326 bonds with no fixed maturity date.

What makes these different from a normal bond

A normal NCD has a fixed maturity date: the issuer must repay principal on that date (or default). A perpetual bond has none. The instrument keeps paying coupons indefinitely unless the issuer chooses to exercise a call option — and RBI approval is often a precondition for banks/NBFCs to do so. If the issuer never calls it, there is no date on which you are contractually owed your principal back.

This carries two risks a fixed-maturity bond doesn't have:

• Extension risk. The issuer can simply not call the bond, especially if refinancing at the current coupon is cheaper than issuing a new one at prevailing rates. Your capital can stay locked far longer than the "typical" 5–10 year call window implies.
• Loss-absorption risk (AT1-specific). AT1 instruments are designed by RBI/Basel III rules to absorb losses at a stressed bank — they can be written down or converted, ahead of equity in some structures, if the issuing bank's capital ratios breach a trigger. This is not a remote, theoretical risk in India: in March 2020, RBI's reconstruction scheme for Yes Bank wrote AT1 bonds worth roughly ₹8,415 crore down to zero, while some senior claims were protected. That event is the reason AT1 risk gets called out explicitly rather than folded into ordinary credit risk.

This page shows what our data has on file: the callable/puttable flags from depository records, and where available, the issuer's own stated call conditions. It is not a substitute for reading the actual offer document or information memorandum before investing.