New Delhi, May 27 -- MUMBAI: Fixed deposits have long been the default savings instrument for conservative Indian households. But as interest rates softened and FD returns slipped, more retail investors began moving into bonds in search of higher yields.

The shift has accelerated with the rise of online bond platforms that have made listed corporate bonds and non-convertible debentures, or NCDs, easier to access. A September 2025 report by Assocham and Crisil Intelligence showed the number of clients registered with Online Bond Platform Providers (OBPPs)-platforms that allow retail investors to buy and sell listed bonds online and regulated by the Securities and Exchange Board of India (Sebi)-rose to 560,000 in fiscal year 2025 from 350,...