A zero interest bond is a debt security that is issued at a discount and pays no interest during its lifetime. It is also known as a zero-coupon bond or a discount bond. However, there are several synonyms for the term zero interest bond such as non-interest-bearing bond, deep discount bond, book-entry bond, and pure discount bond. Each of these terms has a slightly different connotation, but they all refer to the same type of bond that does not generate any income for the bondholder until maturity. Despite the lack of interest payments, zero interest bonds can be valuable investment vehicles for those looking to create a diversified portfolio or save for long-term financial goals.