Coupon on the Government of India Floating Rate Bond 2034 set at 7.26 per cent

29 October 2026

The Reserve Bank of India has announced the rate of interest payable on the Government of India Floating Rate Bond 2034 for its next half-year. The rate is 7.26 per cent a year. It applies to the period from October 30, 2026 to April 29, 2027. A floating rate bond does not carry a fixed coupon for its whole life: the rate is reset at every interest period, which is why the Reserve Bank publishes it afresh each time. The Reserve Bank manages the public debt of the Government of India and issues such securities on its behalf. These bonds are dated securities, meaning they carry a stated year of maturity, here 2034. The coupon has a base rate equal to the average of the weighted average yield of the last three auctions of 182 day Treasury Bills, counted from the rate fixing day of October 30, 2026, plus a fixed spread of 0.98 per cent.