What India’s banks and NBFCs actually pay to borrow.
Every number here is a real print from the secondary tape, not a quote and not a survey. Banks fund at the short end through certificates of deposit. NBFCs run the same short window on commercial paper and then carry a bond curve out to ten years. Put the two side by side and the cost of not being a bank is visible in basis points.
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The gap
What it costs an NBFC to borrow the same money a bank borrows, at the same tenor, in the same week.
The gap
Bank vs NBFCMedian short-term funding level by cohort. Yields in percent per annum, 28 Aug 2026 to 10 Sept 2026.
| Tenor | Public banks | Private banks | Large NBFCs | NBFC over public bank |
|---|---|---|---|---|
| 3M | 5.15% | 5.05% | 5.37% | +22 bps |
| 6M | 6.40% | 6.15% | 6.85% | +45 bps |
| 9M | 6.50% | 6.48% | 6.99% | +49 bps |
| 1Y | 6.88% | 7.15% | 7.43% | +55 bps |
By issuer
Pick a group. Banks and institutions raise short money as certificates of deposit; NBFCs use commercial paper and then carry a bond curve out to ten years.
Short-term funding
Public sector banksCertificates of deposit, secondary market. Yields in percent per annum, 28 Aug 2026 to 10 Sept 2026.
| Issuer | 3M | 6M | 9M | 1Y | Curve |
|---|---|---|---|---|---|
 Bank of Baroda | 4.72 | 6.40 | 6.50 | 6.90° | |
 Central Bank of India | 5.04 | — | — | — | |
 Punjab National Bank | 5.04 | 6.43 | 6.50 | — | |
 Punjab & Sind Bank | 5.14 | — | — | — | |
 Indian Bank | 5.14 | 6.17 | 6.85 | 6.97 | |
 Bank of India | 5.16 | — | — | — | |
 IDBI Bank | 5.45° | — | — | — | |
 Union Bank | 5.60 | 6.40 | 6.52 | 6.86° | |
 Canara Bank | 5.80 | 6.38 | 6.40 | 6.86 | |
 UCO Bank | 6.40° | — | — | — |
The long end
Public sector banksBonds and debentures, secondary market. Yields in percent per annum, 10 Aug 2026 to 10 Sept 2026.
| Issuer | 1Y | 3Y | 5Y | 7Y | 10Y | Curve |
|---|---|---|---|---|---|---|
 Indian Overseas Bank | — | — | — | — | 7.63° | |
| Union Bank | — | — | — | — | 7.64° | |
 SBI | — | — | — | — | 7.70° |
Not here?
Most issuers aren’t. A name only appears once its paper trades in the open market. We hold the full instrument-level tape, so we can place you against the cohort you price nearest to.
How this is built
- Source is the consolidated secondary tape for Indian corporate debt and money market paper, instrument by instrument.
- Each instrument contributes its last traded yield. A cell is the median across that issuer’s instruments in the tenor bucket, so it is a level, not a volume weighted average over the window.
- Short-term paper uses a two-week window because it reprices weekly. Bonds use roughly a month, because a shorter window leaves most issuers without a curve at all.
- Tax-free bonds are excluded from the long-end table. Their coupons are exempt, so they trade far below comparable taxable paper and would understate a funding cost. We drop any bond printing below the government curve at the same tenor. This filter is never applied to short-term paper, where printing through the treasury bill is normal.
- No credit ratings are shown. Different instruments of the same issuer carry different grades, and short-term paper uses a scale that does not map onto the long-term one. Ordering rows cheapest first says the same thing without asserting a grade.
- Cohort membership is curated, not inferred from names. An NBFC owned by a bank is still an NBFC.
This page is information about observed market prices. It is not investment advice, and it is not a recommendation to issue, buy or sell any instrument. See our terms.
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