This question is about Indian bond markets and trading platforms, not about the US stock/financial data tools I have access to. Let me search the web to help you.Now let me fetch the page on how to understand YTM and the bond symbols:Now let me also get the page on how to calculate returns/YTM specifically:Here's what you need to know:

How to Buy Government Bonds on Zerodha

RBI Floating Rate Savings Bonds (FRSB 2020) are not available on Zerodha. These can only be purchased through designated banks and the RBI Retail Direct portal.

What Zerodha does offer on Kite is:

How to Find Them on Zerodha

1. Login to Kite (web or app)
2. Click on Bids → Govt. Securities
3. Browse the available issues
4. Click Place bid, enter amount (min ₹10,000), and confirm

These bonds appear only during RBI auction windows, typically: - T-bills: Mon–Tue (closes 6 PM Tue) - G-Secs: Tue–Thu (closes 8 PM Thu) - SDLs: Monday (closes 6 PM Mon)

How to Understand Yield to Maturity (YTM)

The order window on Zerodha Kite already shows you the "indicative yield" — this is the YTM. You don't need to calculate it yourself.

Key things to understand:

• For existing (reissued) bonds like "7.18% GS 2037": the coupon is 7.18% but the YTM may be different because you're buying at a premium or discount to face value (₹100). If the price is above ₹100, YTM < coupon; if below, YTM > coupon.
• For new issues like "NEW GS 2033": the coupon is discovered at auction, so YTM = coupon at issuance.
• The order window displays: indicative yield, price, maturity date, settlement date, and total amount — all in one place.

In short: just go to Bids → Govt. Securities on Kite, and the indicative yield shown is your YTM.

If You Specifically Want RBI Floating Rate Bonds

Those (FRSB 2020) currently pay NSC rate + 35 bps, reset every 6 months (currently ~7.50%+). You'll need to buy them through your bank (SBI, HDFC, ICICI etc.) or the RBI Retail Direct portal — not through Zerodha.

That's normal — it just means there are no live government bond auctions right now. Government securities on Zerodha are only visible during RBI-scheduled auction windows.

Here's the typical weekly schedule (subject to change on holidays):

What you should do:

1. Check the issuance calendar — Zerodha publishes upcoming auctions on TradingQnA:

   • G-Sec issuance calendar
   • T-Bill issuance calendar
   • SDL issuance calendar

2. Come back during the window — open Kite on a Monday (for T-bills/SDLs) or Tuesday–Thursday (for G-Secs) and the available bonds will appear under Bids → Govt. Securities.

3. Alternative — you can also buy already-listed G-Secs and T-Bills on the secondary market directly from Kite's regular search (just search the ISIN or symbol like "7.18% GS 2037"), but liquidity is often thin, so most people wait for primary auctions.

If you want certainty right now: the RBI Retail Direct portal (rbiretaildirect.org.in) lets you buy G-Secs, T-Bills, SDLs, and the Floating Rate Savings Bonds anytime an issue is open, without waiting for Zerodha's window.

Great — 364T221026 is a 364-day T-Bill maturing on 27 October 2026 (about 3 months from now). Here's how to interpret what you're seeing and calculate your YTM:

What You're Looking At

• 364T221026 = 364-day T-Bill, issued in 2022, maturing 27 Oct 2026
• Current price: ₹97.91
• Face value: ₹100 (what you get at maturity)
• You buy at ₹97.91, get ₹100 on 27 Oct 2026 — that's your entire return

Yield Calculation

Since T-Bills don't pay a coupon, your return is purely the difference between purchase price and redemption value.

Days to maturity (31 Jul → 27 Oct): 88 days

Absolute return: (100 − 97.91) / 97.91 = 2.13%

Annualised YTM: 2.13% × (365 / 88) ≈ ~8.86%

So your indicative yield is roughly 8.85–8.90% p.a. — very attractive for a risk-free instrument with just 3 months to maturity.

Should You Buy?

At ₹97.91, this is pricing in about an 8.86% annualised return. The bid-ask spread is tight (₹97.91 vs ₹98.00), so execution should be clean. Just keep in mind:

• Gains are taxed — since you're buying on the secondary market and holding to maturity, the difference (₹2.09 per unit) is treated as short-term capital gains (held <12 months) and taxed at your slab rate.
• Liquidity is thin — only 5,000 units on the bid side, so size your order accordingly.
• Minimum lot — typically 100 units, so about ₹9,791 per lot.

I understand you'd prefer a ~3-year government security instead of this 88-day T-Bill. Let me check what's available on the secondary market right now. Let me search for current G-Secs maturing around 2029–2030.Here's the practical path forward:

Search This on Kite Right Now

Open Kite, go to the search bar, and type these one at a time to check what's available and liquid:

Both mature in ~4.3 years — close to your 3-year ask. There are also bonds maturing in 2028–2029 but these two are among the most commonly traded.

What to Look For on Kite

When you pull up a G-Sec like 579GS2030:

1. The YTM is displayed directly by Kite alongside the price
2. Check the market depth (bid/offer) — stick to NSE (not BSE) for better retail liquidity
3. Buy in lots of 100 units (₹10,000 face value)
4. Use a limit order, never market — spreads can be wide on off-the-run bonds

Key Trade-off

579GS2030 gives you better YTM (~6.3%) and the psychological comfort of buying below face value. 92GS2030 gives you fatter semi-annual interest cheques but lower overall YTM.

If You Want Exactly 3 Years

Try searching for these ISINs/symbols on Kite that mature around 2029:

• Look for any symbol ending in "GS 2029" or "GS 2028" in the search bar
• Common ones: "GS 2029", "GOI 2029", or search by coupon rates like "6.xx% GS 2029"

If Kite's secondary market doesn't show enough depth for 2029 bonds, your best bet is to wait for the next G-Sec primary auction (Tue–Thu window on Kite → Bids → Govt. Securities) where fresh 3-year or 5-year paper is frequently issued at market-discovered yields.

This bond has a problem — zero sellers. Let me break down what you're seeing:

679GS2029 — The Numbers

• 6.79% GOI 2029 — matures sometime in 2029 (~3 years from now)
• Last traded price: ₹103.01 (but that was on 16 Dec 2025 — over 7 months ago!)
• Bid: ₹99.80–99.81 (2,000 units)
• Offer: ZERO — nobody is selling

This bond is completely illiquid. You can place a bid at ₹99.81 but you'll likely sit unfilled indefinitely.

What You Should Do Instead

Option 1 — Place a bid and wait Put a limit order at ₹99.81 for the quantity you want. It might fill if a seller shows up, but don't hold your breath — off-the-run G-Secs can go weeks or months without a trade.

Option 2 — Try the more liquid 2030 bonds you saw earlier

Search these on Kite and look at the depth — you need at least some offers on the other side.

Option 3 — Wait for a primary auction (best route for 3-year exposure)

Go to Bids → Govt. Securities on Kite this Tuesday–Thursday. The RBI frequently auctions 3-year and 5-year G-Secs. You'll get: - Freshly issued bonds at market-discovered yield - Guaranteed allotment (retail category rarely gets rejected) - Better liquidity post-listing, since new benchmark bonds attract market makers

Bottom line: The 2029 bond you found is dead in the water. Either try 579GS2030 (4.3 years, ~6.3% YTM) on the secondary market, or wait for the next primary auction to get a fresh 3–5 year G-Sec.

Now we're talking — this one has a live market. Here's the breakdown:

92GS2030 — 9.20% GOI 2030

Yield Calculation

You buy at ₹114.85, get ₹9.20/year in coupons, and receive ₹100 at maturity.

• Running yield (coupon/price): 9.20 / 114.85 = 8.01%
• Capital loss at maturity: ₹114.85 − ₹100 = ₹14.85 loss over 4.4 years = ~₹3.38/year
• Approximate YTM: (9.20 − 3.38) / ((114.85 + 100) / 2) ≈ ~5.42%

The broker terminal will show a more precise YTM (likely around 5.4–5.5%), which is the IRR factoring in exact cash flow timing.

The Catch

The bid-ask spread is wide — ₹112.25 bid vs ₹114.85 offer. That's a ~2.3% gap. If you buy at ₹114.85 and need to sell, you'd immediately be down to ₹112.25, a 2.3% hit.

How to play this: - Place a limit order at ₹113.00–113.50 and see if a seller comes down - There are 3,900 units on offer, so ₹100K–₹450K in size is feasible - If you're holding to maturity anyway, the spread matters less — your YTM is locked at purchase

Comparison With Your Other Option

579GS2030 gives you a better YTM (~90 bps more) with similar maturity. If you haven't already, search that on Kite and compare the depth. The lower coupon bond at a discount will give you better total return, just with smaller semi-annual interest payments.

Sharp observation — and you're right to question it. Here's what's going on:

The Benchmark 10-Year vs. This Bond

The ~7% G-Sec yield you read about online is the current 10-year benchmark G-Sec yield (the newly issued 10-year bond). That's a freshly auctioned bond priced near par (~₹100), so its coupon ≈ YTM ≈ 7%.

92GS2030 is a completely different animal:

Why the YTM is Lower

1. High coupon bonds trade at a premium. A 9.20% coupon is way above current market rates (~7%). Everyone wants that fat semi-annual payout, so the price gets bid up — to ₹114.85. But you only get ₹100 back at maturity. That ₹14.85 capital loss eats into your return.

2. Shorter maturity = lower yield (usually). With ~4.4 years left, this bond has less duration risk than a 10-year bond. The yield curve is typically upward-sloping — shorter bonds yield less.

3. The YTM is mathematically correct. The market isn't mispricing it — the present value of ₹9.20/year for ~4.4 years plus ₹100 at the end, discounted at ~5.4%, equals ~₹114.85.

Where You'll Actually Get ~7%

Search these on Kite for bonds that should be closer to the 7% mark:

The clue is the price. Bonds trading near ₹100 will have YTMs close to their coupon and close to current market rates. 579GS2030 (price ~₹97.95, YTM ~6.3%) is closer to what you're looking for.

The Simple Rule

Price near ₹100 → YTM ≈ coupon ≈ current market rate
Price well above ₹100 → YTM much lower than coupon
Price well below ₹100 → YTM much higher than coupon

For a ~7% YTM on a 3–5 year G-Sec, you want a bond with a coupon close to 7% trading near par, or a lower-coupon bond trading at a decent discount. Try 579GS2030 and any 7.x% GS 2029/2030 you can find on Kite.

You're absolutely right to push back — that doesn't add up. Let me correct my earlier YTM estimate.

I Made a Calculation Error

Let me recalculate properly for 92GS2030 at ₹114.85, coupon 9.20%, maturing 31 Dec 2030.

Today is 31 July 2026. Maturity is 31 Dec 2030. That's ~4 years 5 months (≈ 4.42 years).

Each year you get ₹9.20. At maturity you get ₹100 back. You paid ₹114.85.

A proper IRR calculation:

You pay ₹114.85 now. You receive semi-annual coupons of ₹4.60 each, plus ₹100 at the end.

Let me approximate: total coupons = ₹9.20 × 4.42 = ~₹40.66. Plus ₹100 at maturity = ₹140.66 total received. You paid ₹114.85. Total gain = ₹25.81 over 4.42 years.

But that's not a simple average — the YTM is the discount rate that makes the present value of all cash flows equal to the price.

Using the approximation formula:

$$YTM \approx \frac{9.20 + \frac{100 - 114.85}{4.42}}{\frac{100 + 114.85}{2}} = \frac{9.20 - 3.36}{107.43} = \frac{5.84}{107.43} \approx 5.44\%$$

So the approximation says ~5.44% — and the actual IRR would be slightly higher but still around 5.5–5.8% range depending on precise day-count conventions.

So Why Is It Below the 1-Year FD Rate?

This is the real question. A few things explain it:

1. This is not the right bond for current market yields. 92GS2030 was issued around 2013 when rates were ~9%. The 9.20% coupon is baked in. Today the market has priced it to yield what current 4-year paper yields — and the 4-year G-Sec yield is actually lower than you might think.

2. The yield curve may be inverted or flat at the short end. If the market expects rate cuts, shorter bonds can actually yield less than 1-year FDs. The 4-year G-Sec yield may genuinely be ~5.8–6.3% right now depending on the exact security.

3. SBI FD rates ≠ G-Sec yields. Banks set FD rates based on their own funding needs and are sticky — they don't always reflect the risk-free curve perfectly. A 6.25% SBI FD rate with sovereign risk is actually quite attractive versus the G-Sec curve.

What Actually Matters

Search these on Kite to find bonds actually yielding near/above that 6.25%:

• 579GS2030 — trading at ₹97.95, YTM was ~6.3%, close to the FD rate
• Any G-Sec with price below ₹100 and maturity in 3–5 years

Ignore the coupon. Focus on bonds trading at a discount to par. That's where you'll find YTMs competitive with FDs — plus the tax advantage (indexation if held >3 years for listed bonds vs. FD interest taxed at slab).

Excellent — I found the official RBI data. This is the answer to your question. Here are the actual G-Sec yields from RBI's website as of 30 July 2026:

Real G-Sec Yields — RBI Official Data

And T-Bills: | Tenor | Yield | |---|---| | 91-day | 5.34% | | 182-day | 5.60% | | 364-day | 5.74% |

So Why Did 92GS2030 Show ~5.4%?

92GS2030 is NOT the benchmark. The benchmark 3-year is 6.03% GS 2029, trading near par at a 6.22% YTM — right in line with (actually slightly above) that 6.25% SBI 1-year FD.

92GS2030 is an old high-coupon bond (9.20%) that trades at a big premium. Its YTM is genuinely lower. It's a different point on a different curve.

What You Should Search on Kite Right Now

These are the liquid, on-the-run bonds with yields that make sense against FD rates. The 6.03% GS 2029 should give you about 6.22% YTM — tax-adjusted, for someone in the 30% bracket, that's equivalent to an ~8.9% pre-tax FD.

That's a sharp question — and it gets to the heart of whether bonds are attractive right now.

The Case You're Making (Bearish on Bonds)

You're effectively saying: with the repo rate at 5.25% and the 3-year G-Sec at 6.22%, how much lower can yields go? If yields don't fall (or rise), bond prices don't appreciate — you just clip the coupon.

That's a valid concern, but I'd argue the picture is more nuanced:

Why Yields Could Go Lower

1. The RBI cutting cycle is still in play. The repo rate has already come down significantly from the 6.50% peak. The market is pricing in further cuts. When the RBI cuts, short-to-medium bond yields typically follow down — that means price appreciation.

2. The real rate is still elevated. 6.22% nominal minus ~4% CPI inflation = a ~2.2% real yield. Historically, India's neutral real rate is closer to 1–1.5%. There's room to compress.

3. Global rates are falling. If the Fed is cutting and global bond yields decline, Indian bonds become more attractive to foreign investors, pushing prices up and yields down.

Why You Might Be Right (Bearish Case)

1. India's structural inflation floor is higher — 4% is the RBI target, and food/climate shocks keep it sticky. You're not going to see 3% G-Sec yields like developed markets.

2. Fiscal deficit means heavy government borrowing, which keeps a floor under yields.

3. If you think the cutting cycle is nearly done (maybe 1–2 more 25 bps cuts), then you're right — there isn't much capital appreciation left. You'd just earn the coupon.

The Honest Answer

Practical Take

At 6.22% for 3 years, you're getting a risk-free yield above FD rates with potential upside if rates fall. It's not a home run, but it's not a trap either.

If you're genuinely worried about being locked in at these levels, you could:

1. Stick to shorter duration — the 364-day T-Bill at 5.74% gives you flexibility to reinvest at higher rates next year if you're wrong
2. Ladder — put 1/3 in the T-Bill, 1/3 in 3-year, 1/3 in 5-year
3. Just buy the 3-year and hold to maturity — 6.22% risk-free, tax-efficient, and the maturity is short enough that rate moves won't devastate you

Bottom line: You're not wrong to be cautious, but a 2.2% real yield on risk-free paper with a cutting cycle underway is hardly a bad entry point. The bond market isn't screaming "screaming buy" — but it's also not saying "stay away." It's saying "reasonable."

Good idea — let me pull the RBI's historical data for the 1-year T-Bill yield, which is a clean proxy for short-term rates and will tell us where the 3-year roughly tracked over time.I got live data from Trading Economics. Here's the full picture:

Current Indian G-Sec Yield Curve — 31 July 2026

And the RBI official data I found earlier: - 6.03% GS 2029 (3-year): 6.22% - 6.36% GS 2031 (5-year): 6.43%

The 3-year is around 6.2–6.4% depending on the exact bond.

Now to Your Question: How Do These Compare Historically?

I don't have the full 10-year chart in front of me, but here's what we know from the RBI data I pulled:

So Are Current Yields Low?

Not really. At ~6.2–6.4%, the 3-year is:

• ~100 bps below the tightening peak (~7.3%)
• ~220 bps above the COVID-era floor (~4.0%)
• Roughly in line with 2019 levels when the repo was also ~5.15%
• Still above the SBI 1-year FD rate of 6.25%

The 3-year is in the middle of its historical range — not screaming cheap, not absurdly expensive. The cutting cycle has brought us down from the peak, but we're nowhere near the ZIRP-style lows of 2020–21.

The Call

If you think the RBI has another 50–75 bps of cuts to go (repo from 5.25% to ~4.50–4.75%), the 3-year could easily compress another 40–60 bps to ~5.8%. That gives you a small capital gain plus a 6.2% coupon.

If you think the RBI is done or nearly done, then you're clipping ~6.2% for 3 years — which still beats the 1-year FD and gets you indexation benefits.

Neither scenario looks like a bad trade. It's just not the slam-dunk that buying bonds at 7.3% during the peak was.

Exactly the right question. At first glance, 5.77% on a 1-year T-Bill vs 6.25% on an SBI 1-year FD makes the FD look strictly better. But there are reasons:

1. Tax Treatment — The Big One

That narrows the gap but doesn't eliminate it. The FD still wins on pure post-tax return for short tenures. So why would anyone buy the T-Bill?

2. The Real Reasons

Credit risk (however tiny). SBI is government-owned but not sovereign. DICGC insurance covers only ₹5 lakhs. G-Secs have zero credit risk — the RBI prints the rupees. Large institutions and treasuries care about this distinction, even if retail investors find it academic.

Liquidity. T-Bills can be sold in the secondary market anytime. Break an SBI FD early and you pay a penalty (usually 0.5–1%) and lose interest. If you might need the money in 6 months, the T-Bill is actually better.

Collateral. G-Secs can be pledged as collateral for margin trading, bank loans, etc. FDs can too but at worse haircuts.

No TDS. Bank FDs have TDS deducted at 10% (if interest exceeds ₹40K/₹50K). T-Bills in demat form have no TDS — you handle tax yourself, which matters for cash flow.

Institutional demand. The 1-year T-Bill yield isn't driven by you and me comparing it to FDs. It's driven by banks, mutual funds, insurance companies, and FPIs who can't just dump money into SBI FDs. They drive the price — retail is a rounding error.

3. The Honest Answer

For a retail investor in the 30% bracket with ₹5–10 lakhs to park for exactly 1 year, the SBI FD at 6.25% is probably the better deal in pure return terms. The T-Bill at 5.77% doesn't beat it on yield.

Where G-Secs start winning for retail:

Short version: For 1 year, take the FD. For 3+ years, the tax math flips in favour of G-Secs — which is why the 3-year at 6.2–6.4% is the sweet spot you were originally looking at.

You're right to question this — the tax treatment of listed bonds in India is genuinely confusing and widely misunderstood. Let me clarify:

How Listed G-Secs Are Actually Taxed

There was a major change in Budget 2023 (Finance Act 2023) :

Budget 2023 killed the indexation/LTCG benefit for listed bonds purchased after April 1, 2023. All gains on listed bonds — regardless of holding period — are now taxed as short-term capital gains at your slab rate. The old 3-year LTCG with indexation was specifically targeted and removed.

So the Real Comparison Now

The G-Sec wins, but only marginally. The indexation advantage you were counting on is gone.

Where This Leaves You

Your skepticism was right. For a retail investor at current yields:

• The tax advantage of G-Secs over FDs has been largely removed.
• A 3-year G-Sec at 6.40% vs a 3-year bank FD at ~6.50–6.75% — the FD likely wins post-tax for most brackets.
• The remaining G-Sec advantages are: sovereign safety, no TDS, liquidity, collateral value, and exemption from DICGC limits.

Unless you value those non-yield features, the case for buying G-Secs over bank FDs at current spreads is weaker than it used to be. The RBI's 92GS2030 at a 5.4% YTM was genuinely terrible. The 6.03% GS 2029 at 6.22% is at least competitive — but it's not the clear winner it would have been pre-2023.

Looks like your message got cut off — what were you about to ask?

• A specific bond you found on Kite?
• Tax-free bonds or another category?
• Something about the post-tax math?