The Government of India has announced that the interest rate on the Floating Rate Bond 2031 (FRB 2031) for the period from June 7, 2025, to December 6, 2025, will be 6.63% per annum.

FRB 2031 features a variable coupon structure, where the base rate is linked to the average of the weighted average yields from the last three auctions of 182-day Treasury Bills, as of the rate-setting date (June 7, 2025). A fixed spread of 1% is added to this base rate to determine the final interest rate for the applicable period.