Reserve Bank of India today introduced the RBI Retail Direct facility. The facility is a one-stop solution to facilitate investment in Government Securities, G-Sec by individual investors.
The RBI said, under this facility, retail investors will have the facility to open and maintain the Retail Direct Gilt, RDG Account with RBI.
The apex bank said, as part of continuing efforts to increase retail participation in government securities, the RBI Retail Direct facility was announced earlier this year for improving ease of access by retail investors through online access to the government securities market along with the facility to open their gilt securities account ‘Retail Direct’ with the RBI.
The RDG account can be opened through an Online portal provided for the purpose of the scheme.
Saving Account holders in India with PAN, Valid KYC documents, email ID and Registered Mobile number are eligible to open this account. Non-Resident retail investors eligible to invest in Government Securities under Foreign Exchange Management Act are eligible under the scheme.
The RDG account can be opened singly or jointly with another retail investor who meets the eligibility criteria. The RBI has said, date of commencement of the scheme will be announced later.