An Interest Rate Derivative is an agreement to buy or sell the value of an underlying debt instrument at a future date at a price that is fixed today. It is predominant risk management tool for market participants worldwide. Today, they are one of the most widely traded derivatives instrument in the world.
In India, the underlying security for Interest Rate Futures is either Government Bond or T-Bill. NSE Academy offers the below listed Exchange traded Interest Rate Futures products at present.
NSE Bond Futures II Based on 6 year, 10 year and 13 year Government of India Security and T-Bill Futures Based on 91-day Government of India Treasury Bill (91DTB).
Check out Interest Rate Derivatives course for better understanding.