{"id":8997,"date":"2024-12-17T07:29:37","date_gmt":"2024-12-17T07:29:37","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=8997"},"modified":"2026-04-15T06:04:34","modified_gmt":"2026-04-15T06:04:34","slug":"what-are-government-bonds","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-bonds\/what-are-government-bonds\/","title":{"rendered":"What are Government Bonds?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Government bonds are debt-based financial instruments through which a government- central or state, raises finance or capital for infrastructure development or new projects. The investors of such bonds receive a predetermined interest payment periodically for an agreed-upon tenure. When such bonds mature, the investors get their principal amount back.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Read on and learn more about the various <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/types-of-government-bonds\/\" target=\"_blank\" rel=\"noopener noreferrer\">types of government bonds<\/a> and what factors influence them.<\/span><\/p>\n<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 ' ><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\/fixed-income\/govt-bonds\/what-are-government-bonds\/#Explore_the_Common_Government_Bond_Types_in_India\" >Explore the Common Government Bond Types in India<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-bonds\/what-are-government-bonds\/#Fixed-rate_Bonds\" >Fixed-rate Bonds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-bonds\/what-are-government-bonds\/#Floating-rate_Bonds\" >Floating-rate Bonds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-bonds\/what-are-government-bonds\/#Zero-Coupon_Bonds\" >Zero-Coupon Bonds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-bonds\/what-are-government-bonds\/#Sovereign_Gold_BondsSGBs\" >Sovereign Gold Bonds(SGBs)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-bonds\/what-are-government-bonds\/#Inflation-indexed_bonds\" >Inflation-indexed bonds<\/a><\/li><\/ul><\/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\/fixed-income\/govt-bonds\/what-are-government-bonds\/#Explore_3_Key_Factors_Affecting_the_Government_Bond_Price\" >Explore 3 Key Factors Affecting the Government Bond Price<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-bonds\/what-are-government-bonds\/#Demand_and_Supply\" >Demand and Supply<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-bonds\/what-are-government-bonds\/#Inflation\" >Inflation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-bonds\/what-are-government-bonds\/#Interest_Rate\" >Interest Rate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-bonds\/what-are-government-bonds\/#Wrapping_Up\" >Wrapping Up!<\/a><\/li><\/ul><\/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\/fixed-income\/govt-bonds\/what-are-government-bonds\/#FAQs_About_What_are_Government_Bonds\" >FAQs About What are Government Bonds?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-bonds\/what-are-government-bonds\/#1_What_are_the_benefits_of_investing_in_government_bonds\" >1. What are the benefits of investing in government bonds?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-bonds\/what-are-government-bonds\/#2_Can_investors_directly_invest_in_government_bonds\" >2. Can investors directly invest in government bonds?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-bonds\/what-are-government-bonds\/#3_What_if_the_interest_payment_date_of_government_bonds_falls_on_a_holiday\" >3. What if the interest payment date of government bonds falls on a holiday?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Explore_the_Common_Government_Bond_Types_in_India\"><\/span><strong>Explore the Common Government Bond Types in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The government issues various government bonds to cater to the financial needs of diverse investors. Here are some of the common types:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Fixed-rate_Bonds\"><\/span><strong>Fixed-rate Bonds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A fixed-rate government bond is a security which offers fixed interest payments to the investors, throughout the tenure of the bond. It means the interest payments from such bonds do not change per the current interest rates. Most of the <a href=\"https:\/\/goldenpi.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">bonds<\/a> issued by the government are fixed-rate bonds.\u00a0\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Floating-rate_Bonds\"><\/span><strong>Floating-rate Bonds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/rbi-floating-rate-savings-bonds-explained\/\">Floating-rate<\/a> government bonds do not offer a fixed-interest income. Instead, the interest rate on such bonds varies depending on the benchmarks from where it is taken. Let\u2019s take an example:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The bond price is INR 1000; The quoted margin is 3% (remains constant during the bond\u2019s tenure); the Liable rate is 1%; the Tenure is 2 years, and the Liability for interest payment is every 6 months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, income after 6 months:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[3%(quoted margin)+ 1% liable rate during purchase] x 1000 bond price= INR40<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After six months, the liable rate increases to 2%:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The amount the investor will receive after one year:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[3%(quoted margin)+ 2% liable rate(revised)] x 1000 bond price = INR50<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Zero-Coupon_Bonds\"><\/span><strong>Zero-Coupon Bonds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Zero-coupon government bonds do not have any coupon rate. Thus, the returns from such bonds depend on the difference between their issuance price and redemption value on maturity. Such bonds are issued at a discount and redeemed at their face value.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Sovereign_Gold_BondsSGBs\"><\/span><strong>Sovereign Gold Bonds(SGBs)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The <a href=\"https:\/\/goldenpi.com\/sovereign-gold-bond\" target=\"_blank\" rel=\"noopener noreferrer\">sovereign gold bonds<\/a> are issued against gold in grams. The nominal price of such bonds is calculated by taking the simple average of the closing price of 99.99% purity gold. The average is taken in relation to three days before the date of bond issuance. These bonds offer a fixed interest rate of 2.5% annually, paid half-yearly. The returns from SGBs are based on the current market price of the gold.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Inflation-indexed_bonds\"><\/span><strong>Inflation-indexed bonds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Investors are able to earn inflation-adjusted interest on these bonds, enabling them to protect the real value of their investments. The inflation-indexed bonds use either of the two indexes as indicators of inflation, i.e. wholesale price index or consumer price index.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Explore_3_Key_Factors_Affecting_the_Government_Bond_Price\"><\/span><strong>Explore 3 Key Factors Affecting the Government Bond Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you are interested in buying government bonds, take into consideration the following factors as they have an influence on their price:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Demand_and_Supply\"><\/span><strong>Demand and Supply<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The government determines the supply of the government bonds but their demand is determined by the investors based on their attractiveness. If the demand for such bonds is more than the supply, the <a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/why-do-bond-prices-and-yields-move-in-opposite-directions-2\/\">bond price<\/a> rises and vice versa.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Inflation\"><\/span><strong>Inflation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">High inflation is bad news for government bonds. For example, if an investor has fixed-interest bonds, remember that inflation brings down the purchasing power of such fixed-interest payments. Hence, as inflation increases, the bonds become less attractive, and their prices fall.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Interest_Rate\"><\/span><strong>Interest Rate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There is an inverse relationship between interest rates and bond prices. For example, if the coupon rate of the government bonds is higher than the current <a href=\"https:\/\/en.wikipedia.org\/wiki\/Interest_rate\" target=\"_blank\" rel=\"noopener noreferrer\">interest rates<\/a>, the demand for such bonds will increase, leading to an increase in their price.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Wrapping_Up\"><\/span><strong>Wrapping Up!<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/goldenpi.com\/government-securities\" target=\"_blank\" rel=\"noopener noreferrer\">Government bonds<\/a> are a secure way of investing, especially for those who are starting on their investment journey. As the government offers different types of bonds, investors have the option to optimise their portfolio and balance risk. Also, such bonds are a great way to earn better returns than regular savings tools.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, start exploring more about government bonds with <\/span><a href=\"https:\/\/goldenpi.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">GoldenPi <\/span><\/a><span style=\"font-weight: 400;\">and design an investment portfolio that helps achieve your financial goals.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_About_What_are_Government_Bonds\"><\/span><strong>FAQs About What are Government Bonds?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_What_are_the_benefits_of_investing_in_government_bonds\"><\/span><strong>1. What are the benefits of investing in government bonds?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Besides safety and regular income, government bonds also offer more liquidity compared to stocks. Also, some of them promise tax exemptions from state and local taxes.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Can_investors_directly_invest_in_government_bonds\"><\/span><strong>2. Can investors directly invest in government bonds?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The RBI allows retail investors to directly invest in government bonds through the Retail Direct Scheme. However, to do so, an investor must open an RBI Direct Gilt account.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_What_if_the_interest_payment_date_of_government_bonds_falls_on_a_holiday\"><\/span><strong>3. What if the interest payment date of government bonds falls on a holiday?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In such a scenario, the intense payment will be made on the immediate next working day. However, if the date of maturity is a holiday, then the investors will receive payments on the previous working day.<\/span><\/p>\n<p><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"1. What are the benefits of investing in government bonds?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Besides safety and regular income, government bonds also offer more liquidity compared to stocks. Also, some of them promise tax exemptions from state and local taxes.\"}},{\"@type\":\"Question\",\"name\":\"2. 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However, if the date of maturity is a holiday, then the investors will receive payments on the previous working day.\"}}]}<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Government bonds are debt-based financial instruments through which a government- central or state, raises finance or capital for infrastructure development or new&hellip;<\/p>\n","protected":false},"author":8,"featured_media":11971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[245],"tags":[18,50],"class_list":["post-8997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-govt-bonds","tag-bonds","tag-government-bonds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What are Government Bonds? 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