Fixed income
SDL
T-Bill
G-Sec
SDL vs T-Bills vs G-Secs: comparison
SDLs, T-Bills, and dated G-Secs are all sovereign-rated debt issued through the RBI auction window. Key differences:
| Feature | T-Bill | SDL | Dated G-Sec |
|---|---|---|---|
| Issuer | Central government | State government | Central government |
| Tenor | 91 / 182 / 364 days | 10+ years typical | 1 to 40 years |
| Coupon | None (zero coupon) | Semi-annual | Semi-annual |
| Yield | Discount to face value | Coupon + price | Coupon + price |
| Auction frequency | Weekly | Weekly (Tuesdays) | Bi-weekly (Fridays) |
| Sovereign-backed | Yes | Yes (state) | Yes (Centre) |
| Liquidity | Moderate | Low | Moderate to good |
| Minimum on Zerodha | Rs 10,000 | Rs 10,000 | Rs 10,000 |
When to use which
| Goal | Pick |
|---|---|
| Park funds for 3-12 months | T-Bill |
| 10-year+ steady-coupon investment | G-Sec or SDL |
| Highest yield among sovereign | SDL (slightly higher than G-Sec) |
| Maximum liquidity | G-Sec |
Risk hierarchy
All three are sovereign-rated:
- T-Bill / Dated G-Sec: Centre-backed.
- SDL: State-backed, with RBI’s market borrowing support; effectively sovereign.
Interest-rate risk applies to longer-tenor instruments. T-Bills (sub-1-year) have minimal duration risk.
See also
- Government Securities (G-Secs) on Zerodha
- Buy G-Sec on Zerodha
- Buy T-Bills on Zerodha
- Buy SDL on Zerodha
- Allotment time for SDL/T-bills/G-secs
- G-Sec bid cut-off times
- Charges for G-Sec on Zerodha
- G-Sec taxes on Zerodha
- Calculate G-Sec returns
- Indicative yield on G-Secs
- G-Sec nomenclature
- Maturity event for G-Secs
- Interest payment schedule for G-Secs
- Edit / delete G-sec order on Kite
- Money debited greater than allotment
- Allotted G-Secs not visible
- Exit G-Sec before maturity
- Interest credit for G-Secs
- T-bill allotment less than Rs 100 face value
- Dirty price vs clean price buy average
- G-Sec P&L on Console
- Reserve blocked basis for G-Sec
- CDSL SMS for T-bill maturity
- SDL/T-bill/G-Sec issuance calendar
- NRI G-Sec investment via Zerodha
- Zerodha bonds platform
- Corporate bonds on Zerodha
- Tax-free bonds on Zerodha
- Reserve Bank of India
- Zerodha
External references
References
- RBI, Government Securities Market Primer, rbi.org.in.
- Zerodha, G-Sec, T-Bill, SDL FAQ, support.zerodha.com.