GOI Floating Rate Bond 2028 Interest Rate Set at 6.45 Per Cent

The Reserve Bank of India announced the interest rate for the Government of India Floating Rate Bond 2028 on October 01, 2026. The rate for the half year from October 04, 2026 to April 03, 2027 is set at 6.45 per cent per annum. The updated rate applies directly to bondholders for the upcoming six-month payout period.

Interest Rate Calculation and Coupon Structure

The Reserve Bank of India calculates the coupon rate for the Government of India Floating Rate Bond 2028 using a benchmark-linked formula. The coupon has a base rate equivalent to the average of the Weighted Average Yield (WAY) of the last three auctions of 182 Day T-Bills. The central bank takes these three auctions prior to the rate fixing day of October 04, 2026.

A fixed spread of 0.64 per cent is added directly to that base yield. Combining the average 182 Day Treasury Bill yield with the 0.64 per cent spread yields the final 6.45 per cent per annum rate for this half-year period. Readers comparing different borrowing instruments can examine interest rates in India for broader perspective.

Applicability and Official Announcement

The revised coupon rate of 6.45 per cent per annum applies strictly to the half year running from October 04, 2026 to April 03, 2027. The Reserve Bank of India released this notification on October 01, 2026, under Press Release number 2026-2027/1235. The press release was issued by Ajit Prasad, Deputy General Manager (Communications) at the central bank.

Holders of the FRB 2028 bond will receive interest calculated at this 6.45 per cent annualised rate for the six-month duration. Floating rate government bonds adjust their yields every six months based on short-term treasury yields. Investors interested in fixed income categories can read about RBI floating rate savings bonds.

Sources

• Rate of Interest on Government of India Floating Rate Bond 2028 — Reserve Bank of India (checked 5 Oct 2026)