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India government-securities (G-Sec) yield curve & the 10-year benchmark

Q: What is the 10-year G-Sec yield in India?

The 10-year benchmark government-security (G-Sec) yield is the most-watched market interest rate in India and is currently of the order of 6.4%. It is the yield at which the central government's 10-year bonds trade and it serves as the reference rate for pricing many other rupee debt instruments. Market yields move every trading day, so for the live figure see FBIL, which publishes the official benchmark.

Q: What is the G-Sec yield curve?

The G-Sec yield curve plots the yields on government securities across maturities — from short-dated Treasury bills out to 30-year and longer bonds. In India the curve is normally upward sloping: short tenors sit near the policy repo rate (about 5.25%), the 10-year benchmark is around 6.4%, and the 30-year is around 6.9%. The shape reflects expectations for growth, inflation and future policy rates.

Q: Why does the G-Sec yield matter for banks?

Banks hold large portfolios of government securities to meet the Statutory Liquidity Ratio (SLR), so G-Sec yields directly drive the mark-to-market value of those holdings — rising yields cause bond losses and falling yields create gains. G-Sec yields also feed into the external benchmark and marginal-cost lending rates that price loans, and into the cost at which the government and corporates borrow.

Q: Who decides G-Sec yields?

G-Sec yields are set by the market through trading and through the RBI's weekly auctions of government bonds, not fixed by the RBI. They are influenced by the RBI's monetary policy (the repo rate and liquidity operations), by inflation and growth expectations, by the government's borrowing programme, and by global rates. FBIL publishes the official daily benchmark yields.

Quick answerIndia’s 10-year benchmark G-Sec yield — the most-watched market interest rate — is of the order of 6.4%. The yield curve is normally upward sloping: short Treasury bills sit near the repo rate (5.25%), the 10-year is around 6.4%, and the 30-year is around 6.9%. Market yields move every day — these are approximate recent levels; see FBIL for the live curve.

The chart above is a visual summary; the table below carries the same figures so they are readable without JavaScript — for accessibility and AI answer engines.

Approximate G-Sec yield curve by tenor (recent)

Tenor	Approx. yield
3-month T-bill	5.5%
1-year	5.8%
2-year	6.0%
5-year	6.2%
10-year (benchmark)	6.4%
30-year	6.9%

Approximate recent benchmark yields based on RBI / FBIL data; G-Sec yields trade daily, so for exact live levels see the FBIL benchmark. The curve anchors at the short end to the RBI policy repo rate of 5.25%.

What it means for bankers

Government securities are the backbone of a bank’s balance sheet: banks hold them to meet the Statutory Liquidity Ratio (SLR), so the level of G-Sec yields drives the mark-to-market value of those portfolios — when yields rise, bond prices fall and banks book treasury losses, and vice-versa. The 10-year benchmark is also the reference for pricing rupee debt, and it sits above the repo rate and the overnight call money rate (WACR) by a term premium. A steep curve rewards lending long and funding short; a flat or inverted curve squeezes that spread. Movements in the curve flow through to the cost of funds and ultimately to lending rates.

Key terms in this dataPlain-English definitions of the terms behind this dashboard — see the full Indian banking glossary. SLR · Repo rate · Reserve money (M0)

More live dataExplore BankPulse’s other live RBI dashboards: Repo Rate Timeline · WACR / Call Money Rate · SLR · Forex Reserves.

G-Sec yield curve FAQ

What is the 10-year G-Sec yield in India?

The 10-year benchmark government-security (G-Sec) yield is India's most-watched market interest rate and is currently of the order of 6.4%. It is the reference rate for pricing many other rupee debt instruments. Market yields move daily, so for the live figure see FBIL, which publishes the official benchmark.

What is the G-Sec yield curve?

The G-Sec yield curve plots yields across maturities, from short Treasury bills to 30-year bonds. In India it is normally upward sloping: short tenors near the repo rate (about 5.25%), the 10-year benchmark around 6.4% and the 30-year around 6.9%. The shape reflects growth, inflation and rate expectations.

Why does the G-Sec yield matter for banks?

Banks hold large G-Sec portfolios to meet the SLR, so yields drive the mark-to-market value of those holdings — rising yields cause bond losses, falling yields create gains. Yields also feed into lending-rate benchmarks and the cost of government and corporate borrowing.

Who decides G-Sec yields?

G-Sec yields are set by the market and the RBI's weekly bond auctions, not fixed by the RBI. They move with monetary policy, inflation and growth expectations, the government's borrowing programme and global rates. FBIL publishes the official daily benchmark yields.

Methodology & sources: see how BankPulse dashboards are sourced, verified & updated · machine-readable G-Sec yields JSON feed.

Last reviewed 19 Jun 2026 by Vikram Jain

Source: RBI & FBIL benchmark government-security yields, fbil.org.in / rbi.org.in. Yields are market-determined and move daily; the levels shown are approximate recent values. We never reproduce RBI/FBIL text verbatim. Reviewed by Vikram Jain. Last updated 19 Jun 2026, 02:49 IST.