RBI: Interest Rate for Floating Rate Bond 2033

RBI Press Releases

Published March 20th, 2026

Detected March 21st, 2026

Summary

The Reserve Bank of India (RBI) has announced that the interest rate for the Government of India Floating Rate Bond 2033 (FRB 2033) for the period March 22, 2026, to September 21, 2026, will be 6.75 percent per annum. This rate is determined by a base rate equivalent to the average yield of 182-day T-Bills plus a fixed spread of 1.22 percent.

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What changed

The Reserve Bank of India (RBI) has issued a notice specifying the interest rate for the Government of India Floating Rate Bond 2033 (FRB 2033) for the upcoming half-year period from March 22, 2026, to September 21, 2026. The applicable interest rate has been set at 6.75 percent per annum. This rate is calculated based on the average Weighted Average Yield (WAY) of the last three auctions of 182-day Treasury Bills, plus a fixed spread of 1.22 percent.

This announcement provides clarity on the coupon rate for bondholders for the specified period. Investors holding the FRB 2033 should note this updated interest rate for their portfolio calculations. No immediate action is required from investors, as this is an informational notice regarding a pre-determined interest rate mechanism for a government security.

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Press Releases

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| Date : Mar 20, 2026 | |
| Rate of interest on Government of India Floating Rate Bond 2033 | |
| | The rate of interest on Government of India Floating Rate Bond 2033 (FRB 2033) applicable for the half year March 22, 2026 to September 21, 2026 shall be 6.75 percent per annum.

It may be recalled that FRB 2033 carries a coupon, which has a base rate equivalent to the average of the Weighted Average Yield (WAY) of last three auctions (from the rate fixing day, i.e., March 22, 2026) of 182 Day T-Bills, plus a fixed spread (1.22 percent).

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/2294 | | The rate of interest on Government of India Floating Rate Bond 2033 (FRB 2033) applicable for the half year March 22, 2026 to September 21, 2026 shall be 6.75 percent per annum.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/2294 |
| The rate of interest on Government of India Floating Rate Bond 2033 (FRB 2033) applicable for the half year March 22, 2026 to September 21, 2026 shall be 6.75 percent per annum.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/2294 | |