The difference in a putable bond and a callable bond is: A callable bond gives the seller the right to buy the bond under specified terms prior to the normal maturity date and a putable bond give the buyer the right to buy the bond under specified terms prior to the normal maturity date. A putable bond gives the buyer the right to sell the bond under specified terms prior to the normal maturity date and the callable bond gives the seller the right to sell the bond under specified terms prior to the normal maturity date. A callable bond gives the buyer the right to sell the bonds under specified terms prior to the normal maturity date and a putable bond gives the seller the right to buy the bond under specified terms prior t the normal maturity date. A putable bond gives the buyer the right to sell the bond under specified terms prior to the normal maturity date and a callable bond gives the seller the right to buy the bond under specified terms prior to the normal maturity date