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

Opening an RDG account will allow individuals to buy Government securities directly in the primary market (auctions) as well as buy/sell in the secondary market. For the retail investor, Government securities offer an option for long term investment. The advantages for retail investors can be listed as under:

1. G-sec are risk free: G-sec in the domestic market context are risk free and carry no credit risk.

2. G-sec offer decent yields for longer duration. G-sec yield curve extends up to 40 years. With Government issuing securities at different points on the yield curve, G-sec offer an attractive option for savers who need low risk investment options for longer durations.

3. G-sec offer prospect of capital gains: As there is an inverse relationship between bond price and interest rate, there is a prospect of capital gains when the interest rates moderate. One, however, must be conscious of market risks that could result in losses in case the interest rate cycle reverses.

4. G-sec have reasonable liquidity: G-sec have reasonable liquidity and can be transacted on NDS-OM. With the introduction of Retail Direct Portal, retail investors can now participate easily in primary and secondary market.

5. G-sec help to diversify portfolio: Investments in government securities would help in portfolio diversification and consequently reduce risk for retail investors.

6. Zero charges under Retail Direct Scheme: Retail Direct Account is completely free of charge and does not involve any intermediary. It would reduce overall transaction charges for individual investors in terms of the charges which they are otherwise required to pay for investing through aggregators or taking indirect exposure through mutual funds.

1. Government of India Treasury Bills (T-Bills)

2. Government of India dated securities (dated G-Sec)

3. State Development Loans (SDLs)

4. Sovereign Gold Bonds (SGB)

a. Retail investors, that is, individuals (natural persons) are allowed to open an RDG account. The following are required to open an account:

1. Rupee savings bank account maintained in India.

2. Permanent Account Number (PAN) issued by the Income Tax Department.

3. Any Officially Valid Document (OVD) for Know Your Customer (KYC) purpose.

4. Valid email id.

5. Registered mobile number.

b. Non-Resident retail investors eligible to invest in Government Securities under Foreign Exchange Management Act, 1999.

The RBI Retail Direct Online Portal will facilitate the following:

1. Buying Government securities through primary auctions (non-competitive segment only).

2. Buying and selling Government securities in the secondary market.

3. Buying and selling Sovereign Gold Bonds (SGBs) in the primary and secondary market.

4. Investor services such as account statement, nomination facility, pledge/lien, gift transactions, grievance redressal, and managing profile like contact details etc.

1. Eligible Investors may login to https://rbiretaildirect.org.in and register using the Registration link to begin the account opening process.

2. To open an account, the investor will have to furnish details like full name, PAN, mobile number, e-mail address, residential address, savings bank account number, etc. and specify a login name. Mobile number and email address will be authenticated using OTP and all further customer requests and services will be OTP based.

3. For joint accounts, the PAN, e-mail address and phone number of both holders will be required.

4. Once these details have been provided, you will get a reference number to track your application.

5. You may now initiate your Know Your Customer (KYC) verification process.

6. In case of joint accounts, the KYC verification will be done for both the holders.

7. It will be mandatory for the investor to fill in the nomination details at the time of opening of the account.

8. The savings bank account of the customer will be linked to their Retail Direct account by crediting a token amount into their bank account and verifying the same.

9. Once the KYC is successful, an RDG account will be opened in the name of the investor(s).

10. Information related to account number, login id & password to access the Online Portal will be made available to the customer on their registered e-mail id.

11. In case of KYC failures, the individual can make new application or resubmit application after making necessary changes.

The following documents are mandatory to open the RDG account

1. PAN

2. Mobile number

3. E-mail address

4. Scanned copy of your signature

5. Bank account details (by uploading a cancelled cheque or manually entering the details on the portal)

6. Aadhaar number with mobile number linked to it

In addition, you may be required to provide an address proof to complete your Know Your Customer (KYC) process. The following documents are accepted as an address proof - Passport, Driving License, Voter ID, Aadhaar, NREGA job card duly signed by the State Government, Letter issued by the National Population Register containing your name and address.

1. Enter your PAN card number and date of birth to retrieve details available in CKYC.

2. Provide address details, scanned copy of your signature, bank account details and nominee details.

3. Authenticate the user agreement form using Aadhaar by submitting the OTP sent on your mobile number linked to Aadhaar.

1. Upload a scanned copy of your PAN card.

2. Download the XML version of your Aadhaar from the UIDAI website and upload it. Use the 4-digit pin specified while downloading XML version.

3. Provide address details, scanned copy of your signature, bank account details and nominee details.

4. Complete the video KYC by choosing a time slot for later or immediately, depending on the availability at that point of time.

5. Authenticate the user agreement form by Aadhaar using the OTP sent on your mobile number linked to Aadhaar.

While the primary auctions are conducted generally on specified days of the week as given in the table below, these days may differ due to holidays or other considerations. Half yearly indicative calendars are published on RBI website for Government of India’s dated securities and Sovereign Gold Bonds whereas quarterly indicative calendars are published for Treasury Bills and State Development loans. For details visit /en/web/rbi

G-Secs are credit risk free instruments in domestic currency. However, there are market risks if you sell before maturity. You may refer to ‘Government Securities Market- A primer’, published on RBI website, to understand various risks associated with government securities.

The returns on Government securities are dependent on various features of the securities. You may refer to ‘Government Securities Market- A primer’, published on RBI website, to understand the factors affecting the returns on government securities.

For dated G-Sec, T-Bills and SDLs – The following limits apply if you purchase these securities through the non-competitive segment of primary auctions:

For Sovereign Gold Bonds (SGBs) – An individual may not subscribe to more than 4 kg of SGBs per fiscal year. The annual ceiling will include bonds subscribed under different tranches during initial issuance by Government and those purchased from the Secondary Market.

There are two ways to buy Government securities through Retail Direct platform:

1. By placing a bid in the primary auctions of dated G-Sec, T-Bills and SDLs (Non-competitive segment only, i.e., by only entering the desired amount of securities, without entering a price). For Sovereign Gold Bonds (SGBs), you may place a bid during the subscription windows announced by RBI on its website. For step-by-step details on bidding in auctions, you may refer to the User Manual on the Retail Direct Portal.

2. By placing a buy quote in the secondary market portal.

1. After logging into the Primary Market Retail Direct platform, select the ‘Primary Market’ option beside the Dashboard, at the top of the page.

2. Select a security to bid from the ‘Auction Watch’ and enter the bid amount in the ‘Bid Entry’ window.

3. Individuals can fund their bid either at the time of bidding or at a later time, but before the closure of bidding/subscription window. Bids which are not funded as on the date of submission of bids to RBI will be cancelled.

4. For making payment for the bids, retail clients can use services like UPI (Transfer or Block) and Net Banking to transfer funds to a designated current account using Payment Gateways linked to the Online Portal.

5. Based on the allotment advice received as a part of the auction result, the allotments will be made to the individual investors.

6. In case of full allotment, each bidder will be allocated the entire Face Value for which bids were submitted. In case of partial allotment, a pro-rata allotment will be made to the bidder based on the partial allocation percentage determined in the auction.

For further details on the biding process, you may refer to the User Manual in the Help section of the Retail Direct Portal.

For dated G-Sec, T-Bills and SDLs, the amount per unit will be based on the indicative price of the security, the accrued interest and a mark-up.

For SGBs, the funding will be based on the Issue Price declared by RBI for that particular issue.

Yes, securities can be gifted/transferred to a relative/friend/anybody who fulfills the eligibility criteria. The bonds shall be transferred in accordance with the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.

You can reach us in three ways:

1. Toll free phone number: 1800 267 7955 (between 9 am to 7 pm on any working day).

2. E-mail id: support@rbiretaildirect.org.in

3. Raise a request on the Retail Direct portal.

For additional details on using the Retail Direct portal, you may refer to the User Manual in the Help section of the Retail Direct Portal.