The semi-annual interest rate on the Government of India Floating Rate Bond 2028 (FRB 2028) has been fixed at 6.45% p.a. for the period October 4, 2026, to April 3, 2027.
FRB 2028 Coupon Rate Fixed at 6.45%
The Reserve Bank of India has announced that the rate of interest on the Government of India Floating Rate Bond 2028 (FRB 2028) for the half-year from October 4, 2026, to April 3, 2027, shall be 6.45% per annum. This rate is determined based on the average Weighted Average Yield (WAY) of the last three auctions of 182-day Treasury Bills up to the rate-fixing date, plus a fixed spread of 0.64%.
The FRB 2028 was introduced to provide retail and institutional investors with inflation-protected returns linked to market yields. Its coupon resets semi-annually, making it sensitive to changes in short-term rates. The current rate reflects recent trends in T-Bill yields and the prevailing monetary policy environment.
Investors, financial advisors, and legal practitioners dealing with fixed-income securities should consider this rate update when evaluating portfolio returns or advising clients on sovereign instrument performance. The calculation methodology ensures transparency and benchmark integrity, aligning with public debt management best practices.
