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Bond Directory

Tax-Free Bonds in India: List and Yields

136 tax-free bonds from 14 issuers are still outstanding. 60 of them traded on BSE or NSE in the last 30 days at prices that pass our checks, at yields from 4.65% to 6.81% (median 5.30%; latest trade 6 Nov 2026). At a 31.2% tax rate, a 5.30% tax-free yield matches a taxable yield of 7.70%. The interest is exempt from income tax; gains or losses on selling them are taxed as capital gains.

Tax-free bond yields from recent trades

Bond Coupon Maturity Last trade Price Yield (YTM) Taxable equivalent
National Highways Authority of India 8.30% Jan 2027 NCD 8.30% 25 Jan 2027 4 Nov 2026 100.57 5.70% 8.28%
Indian Railway Finance Corporation 8.10% Feb 2027 NCD 8.10% 23 Feb 2027 30 Oct 2026 100.80 5.52% 8.02%
Housing and Urban Development Corporation 8.20% Mar 2027 NCD 8.20% 5 Mar 2027 5 Nov 2026 100.37 6.81% 9.90%
REC 8.12% Mar 2027 NCD 8.12% 27 Mar 2027 30 Oct 2026 100.96 5.55% 8.07%
Power Finance Corporation 7.36% Jan 2028 NCD 7.36% 4 Jan 2028 6 Nov 2026 101.81 5.68% 8.25%
India Infrastructure Finance Company 7.36% Jan 2028 NCD 7.36% 22 Jan 2028 2 Nov 2026 102.34 5.30% 7.70%
Housing and Urban Development Corporation 7.51% Feb 2028 NCD 7.51% 16 Feb 2028 28 Oct 2026 102.61 5.35% 7.78%
Indian Railway Finance Corporation 7.34% Feb 2028 NCD 7.34% 19 Feb 2028 6 Nov 2026 102.52 5.29% 7.69%
Housing and Urban Development Corporation 7.19% Mar 2028 NCD 7.19% 28 Mar 2028 21 Oct 2026 101.66 5.90% 8.58%
Power Finance Corporation 7.04% Mar 2028 NCD 7.04% 28 Mar 2028 13 Oct 2026 101.82 6.13% 8.91%
REC 8.46% Aug 2028 NCD 8.46% 29 Aug 2028 13 Oct 2026 105.33 5.38% 7.82%
Housing and Urban Development Corporation 8.56% Sep 2028 NCD 8.56% 2 Sep 2028 3 Nov 2026 105.50 5.30% 7.70%
India Infrastructure Finance Company 8.48% Sep 2028 NCD 8.48% 5 Sep 2028 3 Nov 2026 104.59 5.75% 8.36%
REC 8.46% Sep 2028 NCD 8.46% 24 Sep 2028 3 Nov 2026 104.73 5.75% 8.36%
Housing and Urban Development Corporation 8.76% Oct 2028 NCD 8.76% 25 Oct 2028 6 Nov 2026 105.73 5.59% 8.13%
NHPC 8.54% Nov 2028 NCD 8.54% 2 Nov 2028 27 Oct 2026 106.24 5.19% 7.54%
NHPC 8.79% Nov 2028 NCD 8.79% 2 Nov 2028 27 Oct 2026 105.88 5.38% 7.82%
Indian Railway Finance Corporation 8.48% Nov 2028 NCD 8.48% 21 Nov 2028 30 Oct 2026 105.93 5.35% 7.78%
NTPC 8.73% Dec 2028 NCD 8.73% 16 Dec 2028 4 Nov 2026 105.41 6.08% 8.84%
National Housing Bank 8.63% Jan 2029 NCD 8.63% 13 Jan 2029 2 Nov 2026 106.83 5.23% 7.60%
National Housing Bank 8.88% Jan 2029 NCD 8.88% 13 Jan 2029 4 Nov 2026 107.30 5.25% 7.63%
Indian Railway Finance Corporation 8.40% Feb 2029 NCD 8.40% 18 Feb 2029 3 Nov 2026 106.48 5.30% 7.70%
REC 8.63% Mar 2029 NCD 8.63% 24 Mar 2029 27 Oct 2026 107.69 5.15% 7.49%
National Housing Bank 8.93% Mar 2029 NCD 8.93% 24 Mar 2029 6 Nov 2026 106.42 5.92% 8.61%
Indian Railway Finance Corporation 8.63% Mar 2029 NCD 8.63% 26 Mar 2029 19 Oct 2026 107.41 5.28% 7.67%
India Infrastructure Finance Company 8.55% Mar 2029 NCD 8.55% 27 Mar 2029 23 Oct 2026 107.22 5.27% 7.66%
India Infrastructure Finance Company Mar 2029 NCD — 27 Mar 2029 26 Oct 2026 107.24 5.25% 7.63%
IFCI 8.76% Mar 2029 NCD 8.76% 31 Mar 2029 21 Oct 2026 105.88 6.37% 9.26%
NTPC 7.28% Oct 2030 NCD 7.28% 5 Oct 2030 27 Oct 2026 107.40 5.15% 7.49%
NTPC 7.53% Oct 2030 NCD 7.53% 5 Oct 2030 5 Nov 2026 106.69 5.58% 8.10%
Power Finance Corporation 7.52% Oct 2030 NCD 7.52% 17 Oct 2030 6 Nov 2026 105.67 5.94% 8.63%
REC 7.09% Nov 2030 NCD 7.09% 5 Nov 2030 4 Nov 2026 106.47 5.25% 7.63%
National Highways Authority of India 7.35% Jan 2031 NCD 7.35% 11 Jan 2031 4 Nov 2026 107.79 5.22% 7.59%
Indian Renewable Energy Development Agency 7.49% Jan 2031 NCD 7.49% 21 Jan 2031 29 Oct 2026 108.18 5.27% 7.66%
Indian Renewable Energy Development Agency 7.74% Jan 2031 NCD 7.74% 21 Jan 2031 6 Nov 2026 108.25 5.48% 7.97%
Housing and Urban Development Corporation 7.39% Feb 2031 NCD 7.39% 8 Feb 2031 16 Oct 2026 108.19 5.21% 7.57%
Housing and Urban Development Corporation 7.64% Feb 2031 NCD 7.64% 8 Feb 2031 6 Nov 2026 108.21 5.42% 7.88%
National Highways Authority of India 7.39% Mar 2031 NCD 7.39% 9 Mar 2031 16 Oct 2026 109.03 5.05% 7.34%
National Highways Authority of India 7.69% Mar 2031 NCD 7.69% 9 Mar 2031 27 Oct 2026 108.28 5.22% 7.59%
Housing and Urban Development Corporation 7.39% Mar 2031 NCD 7.39% 15 Mar 2031 14 Oct 2026 108.19 5.26% 7.65%
Housing and Urban Development Corporation 7.69% Mar 2031 NCD 7.69% 15 Mar 2031 23 Oct 2026 108.32 5.22% 7.59%
National Bank for Agriculture and Rural Development 7.64% Mar 2031 NCD 7.64% 23 Mar 2031 6 Nov 2026 107.72 5.59% 8.12%
India Infrastructure Finance Company 7.40% Jan 2033 NCD 7.40% 22 Jan 2033 5 Nov 2026 111.94 5.10% 7.41%
NHPC 8.67% Nov 2033 NCD 8.67% 2 Nov 2033 6 Nov 2026 119.85 5.20% 7.56%
India Infrastructure Finance Company 8.50% Nov 2033 NCD 8.50% 12 Nov 2033 27 Oct 2026 118.54 5.28% 7.67%
India Infrastructure Finance Company 8.75% Nov 2033 NCD 8.75% 12 Nov 2033 15 Oct 2026 119.27 5.17% 7.51%
Power Finance Corporation 8.67% Nov 2033 NCD 8.67% 16 Nov 2033 23 Oct 2026 120.88 5.08% 7.38%
Power Finance Corporation 8.92% Nov 2033 NCD 8.92% 16 Nov 2033 6 Nov 2026 121.22 5.23% 7.60%
NTPC 8.66% Dec 2033 NCD 8.66% 16 Dec 2033 27 Oct 2026 118.40 5.47% 7.95%
NTPC 8.91% Dec 2033 NCD 8.91% 16 Dec 2033 6 Nov 2026 121.85 5.16% 7.49%
Housing and Urban Development Corporation 8.76% Jan 2034 NCD 8.76% 13 Jan 2034 27 Oct 2026 121.24 5.15% 7.49%
Housing and Urban Development Corporation 9.01% Jan 2034 NCD 9.01% 13 Jan 2034 6 Nov 2026 123.84 4.98% 7.23%
National Housing Bank 8.76% Jan 2034 NCD 8.76% 13 Jan 2034 9 Oct 2026 123.52 4.84% 7.03%
National Housing Bank 9.01% Jan 2034 NCD 9.01% 13 Jan 2034 6 Nov 2026 123.04 5.09% 7.40%
National Housing Bank 8.90% Mar 2034 NCD 8.90% 24 Mar 2034 4 Nov 2026 120.51 5.44% 7.91%
NTPC 7.37% Oct 2035 NCD 7.37% 5 Oct 2035 29 Oct 2026 119.50 4.65% 6.76%
NTPC 7.62% Oct 2035 NCD 7.62% 5 Oct 2035 5 Nov 2026 115.31 5.41% 7.86%
Power Finance Corporation 7.35% Oct 2035 NCD 7.35% 17 Oct 2035 26 Oct 2026 112.90 5.49% 7.98%
Power Finance Corporation 7.60% Oct 2035 NCD 7.60% 17 Oct 2035 4 Nov 2026 115.60 5.36% 7.79%
Indian Renewable Energy Development Agency 7.68% Jan 2036 NCD 7.68% 21 Jan 2036 3 Nov 2026 116.56 5.45% 7.92%

Yield is the yield to maturity at the last trade within 30 days with a clean price between 25 and 200 per 100 face value; yields under 3% are not shown (methodology). 1 reported yield was withheld because it differs by more than 1.5 points from the yield the trade price implies; that bond is listed below without a yield. Taxable equivalent = yield ÷ (1 − 0.312), the 30% slab plus 4% cess, before any surcharge. Work out your own rate with the post-tax yield calculator.

Tax-free bonds by issuer

Issuer Tax-free bonds Traded (30 days) Coupon range Maturities
Housing and Urban Development Corporation Limited 23 11 7.19% to 9.01% 2026 to 2034
India Infrastructure Finance Company Limited 21 7 7.02% to 8.75% 2027 to 2034
REC Limited 18 5 7.04% to 8.88% 2027 to 2035
Indian Railway Finance Corporation Limited 15 5 7.04% to 8.65% 2026 to 2029
Power Finance Corporation Limited 15 7 7.04% to 8.92% 2026 to 2035
NTPC Limited 10 7 7.28% to 8.91% 2028 to 2035
National Housing Bank 9 6 8.46% to 9.01% 2028 to 2034
National Highways Authority of India 8 4 7.28% to 8.48% 2027 to 2031
Kamarajar Port Limited 5 0 7.17% to 9.00% 2028 to 2034
Indian Renewable Energy Development Agency Limited 4 3 7.43% to 7.74% 2031 to 2036
NHPC Limited 4 3 8.54% to 8.92% 2028 to 2033
National Bank for Agriculture and Rural Development 2 1 7.35% to 7.64% 2031
Cochin Shipyard Limited 1 0 8.72% 2029
IFCI Limited 1 1 8.76% 2029

Tax-free bonds without a recent trade

BondIssuerCouponMaturityLast trade on file
Indian Railway Finance Corporation 7.77% Nov 2026 Bond Indian Railway Finance Corporation Limited 7.77% 8 Nov 2026 29 Sep 2026
Housing and Urban Development Corporation 7.83% Nov 2026 NCD Housing and Urban Development Corporation Limited 7.83% 11 Nov 2026 —
Power Finance Corporation 8.16% Nov 2026 NCD Power Finance Corporation Limited 8.16% 25 Nov 2026 27 Nov 2025
Housing and Urban Development Corporation 8.16% Dec 2026 NCD Housing and Urban Development Corporation Limited 8.16% 22 Dec 2026 —
Power Finance Corporation 8.30% Feb 2027 NCD Power Finance Corporation Limited 8.30% 1 Feb 2027 2 Sep 2026
India Infrastructure Finance Company 7.38% Nov 2027 Bond India Infrastructure Finance Company Limited 7.38% 15 Nov 2027 —
REC 7.38% Nov 2027 Bond REC Limited 7.38% 21 Nov 2027 —
India Infrastructure Finance Company 7.38% Nov 2027 Bond India Infrastructure Finance Company Limited 7.38% 21 Nov 2027 —
Power Finance Corporation 7.38% Nov 2027 NCD Power Finance Corporation Limited 7.38% 22 Nov 2027 —
Indian Railway Finance Corporation 7.38% Nov 2027 Bond Indian Railway Finance Corporation Limited 7.38% 26 Nov 2027 —
Power Finance Corporation 7.38% Nov 2027 NCD Power Finance Corporation Limited 7.38% 29 Nov 2027 —
Indian Railway Finance Corporation 7.38% Nov 2027 Bond Indian Railway Finance Corporation Limited 7.38% 30 Nov 2027 —
Indian Railway Finance Corporation 7.39% Dec 2027 Bond Indian Railway Finance Corporation Limited 7.39% 6 Dec 2027 —
REC 7.38% Dec 2027 NCD REC Limited 7.38% 19 Dec 2027 30 Oct 2026 (yield withheld)
Indian Railway Finance Corporation 7.04% Mar 2028 NCD Indian Railway Finance Corporation Limited 7.04% 23 Mar 2028 13 Jul 2026
REC 7.04% Mar 2028 NCD REC Limited 7.04% 25 Mar 2028 —
Kamarajar Port 7.17% Mar 2028 NCD Kamarajar Port Limited 7.17% 25 Mar 2028 —
India Infrastructure Finance Company 7.02% Mar 2028 NCD India Infrastructure Finance Company Limited 7.02% 26 Mar 2028 —
India Infrastructure Finance Company 8.26% Aug 2028 NCD India Infrastructure Finance Company Limited 8.26% 23 Aug 2028 16 Sep 2026
Power Finance Corporation 8.46% Aug 2028 NCD Power Finance Corporation Limited 8.46% 30 Aug 2028 27 Aug 2026
National Housing Bank 8.46% Aug 2028 NCD National Housing Bank 8.46% 30 Aug 2028 —
India Infrastructure Finance Company 8.46% Aug 2028 NCD India Infrastructure Finance Company Limited 8.46% 30 Aug 2028 3 Sep 2026
REC 8.71% Sep 2028 NCD REC Limited 8.71% 24 Sep 2028 17 Jul 2026
REC 8.54% Oct 2028 NCD REC Limited 8.54% 11 Oct 2028 3 Jun 2025
Housing and Urban Development Corporation 8.51% Oct 2028 NCD Housing and Urban Development Corporation Limited 8.51% 25 Oct 2028 5 Nov 2026
India Infrastructure Finance Company 8.38% Nov 2028 NCD India Infrastructure Finance Company Limited 8.38% 12 Nov 2028 6 Jul 2026
India Infrastructure Finance Company 8.63% Nov 2028 NCD India Infrastructure Finance Company Limited 8.63% 12 Nov 2028 24 Sep 2026
Power Finance Corporation 8.54% Nov 2028 NCD Power Finance Corporation Limited 8.54% 16 Nov 2028 6 Nov 2026
Power Finance Corporation 8.79% Nov 2028 NCD Power Finance Corporation Limited 8.79% 16 Nov 2028 6 Nov 2026
National Highways Authority of India 8.48% Nov 2028 NCD National Highways Authority of India 8.48% 22 Nov 2028 11 Aug 2026
Indian Railway Finance Corporation 8.48% Nov 2028 NCD Indian Railway Finance Corporation Limited 8.48% 27 Nov 2028 13 Aug 2026
NTPC 8.48% Dec 2028 NCD NTPC Limited 8.48% 16 Dec 2028 11 Aug 2026
Housing and Urban Development Corporation 8.58% Jan 2029 NCD Housing and Urban Development Corporation Limited 8.58% 13 Jan 2029 —
Housing and Urban Development Corporation 8.83% Jan 2029 NCD Housing and Urban Development Corporation Limited 8.83% 13 Jan 2029 5 Oct 2026
Indian Railway Finance Corporation 8.55% Feb 2029 NCD Indian Railway Finance Corporation Limited 8.55% 10 Feb 2029 —
Indian Railway Finance Corporation 8.55% Feb 2029 NCD Indian Railway Finance Corporation Limited 8.55% 12 Feb 2029 —
Indian Railway Finance Corporation 8.65% Feb 2029 NCD Indian Railway Finance Corporation Limited 8.65% 18 Feb 2029 —
NTPC 8.63% Mar 2029 NCD NTPC Limited 8.63% 4 Mar 2029 —
REC 8.88% Mar 2029 NCD REC Limited 8.88% 24 Mar 2029 24 Sep 2026
Housing and Urban Development Corporation 8.73% Mar 2029 NCD Housing and Urban Development Corporation Limited 8.73% 24 Mar 2029 —
Housing and Urban Development Corporation 8.98% Mar 2029 NCD Housing and Urban Development Corporation Limited 8.98% 24 Mar 2029 —
National Housing Bank 8.68% Mar 2029 NCD National Housing Bank 8.68% 24 Mar 2029 13 Aug 2026
Kamarajar Port 8.75% Mar 2029 NCD Kamarajar Port Limited 8.75% 25 Mar 2029 —
Kamarajar Port 9.00% Mar 2029 NCD Kamarajar Port Limited 9.00% 25 Mar 2029 —
Indian Railway Finance Corporation 8.19% Mar 2029 NCD Indian Railway Finance Corporation Limited 8.19% 26 Mar 2029 —
Cochin Shipyard 8.72% Mar 2029 NCD Cochin Shipyard Limited 8.72% 28 Mar 2029 —
National Highways Authority of India 7.28% Sep 2030 NCD National Highways Authority of India 7.28% 18 Sep 2030 10 Sep 2026
Power Finance Corporation 7.27% Oct 2030 NCD Power Finance Corporation Limited 7.27% 17 Oct 2030 26 Aug 2026
REC 7.34% Nov 2030 NCD REC Limited 7.34% 5 Nov 2030 10 Sep 2026
National Highways Authority of India 7.60% Jan 2031 NCD National Highways Authority of India 7.60% 11 Jan 2031 17 Sep 2026
National Highways Authority of India 7.39% Feb 2031 NCD National Highways Authority of India 7.39% 18 Feb 2031 —
Housing and Urban Development Corporation 7.39% Feb 2031 NCD Housing and Urban Development Corporation Limited 7.39% 22 Feb 2031 —
National Bank for Agriculture and Rural Development 7.35% Mar 2031 NCD National Bank for Agriculture and Rural Development 7.35% 23 Mar 2031 6 Oct 2026
India Infrastructure Finance Company 7.41% Nov 2032 Bond India Infrastructure Finance Company Limited 7.41% 15 Nov 2032 29 Sep 2026
India Infrastructure Finance Company 7.41% Nov 2032 Bond India Infrastructure Finance Company Limited 7.41% 21 Nov 2032 —
India Infrastructure Finance Company 7.08% Mar 2033 NCD India Infrastructure Finance Company Limited 7.08% 26 Mar 2033 —
India Infrastructure Finance Company 8.19% Aug 2033 NCD India Infrastructure Finance Company Limited 8.19% 23 Aug 2033 —
India Infrastructure Finance Company 8.37% Aug 2033 NCD India Infrastructure Finance Company Limited 8.37% 30 Aug 2033 —
REC 8.37% Sep 2033 NCD REC Limited 8.37% 24 Sep 2033 —
REC 8.62% Sep 2033 NCD REC Limited 8.62% 24 Sep 2033 —
Housing and Urban Development Corporation 8.49% Oct 2033 NCD Housing and Urban Development Corporation Limited 8.49% 25 Oct 2033 —
Housing and Urban Development Corporation 8.74% Oct 2033 NCD Housing and Urban Development Corporation Limited 8.74% 25 Oct 2033 16 Sep 2026
NHPC 8.92% Nov 2033 NCD NHPC Limited 8.92% 2 Nov 2033 —
NTPC 8.61% Mar 2034 NCD NTPC Limited 8.61% 4 Mar 2034 29 Jun 2026
REC 8.61% Mar 2034 NCD REC Limited 8.61% 24 Mar 2034 21 Jul 2026
REC 8.86% Mar 2034 NCD REC Limited 8.86% 24 Mar 2034 13 Aug 2026
Housing and Urban Development Corporation 8.71% Mar 2034 NCD Housing and Urban Development Corporation Limited 8.71% 24 Mar 2034 —
Housing and Urban Development Corporation 8.96% Mar 2034 NCD Housing and Urban Development Corporation Limited 8.96% 24 Mar 2034 6 Aug 2026
National Housing Bank 8.65% Mar 2034 NCD National Housing Bank 8.65% 24 Mar 2034 —
Kamarajar Port 8.75% Mar 2034 NCD Kamarajar Port Limited 8.75% 25 Mar 2034 —
Kamarajar Port 9.00% Mar 2034 NCD Kamarajar Port Limited 9.00% 25 Mar 2034 —
India Infrastructure Finance Company 8.55% Mar 2034 NCD India Infrastructure Finance Company Limited 8.55% 27 Mar 2034 31 Aug 2026
India Infrastructure Finance Company Mar 2034 NCD India Infrastructure Finance Company Limited — 27 Mar 2034 2 Sep 2026
REC 7.18% Nov 2035 NCD REC Limited 7.18% 5 Nov 2035 8 Oct 2026
REC 7.43% Nov 2035 NCD REC Limited 7.43% 5 Nov 2035 11 Aug 2026
Indian Renewable Energy Development Agency 7.43% Jan 2036 NCD Indian Renewable Energy Development Agency Limited 7.43% 21 Jan 2036 4 Nov 2020

A bond is listed as tax-free when its exchange name or NSDL record calls it tax-free and no record calls it taxable. 54EC capital-gains bonds are not tax-free: their interest is taxed. More: tax-free bonds guide · filter tax-free bonds in the screener · bond directory.

Risk warning: This page is for informational purposes only and does not constitute investment advice. Past trade prices do not show the price you can trade at, and tax rules change; check your own position with a tax adviser. See our disclaimer.