Reserve Bank of India, on 12th July, 2021, issued the ‘RBI Retail Direct’ scheme which is one- stop solution to increase retail participation in government securities. The scheme was first announced in the Statement of Developmental and Regulatory Policies dated February 05, 2021 The date of commencement of the scheme will be announced later.
This allows the retail investors to open and maintain Retail Direct Gilt Account (RDG Account) with RBI through an Online Portal. Retail investors, if they have Rupee savings bank account maintained in India, permanent Account Number (PAN) issued by the Income Tax Department, any OVD for KYC purpose, valid email id and Registered mobile number, can register under this scheme to open and maintain RDG Account. Non-Resident retail investors eligible to invest in Government Securities under Foreign Exchange Management Act, 1999 are also eligible under the scheme. The RDG account can be opened singly or jointly with another retail investor who meets the eligibility criteria.
The scheme also provides facilities including access to primary issuance of Government securities and NDS- OM. The investor services include account statement, nomination facility, pledge/lien, gift transactions and grievance redressal. No fee will be charged for opening and maintaining RDG Account or for submitting bids in primary auctions.
