RBI Retail direct scheme

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Prime Minister Narendra Modi recently inaugurated the RBI Retail Direct Platform through which retail investors can directly buy government bonds as well as sovereign gold bonds. With the exception of sovereign gold bonds, there are no tax benefits for investment in government bonds through this platform.The Reserve Bank of India’s latest offering for retail investors – investing in government securities – is likely to fall flat as returns from the scheme are much less attractive compared to other available options.

RBI Retail Direct Scheme, an investment option for retail investors was launched on Friday amid much fanfare by Prime Minister Narendra Modi. This scheme was described as a ‘significant milestone’ by the RBI in a statement, which also said that it would ‘bring G-secs within easy reach of the common man by simplifying the process of investment’.

RBI Retail direct scheme

The central bank is likely to approach the Centre to secure tax benefits for retail investments in sovereign securities under the Retail Direct Scheme (RDS), which takes India into an elite club of nations democratising ownership of government debt.

Tax exemptions, people familiar with the matter told ET, have the potential to burnish the allure of the scheme. Experts believe it could also attract global fintech companies such as BondEvalue. The Singapore-based company, which runs the world’s first fractional bond exchange, is keen to enter India after the central bank launched the programme.

Rbi Retail Direct Scheme Online Portal

Retail Direct Scheme is a one-stop solution to facilitate investment in government securities by individual investors directly in the primary market (auctions) and secondary market. Under this scheme, individual retail investors can open a Gilt Securities Account – “Retail Direct Gilt (RDG)” – account with RBI and buy and sell government securities through online portal https://rbiretaildirect.org.in

What kinds of government securities I can invest in through Retail Direct platform?
Government of India Treasury Bills (T-Bills), Government of India dated securities (dated G-Sec), State Development Loans (SDLs), Sovereign Gold Bonds (SGB).
Who can open a Retail Direct Gilt (RDG) account?
Any retail investor (i.e any individual) is allowed to open an RDG account. The person must have (i) Rupee savings bank account maintained in India, (ii) Permanent Account Number (PAN) issued by the Income Tax Department, (iii) any officially valid Document (OVD) for Know Your Customer (KYC) purpose, (iv) valid email id and (v) registered mobile number.
Non-Resident retail investors are eligible to invest in Government Securities under Foreign Exchange Management Act, 1999.
How many RDG accounts can one open?
An individual can open only one RDG account. The account can be opened singly or jointly with another retail investor. The second holder in a joint account may also open an individual RDG account.

FREQUENTLY ASKED QUESTIONS

Retail Direct Scheme
Scheme related queries
1. What is the RBI Retail Direct Scheme?
2. Why should I open a Retail Direct Gilt (RDG) account?
3. What are the kinds of Government securities that I can invest in through the Retail Direct platform?
4. Who can open a Retail Direct Gilt (RDG) account?
5. How many Retail Direct Gilt (RDG) accounts can I open?
6. Whether Retail Direct Gilt (RDG) account can be opened in a joint name?
7. What are the facilities available on the RBI Retail Direct Portal?
Account opening related queries
8. What is the procedure for opening a Retail Direct Gilt (RDG) account?
9. What documents do I need for opening a Retail Direct Gilt (RDG) account?
10. Can I change the email id or phone number linked with my Retail Direct Gilt (RDG) account later?
11. Can I open a Retail Direct Gilt (RDG) account if I have already invested in Government securities through other channels?
12. What is the cost of opening and maintaining Retail Direct Gilt (RDG) Account?
Know Your Customer (KYC) related queries
13. What are the ways of doing my KYC verification for Retail Direct Gilt (RDG) account?
14. How does the CKYC process work?
15. Who should do video KYC?
16. How does the video KYC process work?
17. Do I need to upload my address proof?
18. Why do I need to provide my bank account details?
19. How can I link my bank account with my Retail Direct Gilt (RDG) account?
20. What if my KYC process does not get completed in one session?
Nomination related queries
21. Is nomination compulsory for opening Retail Direct Gilt (RDG) Account?
22. How many nominees can be entered?
23. Can nominees be changed later?
24. Can a Government securities holder nominate an individual other than blood relation as a nominee?
25. What happens if one of the joint nominees to a Government security dies?

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