# RBI sets FRB 2033 interest rate at 6.87% for six months 2026-09-22T02:02:51+00:00 | Governance | Indian Opinion Desk Corroboration: 1 independent outlet The Reserve Bank of India has fixed the interest rate on the Government of India Floating Rate Bond 2033 at 6.87 percent per annum for the half-year from September 22, 2026 to March 21, 2027. The rate applies to the coupon payment due at the end of this period. FRB 2033 carries a coupon structure that combines a base rate, calculated as the average Weighted Average Yield of the last three auctions of 182-day Treasury Bills before the rate-fixing day, with a fixed spread of 1.22 percent. The rate will be reset again for the following half-year. ## Indian Opinion Analysis Floating rate bonds protect investors from rising interest rates because the coupon resets periodically against a benchmark, in this case the 182-day Treasury Bill auction. The 6.87 percent rate for the next six months reflects the current short-term yield environment plus the 1.22 percentage point fixed spread set at issuance. Holders of FRB 2033 will see their payout change again in September 2027 when the next reset is calculated from the three preceding Treasury Bill auctions. ## Coverage - rbi.org.in Tags: Floating Rate Bond 2033, Government of India, Reserve Bank of India, Treasury Bills Canonical: https://indianopinion.org/rbi-sets-frb-2033-interest-rate-at-6-87-for-six-months/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/rbi-sets-frb-2033-interest-rate-at-6-87-for-six-months/#story-in-brief