The lock-in period and maturity tenure for bonds issued by Indian Railway Finance Corporation vary depending on the specific series, capital-raising tranche, and tax-saving structures associated with each individual issuance. Institutional bonds typically feature fixed maturity horizons ranging from five to fifteen years, designed to match the long-term asset-liability profile of railway infrastructure financing. For retail tax-free bonds issued historically by the corporation, specific holding rules and statutory lock-in conditions applied in accordance with Indian tax regulations and central board guidelines governing long-term infrastructure investment vehicles at the time of purchase.