RBI Retail Direct Scheme: Allowing Retail Investors to Open Gilt Accounts with RBI
‘the RBI Retail Direct’ facility was announced in the Statement of Developmental and Regulatory Policies dated February 05, 2021 for improving ease of access by retail investors through online access to the government securities market – both primary and secondary – along with the facility to open their gilt securities account (‘Retail Direct’) with the RBI.
In pursuance of the said announcement, the ‘RBI Retail Direct’ Scheme has been issued today. The highlights of the ‘RBI Retail Direct’ scheme are:
(i) Retail investors (individuals) will have the facility to open and maintain the ‘Retail Direct Gilt Account’ (RDG Account) with RBI.
(ii) RDG Account can be opened through an ‘Online portal’ provided for the purpose of the scheme.
(iii) The ‘Online portal’ will also give the registered users the following facilities:
(a) Access to primary issuance of Government securities
(b) Access to NDS-OM i.e. RBI’s screen based, anonymous electronic order matching system for trading in Government securities in the secondary market.
Eligibility
a. Retail investors can register under the Scheme and maintain a RDG Account, if they have the following:
(i) Rupee savings bank account maintained in India; (ii) Permanent Account Number (PAN) issued by the Income Tax Department; (iii) Any OVD for KYC purpose; (iv) Valid email id; and ( v) Registered mobile number.
b. Non-Resident retail investors eligible to invest in Government Securities under Foreign Exchange Management Act, 1999 are eligible under the scheme.
c. The RDG account can be opened singly or jointly with another retail investor who meets the eligibility criteria.
Procedure
Investors can register on the online portal by filling up the online form and use the OTP received on the registered mobile number and email id to authenticate and submit the form
Fee and Charges:
No fee will be charged for opening and maintaining ‘Retail Direct Gilt account’ with RBI, or charged by the aggregator for submitting bids in the primary auctions or for payment gateway etc., as applicable, will be borne by the registered investor.
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