Interest Rates in India
Two benchmark interest rates: the overnight call money rate, which moves closely with RBI policy, and the yield on 10-year government bonds. Both are monthly averages from the OECD, published on FRED. The RBI repo-rate history is not yet connected.
Levels, highs and lows
| Rate | Latest | 5-year average | Highest | Lowest | Data from |
|---|---|---|---|---|---|
| Call money rate | 5.50% | 5.94% | 12.00% Oct 1991 | 4.25% Jun 2020 | Jan 1968 |
| 10-year G-Sec yield | 7.06% | 6.92% | 8.99% Apr 2014 | 5.81% Jul 2020 | Dec 2011 |
OECD Main Economic Indicators, via FRED (Federal Reserve Bank of St. Louis), series IRSTCI01INM156N. Data 1 Jan 1968 to 1 Sep 2026. OECD Main Economic Indicators, via FRED (Federal Reserve Bank of St. Louis), series INDIRLTLT01STM. Data 1 Dec 2011 to 1 Sep 2026.
Year by year (December averages)
show table
| Year | Call money rate | 10-year G-Sec yield |
|---|---|---|
| 2025 | 5.50% | 6.63% |
| 2024 | 6.75% | 6.78% |
| 2023 | 6.75% | 7.22% |
| 2022 | 6.43% | 7.29% |
| 2021 | 4.25% | 6.44% |
| 2020 | 4.25% | 5.89% |
| 2019 | 5.40% | 6.85% |
| 2018 | 6.75% | 7.37% |
| 2017 | 6.25% | 7.35% |
| 2016 | 6.75% | 6.53% |
| 2015 | 7.75% | 7.79% |
| 2014 | 9.00% | 7.96% |
| 2013 | 8.75% | 8.88% |
| 2012 | 9.00% | 8.14% |
| 2011 | 6.00% | 8.56% |
| 2010 | 6.00% | — |
| 2009 | 6.00% | — |
| 2008 | 6.00% | — |
| 2007 | 6.00% | — |
| 2006 | 6.00% | — |
| 2005 | 6.00% | — |
| 2004 | 6.00% | — |
| 2003 | 6.00% | — |
| 2002 | 6.25% | — |
| 2001 | 6.50% | — |
Monthly averages for December of each year.
Returns of bond and cash funds
| Series | 1Y | 3Y | 5Y | 10Y | 15Y | 20Y | Max fall | Data to |
|---|---|---|---|---|---|---|---|---|
| 10-year G-Sec (bond fund) | 0.5% | 6.1% | 5.0% | 6.9% | 8.0% | 7.8% | −5% | 23 Oct 2026 |
| Cash (liquid fund) | 6.3% | 6.8% | 6.3% | 6.0% | 6.9% | 7.0% | 0% | 25 Oct 2026 |
Annualised (CAGR) for periods of a year or more, ending on each series' latest date. “n/a” means the series does not go back that far. Max fall: the largest fall from a previous peak over the whole history.
Fund NAVs (AMFI), after fund costs. Gilt fund: SBI 10 Year Constant Maturity Gilt Fund (Regular, growth). Liquid fund: HDFC Liquid Fund (Regular, growth).
Debt funds linked to the 10-year G-Sec yield
MFIC groups that invest in this market, with medians for each group (medians across open-ended schemes, regular plans (etfs for etf categories), growth option, from amfi navs; NAVs as of 23 Oct 2026).
| Fund group | Link | Schemes | 1Y median | 3Y CAGR median | 5Y CAGR median | Ahead of benchmark TRI, 3Y |
|---|---|---|---|---|---|---|
| Debt ETF (ETFs) | Track this market | 36 | +2.9% | +6.5% | +5.4% | – |
| Debt Index Fund | Track this market | 103 | +4.8% | +7.2% | +5.8% | – |
| Banking & PSU | Main market of active funds | 20 | +3.5% | +6.5% | +5.7% | 11 of 19 |
| Corporate Bond | Main market of active funds | 21 | +3.4% | +6.6% | +5.7% | 13 of 21 |
| Credit Risk | Main market of active funds | 14 | +6.0% | +7.8% | +7.0% | 11 of 14 |
| Dynamic Bond | Main market of active funds | 23 | +1.9% | +6.0% | +5.4% | 14 of 23 |
| Floater | Main market of active funds | 12 | +5.0% | +7.0% | +6.2% | 9 of 12 |
| Long Duration | Main market of active funds | 11 | −1.3% | +5.5% | +4.8% | 5 of 7 |
| Medium Duration | Main market of active funds | 13 | +4.3% | +6.9% | +6.0% | 10 of 13 |
| Medium to Long Duration | Main market of active funds | 13 | +1.7% | +5.8% | +4.7% | 3 of 12 |
| Short Duration | Main market of active funds | 28 | +3.8% | +6.6% | +5.6% | 12 of 26 |
| Conservative Hybrid | Part of the portfolio | 19 | −0.1% | +6.6% | +6.4% | 9 of 19 |
Groups follow AMFI categories; theme groups are MFIC's own grouping from scheme names. "Ahead of benchmark TRI" compares each scheme's 3-year return with its own benchmark's total return index as published by AMFI; it is not shown for index funds and ETFs, which aim to match their index. Listed by how closely the group follows this market, not ranked. Open a group for every scheme in it.
Cash and money-market funds linked to the call money rate
MFIC groups that invest in this market, with medians for each group (medians across open-ended schemes, regular plans (etfs for etf categories), growth option, from amfi navs; NAVs as of 23 Oct 2026).
| Fund group | Link | Schemes | 1Y median | 3Y CAGR median | 5Y CAGR median | Ahead of benchmark TRI, 3Y |
|---|---|---|---|---|---|---|
| Overnight | Main market of active funds | 43 | +5.2% | +5.9% | +5.7% | 3 of 37 |
| Floater | Main market of active funds | 12 | +5.0% | +7.0% | +6.2% | 9 of 12 |
| Liquid | Main market of active funds | 49 | +6.3% | +6.8% | +6.3% | 15 of 41 |
| Money Market | Main market of active funds | 30 | +6.1% | +6.9% | +6.3% | 12 of 22 |
| Ultra Short Duration | Main market of active funds | 28 | +5.7% | +6.6% | +6.1% | 1 of 25 |
| Arbitrage | Part of the portfolio | 40 | +6.1% | +6.6% | +6.1% | 0 of 23 |
Groups follow AMFI categories; theme groups are MFIC's own grouping from scheme names. "Ahead of benchmark TRI" compares each scheme's 3-year return with its own benchmark's total return index as published by AMFI; it is not shown for index funds and ETFs, which aim to match their index. Listed by how closely the group follows this market, not ranked. Open a group for every scheme in it.
Questions
- What is the call money rate?
- The rate at which banks lend to each other overnight. It usually stays close to the RBI's policy repo rate, so it is a useful free, long-running proxy for the stance of monetary policy. It was 5.50% in September 2026 (OECD via FRED).
- What is the 10-year G-Sec yield?
- The yield on Government of India bonds with about ten years to maturity, the benchmark for long-term interest rates. It was 7.06% in September 2026. When yields fall, existing bond prices rise, and the reverse.
- How do interest rates affect debt funds?
- Bond prices move opposite to yields. Funds holding longer-maturity bonds, such as 10-year gilt funds, gain more when rates fall and lose more when they rise; liquid funds hold very short-term instruments and move little. The table shows how each has done.
Every Monday: index benchmarks and the median 1-month and 1-year return of every equity category, plus broad equity, hybrid and debt figures. Calculated from AMFI NAVs. Free; unsubscribe from any email.