The Reserve Bank of India (RBI) announced today that the central bank to launch a mobile app for the Retail Direct portal. The mobile app will allow investors to invest in different types of government securities such as central government bonds, state government bonds, Treasury bills etc. Currently, a retail investor can invest in these govt securities by logging on the website.
As per the RBI Governor, “The RBI Retail Direct Scheme was launched in November 2021. It is now proposed to launch a mobile app for accessing the Retail Direct portal. This will be of greater convenience to retail investors and deepen the G-sec market. “
As per the statement given by RBI, “RBI Retail Direct Scheme, launched in November 2021, gives access to individual investors to maintain gilt accounts with RBI and invest in government securities. The Scheme enables investors to buy securities in primary auctions as well as buy/sell securities through the NDS-OM platform. To further improve ease of access, a mobile application of the Retail Direct portal is being developed. The app will enable investors to buy and sell instruments on the go, at their convenience. The app will be available for use shortly.”
What is RBI Retail Direct?
The RBI launched the RBI Retail Direct portal in November 2021. The retail direct portal was launched to bring access to government bonds within the reach of of the common man by simplifying the process of investment. The Retail Direct Scheme will allow retail investors to open pen a Retail Direct Gilt (RDG) Account with the Reserve Bank of India, using an online portal (https://rbiretaildirect.org.in). Investments can be made using the following routes:
- Primary issuance of government securities: Retail investors can place bid as per the non-competitive scheme for participation in primary auction of government securities and procedural guidelines for SGB issuance.
- Secondary market: Investors can buy and sell government securities on NDS-OM (‘Odd Lot’ and ‘Request for Quotes’ segments).
An individual can invest in Sovereign Gold Bond via Retail Direct portal as well. The RBI Retail Direct Scheme aims to provide a safe, simple, direct and secured platform to investors. Payments for making investments can be done conveniently using saving bank account through internet-banking or Unified Payments Interface (UPI). Retail investors can obtain help and other support facilities on the portal itself and also through a toll-free telephone number 1800–267-7955 (10am to 7pm) and email.
Who can open Retail Direct Gilt Account with RBI?
As per the Retail Direct Scheme, a retail investor can open the account with the RBI by satisfying the following conditions:
a) Having Rupee savings bank account in India
b) PAN
c) Any officially valid document for KYC such as Aadhaar, Passport, Voter ID etc.
d) Valid Email ID
e) Valid mobile number
The RBI Retail Direct Gilt Account can be opened either in single or joint holding mode. Even the non-resident retail investors are eligible to invest in government securities.
Charges for opening of Retail Direct Gilt Account
There are no fees or charges for opening and maintaining of Retail Direct Gilt Account with the RBI.
Facilities available on RBI Retail Direct Portal
The RBI Retail Direct Portal allows following facilities to retail investors:
a) Opening and managing of Retail Direct Gild Account
b) Allow participation in bidding for G-sec auctions in the primary market
c) Allow investing in Sovereign Gold Bonds
d) Allow buying and selling of bonds via secondary market
e) Providing investors account statement, nomination, pledge/lien, gift transactions, coupon payments.
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