Client desk
The live book.
Indicative offers. Every figure on a bond is the same chain the desk settles: clean principal, accrued interest, stamp duty, then the amount you pay. Market YTM is the market convention. Investor XIRR is the return on that cash.
1 · Principal
Units × clean price. This is the bond, before interest already earned by the seller.
2 · Accrued
Coupon earned since the last interest date, counted to the settlement date. You pay it, then receive it back on the next coupon.
3 · Stamp + total
Statutory stamp on the dirty consideration. Total payable is principal + accrued + stamp. IFA markup is not a client charge.
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Yields and availability are indicative and change with the market. *Tax treatment depends on product and investor category. Confirm live inventory and documents with Binary Bonds before investing. Issuer marks identify the credit; they do not imply endorsement. Banking partner & demat: The Federal Bank Limited.
How to read a yield
Two numbers, on purpose.
- Market YTM
- The effective annual yield the market quotes from clean price, coupon and the remaining cashflows. This is the number you compare across bonds.
- Investor XIRR
- The money-weighted return on the cash you actually pay, including accrued interest and stamp, against the dated cashflows you receive.
- What is not in the yield
- The issuer credits interest. TDS under section 193 may be withheld. These pages are not a tax certificate and not an offer to sell.