Leading Exchanges BSE and NSE will launch new interest rate futures (IRF) contracts offering 7.17 percent yield on government bonds from tomorrow. The 10-year-bencmark bonds will mature on January 8, 2028. An IRF is a contract between a buyer and a seller agreeing to the future delivery of any interest-bearing asset such as government bonds. Banks, primary dealers, mutual funds, insurers, FIIs, corporates and brokers, as well as retail investors trade in this product.