The interest rate for the Government of India Floating Rate Bond 2028 (FRB 2028) for the period October 4, 2026, to April 3, 2027, has been fixed at 6.45% per annum, based on the average yield of recent 182-day Treasury bill auctions plus a 0.64% spread.
Interest Rate Fixed for FRB 2028 for H2 FY27
The Reserve Bank of India has announced that the coupon rate for the Government of India Floating Rate Bond 2028 (FRB 2028) for the half-year from October 4, 2026, to April 3, 2027, will be 6.45% per annum. This rate is determined by the average Weighted Average Yield (WAY) of the last three auctions of 182-day Treasury bills prior to October 4, 2026, plus a fixed spread of 0.64%.
The FRB 2028 is designed to provide investors with a market-linked return, adjusting semi-annually to reflect short-term interest rate trends. The current rate of 6.45% reflects the prevailing yield environment and offers a benchmark for retail and institutional investors seeking inflation-protected, floating-income instruments.
This rate determination is significant for investors, financial advisors, and treasury managers who rely on predictable yield benchmarks. The FRB series enhances transparency in public debt management and supports the development of a robust yield curve. Legal professionals advising on fixed-income portfolios should note the valuation and tax implications of such bonds.