{"id":16850,"date":"2026-10-31T11:29:06","date_gmt":"2026-10-31T05:59:06","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16850"},"modified":"2026-10-31T11:29:07","modified_gmt":"2026-10-31T05:59:07","slug":"sbi-bonds-in-india-types-yields-ratings-and-risks","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/guide\/sbi-bonds-in-india-types-yields-ratings-and-risks\/","title":{"rendered":"SBI Bonds in India: Types, Yields, Ratings, and Risks"},"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=\"SBI_bonds_are_debt_instruments_through_which_State_Bank_of_India_and_its_group_companies_borrow_from_investors_paying_interest_and_returning_the_principal_at_maturity_The_main_types_are_senior_infrastructure_bonds_Tier_2_bonds_AT1_bonds_and_group-company_NCDs\"><\/span><strong>SBI bonds are debt instruments through which State Bank of India and its group companies borrow from investors, paying interest and returning the principal at maturity. The main types are senior infrastructure bonds, Tier 2 bonds, AT1 bonds, and group-company NCDs.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>Ask investors whether SBI bonds are safe, and the usual answer is, \u201cIt\u2019s the government\u2019s bank, so it must be as good as a sovereign.\u201d That deserves a closer look. CRISIL rates SBI\u2019s infrastructure and Tier II bonds AAA, but its Additional Tier 1 (AT1) bonds sit a notch lower at AA+. The reason is that AT1 bonds can lose their coupons or principal. This guide explains the main types of SBI bonds in India, what they pay, how they\u2019re rated, and where the risks sit. That way you choose by structure, not by the SBI name.<\/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\/sbi-bonds-in-india-types-yields-ratings-and-risks\/#SBI_bonds_are_debt_instruments_through_which_State_Bank_of_India_and_its_group_companies_borrow_from_investors_paying_interest_and_returning_the_principal_at_maturity_The_main_types_are_senior_infrastructure_bonds_Tier_2_bonds_AT1_bonds_and_group-company_NCDs\" >SBI bonds are debt instruments through which State Bank of India and its group companies borrow from investors, paying interest and returning the principal at maturity. The main types are senior infrastructure bonds, Tier 2 bonds, AT1 bonds, and group-company 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\/sbi-bonds-in-india-types-yields-ratings-and-risks\/#Who_Issues_SBI_Bonds\" >Who Issues SBI 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\/guide\/sbi-bonds-in-india-types-yields-ratings-and-risks\/#Government-Owned_Is_Not_Government-Guaranteed\" >Government-Owned Is Not Government-Guaranteed<\/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\/sbi-bonds-in-india-types-yields-ratings-and-risks\/#SBI_Bond_Types_Compared_Coupon_Rating_and_Risk\" >SBI Bond Types Compared: Coupon, Rating, and Risk<\/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\/sbi-bonds-in-india-types-yields-ratings-and-risks\/#SBI_Infrastructure_Bonds\" >SBI 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\/sbi-bonds-in-india-types-yields-ratings-and-risks\/#SBI_Tier_2_Bonds\" >SBI 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\/sbi-bonds-in-india-types-yields-ratings-and-risks\/#SBI_AT1_Bonds\" >SBI AT1 Bonds<\/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\/sbi-bonds-in-india-types-yields-ratings-and-risks\/#SBI_Cards_NCDs\" >SBI Cards 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\/sbi-bonds-in-india-types-yields-ratings-and-risks\/#How_to_Buy_SBI_Bonds_in_India_and_How_Theyre_Taxed\" >How to Buy SBI 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-10\" href=\"https:\/\/goldenpi.com\/blog\/guide\/sbi-bonds-in-india-types-yields-ratings-and-risks\/#Which_SBI_Bond_Fits_You\" >Which SBI Bond Fits You?<\/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\/sbi-bonds-in-india-types-yields-ratings-and-risks\/#SBI_Bonds_in_India_FAQs\" >SBI Bonds in India FAQs<\/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\/sbi-bonds-in-india-types-yields-ratings-and-risks\/#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\/sbi-bonds-in-india-types-yields-ratings-and-risks\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_Issues_SBI_Bonds\"><\/span><strong>Who Issues SBI Bonds?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An SBI bond is a loan you give to State Bank of India or, less often, to a group company. You earn a coupon (the interest rate) and get your principal back at maturity. SBI absorbed its associate banks in 2017, but the SBI bonds CRISIL rates today are all SBI\u2019s own issues. Group companies are separate borrowers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Government-Owned_Is_Not_Government-Guaranteed\"><\/span><strong>Government-Owned Is Not Government-Guaranteed<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The government held 55.03% of SBI on March 31, 2026 <sup>[1]<\/sup>, and CRISIL\u2019s ratings lean partly on strong expected support from it, which CRISIL describes as a moral obligation that comes with majority ownership. That\u2019s a reasonable expectation, but it isn\u2019t a promise written into the bond. Think of a rich owner of a family business: lenders expect the owner to step in during a crisis, but the owner hasn\u2019t signed a guarantee. The bank\u2019s own strength matters too. Its standalone gross NPAs were 1.49%, and its overall capital adequacy ratio was 15.4% as of March 2026 <sup>[2]<\/sup>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"SBI_Bond_Types_Compared_Coupon_Rating_and_Risk\"><\/span><strong>SBI Bond Types Compared: Coupon, Rating, and Risk<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Coupons are fixed at issue, while trading yields move daily. For context, the 2036 and 2041 <a href=\"https:\/\/goldenpi.com\/collections\/government-bonds\">government bonds<\/a> yielded 7.45% and 7.62% on October 27, 2026, so SBI bonds with lower coupons are likely to trade below face value. Check live prices before you buy.<\/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>Coupon (at issue)<\/strong><\/td><td><strong>Rating<\/strong><\/td><td><strong>Key catch<\/strong><\/td><\/tr><tr><td>Infrastructure bonds<\/td><td>SBI<\/td><td>7.23%\u20137.36% (2024 issues, due 2039)<\/td><td>AAA<\/td><td>Long tenure; prices fall if rates rise<\/td><\/tr><tr><td>Tier 2 bonds<\/td><td>SBI<\/td><td>6.93%\u20137.81% (2023\u201326 issues)<\/td><td>AAA<\/td><td>Subordinated; PONV risk; large ticket sizes<\/td><\/tr><tr><td>AT1 bonds<\/td><td>SBI<\/td><td>7.55%\u20138.34% (series outstanding in July 2026); 7.75% (July 2026 issue)<\/td><td>AA+<\/td><td>Perpetual; the coupon can be skipped; QIB-only<\/td><\/tr><tr><td>NCDs<\/td><td>SBI Cards<\/td><td>7.05% (July 2025, due 2028)<\/td><td>AAA<\/td><td>Unsecured card book; 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=\"SBI_Infrastructure_Bonds\"><\/span><strong>SBI Infrastructure Bonds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>These are plain, senior, <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/a-secured-and-an-unsecured-bond-differences\/\" type=\"post\" id=\"6552\">unsecured bonds<\/a>. RBI\u2019s rules require a minimum seven-year maturity, and in return they get relief from CRR and SLR requirements on the eligible credit. They carry no write-down clause. CRISIL rates \u20b910,000 crore of SBI\u2019s infrastructure bonds AAA\/Stable.<\/p>\n\n\n\n<p>SBI regularly issues infrastructure bonds to raise long-term funds for infrastructure and affordable housing. In July 2024, it raised \u20b910,000 crore through a 15-year issue carrying a 7.36% annual coupon. Its seventh infrastructure bond issue, in November 2024, raised another \u20b910,000 crore for 15 years at a 7.23% coupon.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Latest Bonds 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\/guaranteed-bonds-in-india\/\" aria-label=\"Guaranteed Bonds in India: How They Work, Key Risks, and What to Check\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31143422\/Guaranteed-Bonds-in-India-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Guaranteed Bonds in India\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31143422\/Guaranteed-Bonds-in-India-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31143422\/Guaranteed-Bonds-in-India-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31143422\/Guaranteed-Bonds-in-India-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31143422\/Guaranteed-Bonds-in-India-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31143422\/Guaranteed-Bonds-in-India.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/guide\/guaranteed-bonds-in-india\/\">Guaranteed Bonds in India: How They Work, Key Risks, and What to Check<\/a><time datetime=\"2026-10-31T14:35:39+05:30\" class=\"wp-block-latest-posts__post-date\">October 31, 2026<\/time><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/patna-municipal-bonds-200-crore-issue-and-bihars-market-debut\/\" aria-label=\"Patna Municipal Bonds: \u20b9200 Crore Raise Marks Bihar\u2019s Debut in India\u2019s Civic Debt Market\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31142355\/Patna-Municipal-Bonds-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Patna Municipal Bonds\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31142355\/Patna-Municipal-Bonds-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31142355\/Patna-Municipal-Bonds-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31142355\/Patna-Municipal-Bonds-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31142355\/Patna-Municipal-Bonds-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31142355\/Patna-Municipal-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\/patna-municipal-bonds-200-crore-issue-and-bihars-market-debut\/\">Patna Municipal Bonds: \u20b9200 Crore Raise Marks Bihar\u2019s Debut in India\u2019s Civic Debt Market<\/a><time datetime=\"2026-10-31T14:24:54+05:30\" class=\"wp-block-latest-posts__post-date\">October 31, 2026<\/time><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/foreign-holdings-of-indias-index-linked-bonds-hit-4-month-low\/\" aria-label=\"Foreign Holdings of India\u2019s Index-Linked Bonds Hit 4-Month Low as Oil and Rate Fears Mount\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31131407\/Foreign-Holdings-of-Indias-Index-Linked-Bonds-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Foreign Holdings of India\u2019s Index-Linked Bonds\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31131407\/Foreign-Holdings-of-Indias-Index-Linked-Bonds-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31131407\/Foreign-Holdings-of-Indias-Index-Linked-Bonds-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31131407\/Foreign-Holdings-of-Indias-Index-Linked-Bonds-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31131407\/Foreign-Holdings-of-Indias-Index-Linked-Bonds-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31131407\/Foreign-Holdings-of-Indias-Index-Linked-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\/foreign-holdings-of-indias-index-linked-bonds-hit-4-month-low\/\">Foreign Holdings of India\u2019s Index-Linked Bonds Hit 4-Month Low as Oil and Rate Fears Mount<\/a><time datetime=\"2026-10-31T13:10:45+05:30\" class=\"wp-block-latest-posts__post-date\">October 31, 2026<\/time><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"SBI_Tier_2_Bonds\"><\/span><strong>SBI Tier 2 Bonds<\/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. CRISIL rates SBI\u2019s Tier II program (about \u20b934,800 crore) AAA. It notes a point-of-non-viability (PONV) trigger, set by the RBI, that could cost investors principal, though CRISIL calls that remote in India.<\/p>\n\n\n\n<p>Recent coupons include 7.81% on a \u20b910,000 crore issue from November 2023, 7.33% from September 2024, and 7.05% from March 2026. A \u20b97,500 crore series from October 2025 pays 6.93% and is due in 2035. Ticket sizes vary: the 2020 series has a \u20b910 lakh face value, while a 2024 series has \u20b91 crore. Check the face value and call terms before you commit.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"SBI_AT1_Bonds\"><\/span><strong>SBI AT1 Bonds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-introduction\/what-are-additional-tier-1-at1-bonds\/\" type=\"post\" id=\"9980\">AT1 bonds<\/a> are equity-like risk in a debt wrapper. SBI is a heavy issuer: CRISIL\u2019s July 2026 list showed nine AT1 series issued between 2021 and 2024 alone. The features that matter:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Perpetual:<\/strong> There\u2019s no maturity date, only a call option the bank may or may not use. Coupons on those nine series range from 7.55% to 8.34%.<\/li>\n\n\n\n<li><strong>Cancellable coupons:<\/strong> The bank has discretion over coupons at all times, and a breach of the minimum CET1 capital ratio can stop payments.<\/li>\n\n\n\n<li><strong>Write-down risk:<\/strong> Principal can be written down if a preset capital trigger is breached. At the point of non-viability, the RBI is required to write the bonds down.<\/li>\n\n\n\n<li><strong>Lower rating:<\/strong> CRISIL marks AT1 down one notch from the bank\u2019s corporate rating to AA+ and warns that its rating can move faster than for Tier II.<\/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>A call is the bank\u2019s choice, not a promise, though SBI has recently used it. It redeemed a \u20b94,000 crore, 7.72% series in full on September 3, 2026. It also called a \u20b96,000 crore, 7.72% series, payable on October 17, 2026, with RBI permission. A \u20b93,974 crore, 7.55% series is lined up for a call on December 14. In July 2026, SBI sold \u20b94,691 crore of new AT1 at 7.75%, with a first call date of July 30, 2031.<\/p>\n\n\n\n<p>The cautionary tale is Yes Bank. In March 2020, the bank\u2019s administrator wrote down \u20b98,415 crore of its AT1 bonds during the rescue. The Bombay High Court set that aside in January 2023, and on October 15, 2026, the Supreme Court upheld the High Court, holding that the administrator had acted beyond his authority. SBI 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=\"SBI_Cards_NCDs\"><\/span><strong>SBI Cards NCDs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SBI Cards and Payment Services is a credit card company, and its bonds are its own liabilities, not SBI\u2019s. CRISIL reported SBI\u2019s 68.6% stake as of June 2025 and reaffirmed its AAA\/Stable rating in November 2025, citing expected support from SBI <sup>[3]<\/sup>. The shared brand creates a moral obligation to support the company, but not a guarantee. A downgrade of SBI or its stake falling below 50% could trigger a similar rating action.<\/p>\n\n\n\n<p>The company\u2019s loan book is entirely unsecured, but gross NPAs improved to 1.90% in September 2026, from 2.85% a year earlier <sup>[4]<\/sup>. In July 2025, SBI Cards issued \u20b92,000 crore of NCDs at a 7.05% coupon, maturing in July 2028. Its 2024 Lower Tier II bonds carried coupons of 8.25%\u20138.33%; these are historical coupon rates on different instruments, not current market yields.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Buy_SBI_Bonds_in_India_and_How_Theyre_Taxed\"><\/span><strong>How to Buy SBI 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. SEBI allowed face values as low as \u20b910,000 on private placements in July 2024, but SBI\u2019s own bonds tend to be larger, as the \u20b91 lakh and \u20b91 crore examples above show. Check trading volumes too, since thin liquidity widens the gap between buy and sell prices.<\/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<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<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Which_SBI_Bond_Fits_You\"><\/span><strong>Which SBI Bond Fits You?<\/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 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 SBI Cards\u2019 NCDs as NBFC credit. 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. Whatever you pick, read the offer document and confirm the latest rating.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"SBI_Bonds_in_India_FAQs\"><\/span>SBI Bonds in India FAQs<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-1793366468825\"><strong class=\"schema-faq-question\">Q1. <strong>What are the main types of SBI bonds in India?<\/strong><\/strong> <p class=\"schema-faq-answer\">The main categories include infrastructure bonds, long-term unsecured bonds, Tier II bonds, and AT1 bonds.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793366480142\"><strong class=\"schema-faq-question\">Q2. <strong>What are SBI infrastructure bonds?<\/strong><\/strong> <p class=\"schema-faq-answer\">These are bonds issued by SBI under the applicable infrastructure-bond framework. They have specified coupon and maturity terms and may appeal to investors seeking contractual interest payments. The individual issue documents determine the precise terms and risks.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793366491012\"><strong class=\"schema-faq-question\">Q3. <strong>Are SBI infrastructure bonds secured?<\/strong><\/strong> <p class=\"schema-faq-answer\">Do not assume they are secured merely because they are called infrastructure bonds. Check the issue documents for the security status, repayment ranking, guarantees, and other terms. Many SBI bond issues are unsecured.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793366502255\"><strong class=\"schema-faq-question\">Q4. <strong>Are SBI bonds backed by the Government of India?<\/strong><\/strong> <p class=\"schema-faq-answer\">SBI is majority-owned by the Government of India, and rating agencies may factor expected government support into their assessments. However, an SBI bond is not automatically a sovereign guarantee. Investors should check whether the specific instrument carries an explicit guarantee.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793366516144\"><strong class=\"schema-faq-question\">Q5. <strong>Are capital gains possible on SBI bonds?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes. Selling a bond for more than its tax cost may result in a capital gain, while selling below cost may result in a loss. The applicable tax treatment depends on the instrument, acquisition and sale dates, holding period, and current law.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793366530507\"><strong class=\"schema-faq-question\">Q6. <strong>How can investors check the current yield of an SBI bond?<\/strong><\/strong> <p class=\"schema-faq-answer\">Look up the bond\u2019s exact ISIN and check its latest available market price, accrued interest, coupon schedule, and maturity date. Use these details to assess its yield to maturity (YTM). If there is no recent trade or reliable price, the available yield estimate may be less useful.<\/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.crisil.com\/mnt\/winshare\/Ratings\/RatingList\/RatingDocs\/StateBankofIndia_July%2024_%202026_RR_400918.html\">CRISIL Ratings \u2014 State Bank of India Rating Rationale, 24 July 2026<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/sbi.bank.in\/documents\/17836\/53469043\/SBI%2BPress%2BRelease%2BQ4FY26.pdf\/fd1600b0-e4d6-bbf6-3c42-f572a278ca8f?t=1778230012819\">SBI \u2013 Q4 FY2025\u201326 results<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.crisilratings.com\/mnt\/winshare\/Ratings\/RatingList\/RatingDocs\/SBICardsandPaymentServicesLimited_November%2014_%202025_RR_383033.html\">CRISIL Ratings \u2014 SBI Cards and Payment Services Limited\u00a0 Rating Rationale, 14 November 2025<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.sbicard.com\/sbi-card-en\/assets\/docs\/pdf\/who-we-are\/notices\/SEFilingOutcomeofBoardMeeting23oct2026.pdf\">SBI Card \u2013 Q2 FY2026\u201327 Financial Results<\/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: SBI bonds are debt instruments through which State Bank of India and its group companies borrow from investors, paying&hellip;<\/p>\n","protected":false},"author":17,"featured_media":16852,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1026,25],"tags":[],"class_list":["post-16850","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>SBI Bonds in India: Types, Yields, Ratings, and Risks<\/title>\n<meta name=\"description\" content=\"Explore SBI bonds in India, including bond types, yields, credit ratings, interest payouts and investment risks. Learn how to evaluate SBI bonds and what investors should check before investing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldenpi.com\/blog\/guide\/sbi-bonds-in-india-types-yields-ratings-and-risks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBI Bonds in India: Types, Yields, Ratings, and Risks\" \/>\n<meta property=\"og:description\" content=\"Explore SBI bonds in India, including bond types, yields, credit ratings, interest payouts and investment risks. Learn how to evaluate SBI bonds and what investors should check before investing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldenpi.com\/blog\/guide\/sbi-bonds-in-india-types-yields-ratings-and-risks\/\" \/>\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=\"2026-10-31T05:59:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-31T05:59:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31112307\/SBI-Bonds-in-India.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=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/\"},\"author\":{\"name\":\"Deepak Narang | CFA Level 3\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#\\\/schema\\\/person\\\/9781cfb40abd7777b2fcbbbd5b6ac0ba\"},\"headline\":\"SBI Bonds in India: Types, Yields, Ratings, and Risks\",\"datePublished\":\"2026-10-31T05:59:06+00:00\",\"dateModified\":\"2026-10-31T05:59:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/\"},\"wordCount\":1706,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/31112307\\\/SBI-Bonds-in-India.jpg\",\"articleSection\":[\"Guide\",\"Bond News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/#respond\"]}]},{\"@type\":[\"WebPage\",\"FAQPage\"],\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/\",\"url\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/\",\"name\":\"SBI Bonds in India: Types, Yields, Ratings, and Risks\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/31112307\\\/SBI-Bonds-in-India.jpg\",\"datePublished\":\"2026-10-31T05:59:06+00:00\",\"dateModified\":\"2026-10-31T05:59:07+00:00\",\"description\":\"Explore SBI bonds in India, including bond types, yields, credit ratings, interest payouts 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\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/#faq-question-1793366468825\",\"position\":1,\"url\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/#faq-question-1793366468825\",\"name\":\"Q1. What are the main types of SBI bonds in India?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The main categories include infrastructure bonds, long-term unsecured bonds, Tier II bonds, and AT1 bonds.\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"},{\"@type\":\"Question\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/#faq-question-1793366480142\",\"position\":2,\"url\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/#faq-question-1793366480142\",\"name\":\"Q2. What are SBI infrastructure bonds?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"These are bonds issued by SBI under the applicable infrastructure-bond framework. They have specified coupon and maturity terms and may appeal to investors seeking contractual interest payments. The individual issue documents determine the precise terms and risks.\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"},{\"@type\":\"Question\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/#faq-question-1793366491012\",\"position\":3,\"url\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/#faq-question-1793366491012\",\"name\":\"Q3. Are SBI infrastructure bonds secured?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Do not assume they are secured merely because they are called infrastructure bonds. Check the issue documents for the security status, repayment ranking, guarantees, and other terms. Many SBI bond issues are unsecured.\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"},{\"@type\":\"Question\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/#faq-question-1793366502255\",\"position\":4,\"url\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/sbi-bonds-in-india-types-yields-ratings-and-risks\\\/#faq-question-1793366502255\",\"name\":\"Q4. Are SBI bonds backed by the Government of India?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"SBI is majority-owned by the Government of India, and rating agencies may factor expected government support into their assessments. However, an SBI bond is not automatically a sovereign guarantee. 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