Mutual Funds · Intermediate
Fixed income and debt funds
Bond maths, duration, credit risk, the yield curve, SEBI categories, tax, and matching debt funds to goals honestly.
What is inside
10 short lessons. Each ends with a quiz, so you know what you have learnt.
How bonds and rates work
- Bonds: coupon, price, face value and yield
- Why bond prices fall when interest rates rise
- Duration: how sensitive is the fund to rates?
- Yield to maturity, accrual and mark-to-market
- Credit risk and ratings
Categories, risk, tax and selling
- The yield curve and what it says
- SEBI's debt fund categories at a glance
- Liquidity risk and what the 2020 episode taught
- Taxation of debt funds
- Matching debt funds to goals, and selling them honestly
Key ideas you will take away
- Coupon fixed; price and yield move.
- G-sec = sovereign; corporate = credit risk.
- Rates up, prices down.
- Longer maturity, bigger swing.
- Price change ≈ −MD × Δyield.
- Duration = rate risk.
Try a question
Q1. A bond has a face value of ₹100 and a 7% coupon. What coupon does it pay each year?
- ₹7
- ₹70
- ₹0.7
- ₹107
Show the answer
A. 7% of ₹100 = ₹7 a year.
Q2. Market interest rates rise. What generally happens to the price of an existing bond?
- It falls
- It rises
- It stays the same
- It doubles
Show the answer
A. New bonds pay more, so older lower-coupon bonds must sell at a lower price to match.
Frequently asked questions
Is the Fixed income and debt funds course free?
Yes. Lessons, quizzes and practice are free. Sign in once with your mobile number or Google to start.
Who is the Fixed income and debt funds course for?
It is a intermediate-level course with 10 short lessons, written in plain language for beginners and for people who advise others on money.
Can I learn this in Hindi or Gujarati?
The app screens switch between English, Hindi and Gujarati at any time, and many quiz questions have translations. Lesson text is in English for now.
Do I get a certificate?
Yes. Pass the course exams to earn a certificate that anyone can verify online.
Is this investment advice?
No. It is education only. Speak to a qualified adviser before you act on your own money.
Related courses
UpperCrust Academy is independent study material from UpperCrust Wealth. It is not affiliated with NISM, SEBI or AMFI. For education only. Not investment advice. Always confirm the latest syllabus and rules on the official NISM website.