICI Bank\u2019s senior AAA infrastructure bonds. An investor comfortable with subordination may consider Tier 2 paper, while AT1 bonds suit only those who understand perpetual instruments and regulatory loss-absorption risk. ICICI Home Finance NCDs offer a separate AAA-rated housing-finance exposure, but they are not the same as ICICI Bank bonds.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ICICI_Bonds_Frequently_Asked_Questions\"><\/span><strong>ICICI Bonds 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-1793365069156\"><strong class=\"schema-faq-question\">Q1. <strong>What types of bonds does ICICI Bank issue?<\/strong><\/strong> <p class=\"schema-faq-answer\">ICICI Bank has issued infrastructure bonds, unsecured redeemable bonds, Basel III Tier II bonds, and Basel III AT1 bonds. Investors should check the exact instrument because maturity, repayment priority, and loss-absorption provisions vary.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793365083593\"><strong class=\"schema-faq-question\">Q2. <strong>Are ICICI Bank infrastructure bonds secured?<\/strong><\/strong> <p class=\"schema-faq-answer\">Do not assume they are secured simply because they finance infrastructure-related funding requirements. Check the specific issue documents for security status, ranking, guarantees, and repayment terms.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793365101409\"><strong class=\"schema-faq-question\">Q3. <strong>Can investors buy ICICI Bank bonds in the secondary market?<\/strong><\/strong> <p class=\"schema-faq-answer\">Some outstanding ICICI Bank bonds can be bought through permitted secondary-market channels. Availability depends on the specific ISIN, listing and trading activity. Not every outstanding bond will have an active market.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793365195953\"><strong class=\"schema-faq-question\">Q4. <strong>How can investors check the current yield of an ICICI Bank bond?<\/strong><\/strong> <p class=\"schema-faq-answer\">Look up the exact ISIN and verify its latest available price, coupon schedule, maturity date and accrued interest. Use these details to assess YTM. The original issue coupon alone does not tell you the return available to a new buyer.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793365208134\"><strong class=\"schema-faq-question\">Q5. <strong>Are ICICI Bank Tier II bonds safe for retail investors?<\/strong><\/strong> <p class=\"schema-faq-answer\">Tier II bonds may be suitable for some investors who understand their terms and risks. They are regulatory capital instruments and can be exposed to loss under specified circumstances. Their high rating should not be treated as equivalent to a guarantee.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793365221386\"><strong class=\"schema-faq-question\">Q6. <strong>How is interest from ICICI Bank bonds taxed?<\/strong><\/strong> <p class=\"schema-faq-answer\">Interest is generally taxable under the applicable income-tax rules. The precise treatment and any withholding obligations depend on the instrument, investor and relevant tax year.<\/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.icra.in\/Rating\/RatingDetails?CompanyId=24004&amp;CompanyName=ICICI%20Bank%20Limited\">ICRA \u2014 ICICI Bank Limited Rating Details<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.icra.in\/Rating\/GetRationalReportFilePdf?Id=142927\">ICRA \u2013 ICICI Home Finance Company Limited Rating rationale, 8 May 2026 (PDF)<\/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: ICICI bonds are debt instruments issued by ICICI Bank or ICICI Home Finance; old ICICI Safety Bonds were issued&hellip;<\/p>\n","protected":false},"author":17,"featured_media":16847,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1026,25],"tags":[1060],"class_list":["post-16844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guide","category-bond-news","tag-icici-bonds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ICICI Bonds Explained: Types, Safety, Yields, and Ratings<\/title>\n<meta name=\"description\" content=\"Explore ICICI bonds in India, including yields, credit ratings, interest payouts, tenure and investment risks. 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Learn how to assess ICICI Bank bonds and what investors should check before investing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/\" \/>\n<meta property=\"og:site_name\" content=\"GoldenPi | Blogs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/goldenpitech\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-30T13:18:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-30T13:19:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30184435\/ICICI-Bonds-Explained.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Deepak Narang | CFA Level 3\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@GoldenPiTech\" \/>\n<meta name=\"twitter:site\" content=\"@GoldenPiTech\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Deepak Narang | CFA Level 3\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/icici-bonds-types-safety-yields-and-ratings\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/icici-bonds-types-safety-yields-and-ratings\\\/\"},\"author\":{\"name\":\"Deepak Narang | CFA Level 3\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#\\\/schema\\\/person\\\/9781cfb40abd7777b2fcbbbd5b6ac0ba\"},\"headline\":\"ICICI Bonds Explained: Types, Safety, Yields, and Ratings\",\"datePublished\":\"2026-10-30T13:18:31+00:00\",\"dateModified\":\"2026-10-30T13:19:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/icici-bonds-types-safety-yields-and-ratings\\\/\"},\"wordCount\":1879,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/icici-bonds-types-safety-yields-and-ratings\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/30184435\\\/ICICI-Bonds-Explained.jpg\",\"keywords\":[\"Icici Bonds\"],\"articleSection\":[\"Guide\",\"Bond News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/icici-bonds-types-safety-yields-and-ratings\\\/#respond\"]}]},{\"@type\":[\"WebPage\",\"FAQPage\"],\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/icici-bonds-types-safety-yields-and-ratings\\\/\",\"url\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/icici-bonds-types-safety-yields-and-ratings\\\/\",\"name\":\"ICICI Bonds Explained: Types, Safety, Yields, and Ratings\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/icici-bonds-types-safety-yields-and-ratings\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/icici-bonds-types-safety-yields-and-ratings\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/30184435\\\/ICICI-Bonds-Explained.jpg\",\"datePublished\":\"2026-10-30T13:18:31+00:00\",\"dateModified\":\"2026-10-30T13:19:47+00:00\",\"description\":\"Explore ICICI bonds in India, including yields, credit ratings, interest payouts, tenure and investment risks. 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Having cleared CFA Level 3, Deepak specializes in identifying risk profiles and investment potential of diverse sectors, ranging from large-scale manufacturing and traditional financial institutions to the high-growth world of new-age startups.","sameAs":["https:\/\/www.linkedin.com\/in\/deepak-narang-a119a08a\/"],"url":"https:\/\/goldenpi.com\/blog\/author\/deepak-narang\/"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/#faq-question-1793365069156","position":1,"url":"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/#faq-question-1793365069156","name":"Q1. What types of bonds does ICICI Bank issue?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"ICICI Bank has issued infrastructure bonds, unsecured redeemable bonds, Basel III Tier II bonds, and Basel III AT1 bonds. Investors should check the exact instrument because maturity, repayment priority, and loss-absorption provisions vary.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/#faq-question-1793365083593","position":2,"url":"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/#faq-question-1793365083593","name":"Q2. Are ICICI Bank infrastructure bonds secured?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Do not assume they are secured simply because they finance infrastructure-related funding requirements. Check the specific issue documents for security status, ranking, guarantees, and repayment terms.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/#faq-question-1793365101409","position":3,"url":"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/#faq-question-1793365101409","name":"Q3. Can investors buy ICICI Bank bonds in the secondary market?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Some outstanding ICICI Bank bonds can be bought through permitted secondary-market channels. Availability depends on the specific ISIN, listing and trading activity. Not every outstanding bond will have an active market.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/#faq-question-1793365195953","position":4,"url":"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/#faq-question-1793365195953","name":"Q4. How can investors check the current yield of an ICICI Bank bond?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Look up the exact ISIN and verify its latest available price, coupon schedule, maturity date and accrued interest. Use these details to assess YTM. The original issue coupon alone does not tell you the return available to a new buyer.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/#faq-question-1793365208134","position":5,"url":"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/#faq-question-1793365208134","name":"Q5. Are ICICI Bank Tier II bonds safe for retail investors?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Tier II bonds may be suitable for some investors who understand their terms and risks. They are regulatory capital instruments and can be exposed to loss under specified circumstances. Their high rating should not be treated as equivalent to a guarantee.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/#faq-question-1793365221386","position":6,"url":"https:\/\/goldenpi.com\/blog\/guide\/icici-bonds-types-safety-yields-and-ratings\/#faq-question-1793365221386","name":"Q6. How is interest from ICICI Bank bonds taxed?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Interest is generally taxable under the applicable income-tax rules. 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