personal finance

How to register for RBI Retail Direct scheme to invest in government securities?


Prime minister Narendra Modi launched the RBI Retail Retail Direct scheme in early November. This is a scheme retail investors can use to invest directly in government securities (G-sec) or bonds. To invest, a retail investor needs to open gilt security account known as the “Retail Direct Gilt Account” (RDG) with the Reserve Bank of India (RBI).

Here is a look at how one can register for a Retail Direct Gilt account.

Who can invest?

Individuals who are retail investors are permitted to open an RDG account. An RDG account can be opened individually or in partnership with another retail investor who meets the conditions. The Foreign Exchange Management Act of 1999 allows non-resident retail investors to buy in government securities; so NRIs too can take this route.

Also read:
How to open RBI Retail Direct Gilt account

Details required to open an RDG account

Individuals can open a Retail Direct Gilt Account by logging onto RBI Retail Direct at https://rbiretaildirect.org.in.

The account can be opened online using the following documents, according to the Retail Direct website:

  • Individual’s PAN
  • Rupee bank account details
  • Email address
  • Valid mobile number

To register under this scheme, the individual must provide these details and complete an online KYC procedure.

How to register online for RBI Retail Direct scheme

Follow these steps to register for the Retail Direct Gilt Account:

Step 1: Open https://rbiretaildirect.org.in and click on “Open RBI Retail Direct Account”

Step 2: Click on “Register here”

Step 3: Select Account Type and enter the details such as Name, PAN, and Date of Birth

Step 4: Verify email and mobile with OTP sent and enter the preferred Login name.

Step 5: It opens a Preview page when you click “Preview and Submit.” After you’ve double-checked the information, click on “Submit.”

Step 6: To begin the KYC procedure, click “Initiate KYC.” On the following page, there are two alternatives for KYC.

CKYC – Recommended or Offline KYC (this option is required if the investor is not KYC compliant or the CKYC database does not have any information about the investor.

RBI-CKYC

Step 7: Using the PAN, you can search for information. If the customer’s PAN is not available in the CKYC database, the error message “Failed to Search CKYC Number Please Try Again Later” appears.

To return to the previous page and pick Offline KYC, the customer can click the “round arrow button” on the “TOP LEFT” corner.

Note: For CKYC-compliant instances, the investor must choose DOB/DOI as the “AUTHENTICATION KEY” and enter his or her date of birth. Click on Search CKYC details.

RBI-CKYC2

Step 8: The customer can review the CKYC information on the screen and then click “SUBMIT.”

Note: In the event of a “CKYC Non-Compliant” scenario, the investor must “UPLOAD COPY OF PAN” and “AADHAR XML” from the UIDAI website link provided.

Step 9: Customers can fill out “ADDITIONAL PERSONAL DETAILS” on the following page and make a declaration under FATCA and PMLA.

RBI-FATC

Step 10: The customer is also to confirm his/her address.

Step 11: Choose your bank and upload a copy of a blank cheque. If a copy of the cheque is not available, the investor can skip it and fill in the details on the next page manually.

Step 12: A random sum is credited to the investor’s account, which the investor must input to complete Bank Verification. Following bank verification, the investor must fill out nominee information.

Step 13: After filling the nominee details, the investor will be directed to the APPLICATION SUMMARY page, where he or she can click SUBMIT to complete the KYC and registration process.

Following the submission of the application, the investor can review the terms and conditions as well as the signee’s name. The application is finally filed once the investor validates the details. The investor will be sent a letter with instructions on how to digitally sign the Terms and Conditions using an Aadhaar-enabled OTP.

If the investor has completed “Offline KYC,” he or she must now complete “Video KYC” to finish the procedure. During Video KYC, the investor will be asked to show his or her original PAN.

In case of any difficulties, the investor can call 1800 267 7955 or email support@rbiretaildirect.org.in.



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