10-year bond yield (G-sec)
G-sec = Government Security- How often
- Every working dayEvery business day
- Last released
- 12 Nov 202611 Nov 2026
11 November 2026, up from 6.97% in August 2026.
Events on this chart
Source: RBI, released 12 Nov 2026 · Chart: Clarity UPSC
- Previous
- 6.97%Aug 2026
- Highest
- 8.00%Sep 2018
- Lowest
- 5.78%Jul 2020
Higher than 64% of the 141 readings since Jan 2015.
Story
The return investors earn on the government's 10-year bond. It anchors long-term interest rates.
What is happening now As of 11 Nov 2026
The benchmark 10-year bond, the 6.94% Government Security 2036 (6.94% GS 2036), yielded 7.22% on 11 November 2026, according to the Reserve Bank of India (RBI). Its name means it pays 6.94% interest on its face value and matures in 2036. The RBI Bulletin's month-end 10-year yields, measured slightly differently, were 6.50% at the end of October 2025 and 6.97% at the end of August 2026.
The RBI said government bond yields rose from mid-August to September 2026 amid renewed tension in West Asia, higher bond yields abroad and a rise in crude oil prices. On 7 October 2026 the Monetary Policy Committee (MPC) raised the repo rate by 0.25 percentage point to 5.50% and said rate cuts were off the table for now. The MPC noted that tighter global financial conditions and worries about public finances in major economies had pushed bond yields worldwide to record highs.
Why it matters
The 10-year yield is the price of long-term borrowing in India. When it rises, the central government pays more interest on its new debt, which leaves less of the budget for other spending. Companies that raise money by selling bonds pay more too.
Banks feel it directly. They hold large amounts of government bonds, partly because the Statutory Liquidity Ratio (SLR) requires it, and the value of those bonds falls when yields rise. The yield also shows what investors expect: it tends to rise when they expect higher inflation, higher policy rates or more government borrowing.
What it is
The Government of India borrows by selling bonds called Government Securities (G-secs). A 10-year G-sec pays a fixed rate of interest, the coupon, on its face value and repays the face value after ten years. Its yield is the yearly return a buyer earns by buying it at today's market price and holding it until it matures.
When the yield rises, the government and companies pay more to borrow for long periods. Yields rise when investors expect higher inflation or more government borrowing.
Read this number
- The publisher
- The Reserve Bank of India is India's central bank. It manages money supply, bank regulation, the rupee and the country's foreign exchange reserves.
Terms on this page (7)
- FBIL
- Financial Benchmarks India Ltd
- FIMMDA
- Fixed Income Money Market and Derivatives Association of India
- GS
- Government Stock
- MPC
- Monetary Policy Committee
- NDS-OM
- Negotiated Dealing System – Order Matching
- RBI
- Reserve Bank of India
- SLR
- Statutory Liquidity Ratio
History
- Aug 2005The Reserve Bank of India (RBI) introduces the Negotiated Dealing System–Order Matching (NDS-OM), an anonymous screen-based system for trading government securities.
- 31 Mar 2018Financial Benchmarks India Pvt. Ltd. (FBIL) takes over the valuation of government securities from the Fixed Income Money Market and Derivatives Association of India (FIMMDA).
- 1 Apr 2020Non-residents can buy new 5-, 10- and 30-year government bonds without restrictions through the Fully Accessible Route.
- 12 Nov 2021RBI Retail Direct lets individuals open a gilt account, an account for government securities, with the RBI and buy government securities directly.
Readings
| Period | Value | Status | Released |
|---|---|---|---|
| 11 Nov 2026 | 7.22% | Final | 12 Nov 2026 |
| Aug 2026 | 6.97% | Final | 23 Oct 2026 |
| Jul 2026 | 6.84% | Final | 23 Oct 2026 |
| Jun 2026 | 6.74% | Final | 25 Sep 2026 |
| May 2026 | 6.99% | Final | 25 Aug 2026 |
| Apr 2026 | 7.08% | Final | 22 Jul 2026 |
| Mar 2026 | 7.11% | Final | 22 Jun 2026 |
| Feb 2026 | 6.71% | Final | 22 May 2026 |
| Jan 2026 | 6.77% | Final | 23 Apr 2026 |
| Dec 2025 | 6.67% | Final | 23 Mar 2026 |
| Nov 2025 | 6.55% | Final | 20 Feb 2026 |
| Oct 2025 | 6.50% | Final | 21 Jan 2026 |
For UPSC
Bond prices and yields move in opposite directions. The central government issues these securities and the Reserve Bank of India (RBI) sells them through auctions; the repo rate, RBI open market operations, inflation expectations and the size of government borrowing all move the 10-year yield. Know the Fully Accessible Route, which opened bonds to foreign investors, and RBI Retail Direct, which opened them to individuals.