• T-bills are short-term securities issued by RBI on behalf of Govt. Of India, for maturities of 91, 182 and 364 days
• Commercial banks, primary dealers, Mutual Funds, Corporates, Institutions, Provident or Pension Funds and Insurance companies can participate
• Periodic auctions are held for their issue and these are tradable in the secondary market, which is quite active
• T-bills are issued at a discount to face value and are redeemable at par on maturity

• These are dated securities issued by RBI on behalf of the Govt. Of India
• Commercial Banks, Primary Dealers, Mutual Funds, Corporates, Institution, Provident or Pension Funds and individuals participate in the products
• They are issued for a tenor ranging from 2 to 30 years
• Periodic auctions are held for their issue and they are tradable in the secondary market
• They can be held in SGL or dematerialised form with the bank
• Interest is payable semi-annually and tax is not deductible at source

• A CP is a money market instrument through which corporate entities raise short-term money
• Issued as per RBI guidelines
• It is issued at a discount to face value
• Is in the nature of a promissory note and is held in dematerialised form
• Attracts issuance stamp duty in primary issue
• Has to be mandatorily rated by one of the four credit rating agencies
• Can be issued for a maximum period of 1 year
• Can be issued in dematerialised form

• Corporates can participate both as Lenders and Borrowers
• Can be issued for a maximum period of 89 days
• Pricing is linked to a benchmark like MIBOR
• Flexible call or put option could be exercised

• CDs are unsecured, negotiable promissory note issued at a discount to the face value
• Tenor is form 7 days to 12 months
• Attracts issuance stamp duty and is usually issued in dematerialised form
• They are negotiable, and transferred by endorsement and delivery, after 15 days of issue
• There is no TDS

CBLO is a money market instrument designed to meet the borrowing and lending needs of Banks, Financial

• Meets borrowing and lending needs of banks, FIs, MFs, NBFCs and corporates
• Borrowing and lending is collateralised ie, secured using G-Sec or T-Bills
• Trades are screen based and with CCIL being a central counter party
• CCIL has appointed Axis Bank as Settlement Bank to offer CBLO on Associate Member basis to co-op banks, FIs, insurance companies and corporates