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Indian Sovereign Yield Curve

As of 9 Nov 2026 close updated 11 Nov, 2:45 AM IST

Bucket medians from recent Government of India bond trades (last 7 days where liquid, else 30); 3 months to 1 year use RBI T-Bill auction cut-offs. Not a live tick — updates once per trading day at ~02:57 IST.

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At the 9 Nov 2026 close, India's 10-year government bond (G-Sec) yield was 7.24%; the 3-month yield was 5.90%, the 2-year yield was 6.93%, the 5-year yield was 7.12% and the 30-year yield was 7.68% (bond yields are medians of recent Government of India trades; yields up to one year are RBI T-Bill auction cut-offs).

3M G-Sec
5.90%
Δ1d 0 bps · Δ7d +17 bps · Δ30d +44 bps
2Y G-Sec
6.93%
Δ1d +1 bps · Δ7d -8 bps · Δ30d +24 bps
5Y G-Sec
7.12%
Δ1d -6 bps · Δ7d -24 bps · Δ30d -2 bps
10Y G-Sec
7.24%
Δ1d -1 bps · Δ7d -19 bps · Δ30d +3 bps
30Y G-Sec
7.68%
Δ1d -4 bps · Δ7d -16 bps · Δ30d -2 bps
3M-2Y spread
+103 bps
Δ7d -25 bps
2Y-5Y spread
+19 bps
Δ7d -16 bps
5Y-10Y spread
+12 bps
Δ7d +4 bps
10Y-30Y spread
+44 bps
Δ7d +3 bps
Observations
  • The 2Y-10Y segment is positively sloped: 10Y yields more than 2Y at +31 bps. (based on 29 2Y and 18 10Y qualified trades)
  • The 10Y G-Sec median is 3 bps up vs 9 Oct 2026. (comparing snapshots 31 days apart)
  • 1 bucket has fewer than 3 qualified trades and is not stated: 6M. (sample gate MIN_QUALIFIED_PER_BUCKET = 3)
Upcoming auctions
Auction dateTypeNotified amountDetailsSettlementSource
11 Nov 2026 T-Bill ₹23,000 Cr 91-Day ₹8,000 Cr · 182-Day ₹8,000 Cr · 364-Day ₹7,000 Cr 12 Nov 2026 RBI notice
13 Nov 2026 G-Sec ₹34,000 Cr 6.94% GS 2036 16 Nov 2026 RBI notice

Dates and amounts as announced in RBI press releases; the notified amount can change and RBI may cancel an auction. Not our commentary.

Today's Curve Movement
Short End (3M-2Y)
0 bps
Mid (3Y-10Y)
-4 bps
Long End (15Y-30Y)
-2 bps
2Y-10Y Spread
-2 bps
Curve Shape Qualified median    Raw trades (last 30d)    Overlay
Compare vs:
5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 3M 1Y 3Y 5Y 10Y 20Y 30Y 667GS2035 — 7.373% / 9.09y (raw) 601GS2030 — 5.926% / 3.69y (raw) 633GS2035 — 6.662% / 8.48y (raw) 706GS2046 — 6.648% / 19.91y (raw) 610GS2031 — 6.323% / 4.67y (raw) 690GS2065 — 7.703% / 38.43y (raw) 668GS2040 — 7.185% / 13.65y (raw) 676GS2061 — 7.797% / 34.28y (raw) 709GS2054 — 7.593% / 27.73y (raw) 772GS2049 — 7.064% / 22.59y (raw) 679GS2034 — 7.293% / 7.9y (raw) 724GS2055 — 7.655% / 28.77y (raw) 718GS2037 — 7.204% / 10.7y (raw) 734GS2064 — 7.672% / 37.45y (raw) 717GS2030 — 7.167% / 3.43y (raw) 622GS2035 — 7.264% / 8.34y (raw) 771GS2066 — 7.682% / 39.52y (raw) 828GS2032 — 7.743% / 5.26y (raw) 679GS2031 — 7.639% / 5.13y (raw) 726GS2032 — 7.281% / 5.78y (raw) 601GS2028 — 7.303% / 1.37y (raw) 726GS2033 — 7.616% / 6.24y (raw) 668GS2033 — 7.544% / 6.21y (raw) 718GS2033 — 7.044% / 6.76y (raw) 719GS2060 — 7.652% / 33.85y (raw) 750GS2056 — 7.595% / 29.46y (raw) 723GS2039 — 7.474% / 12.42y (raw) 710GS2029 — 7.054% / 2.43y (raw) 648GS2035 — 7.202% / 8.9y (raw) 826GS2027 — 6.14% / 0.72y (raw) 645GS2029 — 6.455% / 2.9y (raw) 603GS2029 — 7.587% / 2.21y (raw) 694GS2036 — 7.441% / 9.5y (raw) 737GS2028 — 7.132% / 1.95y (raw) 706GS2028 — 6.813% / 1.41y (raw) 619GS2034 — 7.547% / 7.85y (raw) 628GS2032 — 7.086% / 5.67y (raw) 654GS2032 — 6.76% / 5.18y (raw) 679GS2027 — 6.512% / 0.51y (raw) 732GS2030 — 7.179% / 4.01y (raw) 577GS2030 — 7.692% / 3.73y (raw) 636GS2031 — 7.449% / 4.27y (raw) 668GS2031 — 6.49% / 4.85y (raw) 824GS2033 — 7.136% / 7.0y (raw) 788GS2030 — 7.582% / 3.35y (raw) 824GS2027 — 5.254% / 0.26y (raw) 736GS2052 — 7.734% / 25.84y (raw) 725GS2063 — 7.622% / 36.58y (raw) 579GS2030 — 7.689% / 3.5y (raw) 757GS2033 — 7.695% / 6.6y (raw) 741GS2036 — 7.314% / 10.11y (raw) 667GS2050 — 7.542% / 24.1y (raw) 716GS2050 — 7.653% / 23.86y (raw) 702GS2031 — 6.675% / 4.6y (raw) 692GS2039 — 7.543% / 13.02y (raw) 695GS2061 — 7.799% / 35.1y (raw) 664GS2027 — 7.351% / 1.08y (raw) 754GS2036 — 7.23% / 9.53y (raw) 699GS2051 — 7.546% / 25.09y (raw) 585GS2030 — 7.694% / 4.05y (raw) 664GS2035 — 7.55% / 8.59y (raw) 738GS2027 — 6.803% / 0.61y (raw) 675GS2029 — 7.32% / 3.12y (raw) 897GS2030 — 7.007% / 4.07y (raw) 613GS2028 — 6.71% / 1.56y (raw) 704GS2029 — 6.96% / 2.56y (raw) 772GS2055 — 7.234% / 28.96y (raw) 702GS2027 — 7.25% / 0.54y (raw) 591GS2028 — 7.255% / 1.63y (raw) 883GS2041 — 7.892% / 15.09y (raw) 833GS2036 — 7.54% / 9.57y (raw) 795GS2032 — 6.608% / 5.8y (raw) 743GS2076 — 7.651% / 49.19y (raw) 746GS2073 — 7.556% / 46.99y (raw) 709GS2074 — 7.596% / 48.04y (raw) 706GS2041 — 7.339% / 14.71y (raw) 620GS2029 — 6.823% / 2.77y (raw) 653GS2031 — 7.537% / 4.82y (raw) 763GS2056 — 7.634% / 29.85y (raw) 91-Day T-Bill (03-Feb-2027) — 5.897% / 0.23y (raw) 364-Day T-Bill (03-Nov-2027) — 6.649% / 0.98y (raw) 91-Day T-Bill (27-Jan-2027) — 5.934% / 0.21y (raw) 182-Day T-Bill (28-Apr-2027) — 6.549% / 0.46y (raw) 364-Day T-Bill (27-Oct-2027) — 6.69% / 0.96y (raw) 91-Day T-Bill (13-Jan-2027) — 5.728% / 0.17y (raw) 182-Day T-Bill (14-Apr-2027) — 6.29% / 0.42y (raw) 364-Day T-Bill (13-Oct-2027) — 6.489% / 0.92y (raw) 3M — 5.90% (3 qualified) 1Y — 6.65% (3 qualified) 2Y — 6.93% (29 qualified) 3Y — 6.96% (11 qualified) 5Y — 7.12% (16 qualified) 7Y — 7.39% (32 qualified) 10Y — 7.24% (18 qualified) 15Y — 7.39% (29 qualified) 30Y — 7.68% (46 qualified) 3M (6 Nov 2026) — 5.90% 1Y (6 Nov 2026) — 6.65% 2Y (6 Nov 2026) — 6.92% 3Y (6 Nov 2026) — 7.04% 5Y (6 Nov 2026) — 7.19% 7Y (6 Nov 2026) — 7.38% 10Y (6 Nov 2026) — 7.26% 15Y (6 Nov 2026) — 7.39% 30Y (6 Nov 2026) — 7.72% 3M (9 Oct 2026) — 5.46% 6M (9 Oct 2026) — 5.89% 1Y (9 Oct 2026) — 6.13% 2Y (9 Oct 2026) — 6.69% 3Y (9 Oct 2026) — 7.02% 5Y (9 Oct 2026) — 7.14% 7Y (9 Oct 2026) — 7.19% 10Y (9 Oct 2026) — 7.22% 15Y (9 Oct 2026) — 7.32% 30Y (9 Oct 2026) — 7.70%

Dashed line: comparison snapshot. Snapshot date: 6 Nov 2026. Snapshot date: 9 Oct 2026.

Qualified median = bucket-median YTM after the price, volume and MAD filters (last 7 days where liquid, else 30). Raw scatter includes every eligible trade — the two aren't the same population by design.

Benchmark Table
Tenor Yield Δ1d Δ7d Δ30d Spread vs 10Y Qualified Trades
3M 5.90% 0 bps +17 bps +44 bps -135 bps 3
6M — — — — — 2
1Y 6.65% 0 bps +16 bps +51 bps -60 bps 3
2Y 6.93% +1 bps -8 bps +24 bps -31 bps 29 / 33 raw
3Y 6.96% -8 bps -12 bps -6 bps -28 bps 11 / 12 raw
5Y 7.12% -6 bps -24 bps -2 bps -12 bps 16
7Y 7.39% +1 bps -9 bps +20 bps +15 bps 32
10Y 7.24% -1 bps -19 bps +3 bps +0 bps 18 / 19 raw
15Y 7.39% +1 bps +1 bps +8 bps +15 bps 29 / 30 raw
30Y 7.68% -4 bps -16 bps -2 bps +44 bps 46

Qualified = passed the 4.0-MAD outlier filter (3M, 6M, 1Y: every RBI auction cut-off in the window). Raw = pre-filter count. Buckets showing "—" have fewer than 3 qualified trades and are not stated.

Methodology
  1. Fetch — every G-Sec and T-Bill trade from the last 30 days with a YTM between 3.0% and 15.0%, a clean price between ₹80 and ₹130, at least 500 bonds traded, and a known maturity date at least 30 days after the trade (closer to redemption, a tiny price move swings the yield wildly). NSE G-Sec prices include accrued interest; we convert them to clean before computing YTM.
  2. Bucket — snap each trade to the nearest canonical tenor. Buckets: 3M, 6M, 1Y, 2Y, 3Y, 5Y, 7Y, 10Y, 15Y, 30Y. 3M, 6M, 1Y use T-Bill auction yields only.
  3. Window — a bucket with at least 10 qualifying trades in the last 7 days uses only those; thinner buckets keep the 30-day window.
  4. Filter — drop any trade whose YTM is more than 4.0×MAD from its bucket's initial median (two-pass median → MAD → filter → recompute). 3M, 6M, 1Y skip this step: each value there is an official RBI auction cut-off, not a trade print.
  5. Gate — leave the bucket empty ("—") when fewer than 3 trades survive.
  6. Snapshot — persist to yield_curve_daily once per day at ~02:57 IST.

See /methodology for the full write-up.

Dataset Health
Snapshot date
9 Nov 2026
Last written
2026-11-10T21:27:00+00:00
Populated buckets
9 / 10
Total qualified trades
189
Total raw trades
196
Live raw points
87 G-Sec / T-Bill
d-1 snapshot
6 Nov 2026
d-7 snapshot
2 Nov 2026
d-30 snapshot
9 Oct 2026
Cite this data

Free to reuse, including commercially, under CC BY 4.0. Please credit RetailBonds.in with a link. Data licence · Embed this chart

Text
Source: RetailBonds.in, Indian Sovereign Yield Curve, snapshot 2026-11-09. https://retailbonds.in/yield-curve (CC BY 4.0)
HTML
Source: <a href="https://retailbonds.in/yield-curve">RetailBonds.in Indian Sovereign Yield Curve</a>, snapshot 2026-11-09 (CC BY 4.0)

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Curve Regimes
Normal Current

Long-term yields exceed short-term yields. Typical in a growing economy with ordinary term-premium compensation.

Flat

Short and long yields converge. Often seen when growth or policy expectations are uncertain.

Inverted

Short-term yields exceed long-term yields. Historically associated with tighter near-term policy than the long run implies.

Key Terms
Basis point (bp)
0.01% — a change in yield.
Duration
Sensitivity of a bond's price to a change in yield.
Steepening
Long-term yields rising faster than short-term yields.
Flattening
Long-term yields rising slower than short-term yields.
Inversion
Short-term yields higher than long-term yields.
Term premium
Extra yield investors demand for holding longer-dated bonds.
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Yields shown are bucket medians derived from secondary-market trades, not official quotes or investment advice. Sovereign obligations carry interest-rate risk; past yields do not indicate future returns. Source data: NSE Capital Market, BSE Bonds, RBI auction cut-offs. See methodology for filter parameters and known limits.

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