The difference between State Development Loans (SDL), Treasury Bills (T-bills), and Government securities (G-secs) are as follows:
| Basis | Treasury-Bills (T-bills) | Government Bonds (G-secs) | State Development Loans (SDL) |
| Maturity |
Less than 1 year (91 days, 182 days, and 364 days). |
Long-dated maturities. |
Long-dated maturities. |
| Interest | Does not carry an interest component. | Twice a year to the primary bank account linked with Zerodha. | Twice a year to the primary bank account linked with Zerodha. |
| Investment value | T-bills are issued at a discount to par value, and upon expiry, they are redeemed at their actual value. | Investments can be made at a discount, par value, or premium. | Investments can be made at a discount, par value, or premium. |
You can learn more about government securities by visiting Government securities module on Varsity.