The RBI Retail Direct scheme 2023 is a one-stop measure to allow individual investors to invest in various Government Securities. Today through this article we will provide you all details about the RBI Retail Direct Scheme. This includes the eligibility criteria, list of required documents, benefits as well as the online procedure to apply for this scheme. Kindly read this article very carefully till it’s end to grab all necessary details.
RBI Retail Direct Scheme 2023-
Through this Retail Direct scheme, retail individual investors can now open their Securities Account . This is known as “Retail Direct Gilt (RDG)” Account with the Reserve Bank of India. Retail individuals would mean all investors (natural persons). Under this RBI Retail Direct scheme, retail investors can now register for this Scheme benefit and open a RDG Account, only if they meet the below mentioned eligibility criteria:-
- A Savings Bank Account in India
- PAN Card (Permanent Account Number)
- Any OVD for KYC Reason
- Valid Email Address
- Registered Mobile Phone Number
- The Non-Resident retail individuals are eligible to invest in various Government Securities under the Foreign Exchange Management Act of year 1999.
- Now people can open a RDG account singly or jointly with any other retail investor who is eligible under this scheme.
Benefits of RBI Retail Direct Scheme-
- The Retail individuals will have a great facility to open and manage their ‘Retail Direct Gilt Account’ (RDG Account) with the RBI.
- The individuals can also place non competitive bids in initial issuance of all securities of Central Government (This includes Treasury Bills and Sovereign Gold bonds) as well as the securities that various State Governments have issued.
- Under this scheme, the individual can also access Secondary market through “NDS OM” – RBI’s trading system.
- The people will simultaneously get an interest paid/maturity proceeds in their linked bank account on prescribed dates.
List of Facilities Available Under RBI Retail Direct Official Website Portal
- Facility of on-boarding of the Retail Direct Investors.
- Open and Manage the RDG Accounts
- Ensure Good Participation in Non Competitive Bidding in the Primary G-sec Auctions with CCIL( Clearing Corporation of India).
- Ensure Investment in Sovereign Gold Bonds (SGBs) with CCIL
- Also allow NDS OM access to Retail Direct individuals for secondary market trading and settlement of these trades with CCIL.
- This Provides Investor Facilities Such as:
- Account Statement
- Nomination Facility
- Pledge or Lien
- Transactions of Gift
- Allow Corporate Actions such as:
- Coupon Payments
List of Required Documents For Opening a Retail Direct Gilt Account-
All investors can now login at the RBI Retail Direct official website to open their Retail Direct Gilt Account. In order to open a account below mentioned documents are needed-
- PAN Card
- Savings Bank Account
- Email Address
- Mobile Number
With these information, the investor needs to complete his online KYC process to easily have online registration under this scheme. Individuals need to follow the guidelines of RBI KYC before opening their RDG Account.
The Process To Open A Retail Direct Gilt Account
- All eligible individuals can now register online at the Retail Direct Portal.
- They can open their RDG Account either singly or jointly with another investor.
- In order open RDG account, the individual need to furnish basic details. Such as- Full Name, PAN Card, Mobile Number, Email ID, permanent Residential Address, Bank Account details etc.
- The authority will authenticate your mobile number and email address with an OTP. As all customer request and services are OTP based.
- The investor will get a tracking number to track status of their application.
- These individuals will be liable to Know the Customer Guidelines. CCIL will surely adhere to Reserve Bank KYC Direction 2018 on boarding the individual.
- In case of having a Joint Account, the KYC verification will be done for both the holders separately. In case of failure of KYC, the investor can apply for new application or resubmit their application after making important changes.
- Authority will validate the Bank Account of the Customer.
- As soon as the KYC is successful, your Retail Direct Gilt (RDG) Account will be opened on the name of the individual(s).
RBI Retail Direct Scheme Some Other Details-
- RBI will provide you information regarding account number, user name & password to avail the online portal for participating in the primary auctions and obtaining other services through an email.
- It is compulsory for the individual to enter the nomination details while opening of their account. As the nomination particulars will appear online before the individual. The investor need to accept the same by uploading and submitting a scanned image of their signature.
- This RDG Account will be accessible for both primary market participation as well as secondary market transactions with NDS OM.
- RDG Account bearers are allowed to take part in primary issuance of the CG/SG/T-bill/SGB. The CCIL will act as an authority for having bids for Primary Auctions from such Retail Direct (RD) individuals.
- The CCIL will also perform as a Receiving Office for getting bids for Sovereign Gold Bonds (SGB) from such RD individuals.