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What is the difference between SDLs, T-Bills, and G-Secs?

By: Akriti Tomar | Date : Nov 29, 25

Government securities come in different forms, and each serves a specific purpose for investors. Here’s a clear comparison to help you understand how State Development Loans (SDLs), Treasury Bills (T-Bills), and Government Securities (G-Secs) differ from one another.  

Quick Comparison

 
Basis Treasury Bills (T-Bills) Government Securities (G-Secs) State Development Loans (SDLs)
Maturity Short-term securities with maturities of 91 days, 182 days, or 364 days Long-term securities with maturities ranging from 5 years to 40 years Long-term securities similar to G-Secs, usually 5 years and above
Interest (Coupon) No periodic interest. Issued at a discount and redeemed at face value Pays semi-annual interest to your linked bank account Pays semi-annual interest to your linked bank account
Investment Value Always issued at a discount and redeemed at full face value Can be issued at discount, par, or premium Can be issued at discount, par, or premium
Issuer Central Government via RBI Central Government via RBI State Governments via RBI
Risk Level Lowest risk (backed by Central Govt.) Very low risk (sovereign guarantee) Low risk (state-backed)
 

In Simple Terms

  • T-Bills = Short-term, no interest, safe, discount-based.
  • G-Secs = Long-term, interest-paying, very low-risk.
  • SDLs = Long-term, interest-paying, slightly higher yield than G-Secs because they are issued by state governments.

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