How to Open Retail Direct Gilt Account With RBI?

The Retail Direct Scheme had witnessed 320000 registration in just 6 days of its launch by the Hon'ble Prime Minister Narendra Modi via virtual meeting. What is RBI's Retail Direct Scheme? Retail Direct Scheme is an ambitious programme by the RBI Launched in early November 2021 to provide a one-stop solution to invest in government securities by the individuals.

Retail Direct Portal will allow the potential individual investors to invest in the private and secondary market of government securities and bonds. To start investment a retail investor must first open a gilt security account with the Reserve Bank of India, referred to as a "Retail Direct Gilt Account" (RDG).

Retail investors are eligible to open an RDG account. Individually or in collaboration with another retail investor who fills the requirements, an RDG account can be opened. In this article, we will highlight the steps to open an RDG account with RBI in detail. Retail Direct Scheme is good for investment in Government Bonds? This will allow you to understand the basics of opening an RDG account easily.

Documents required to open the account with RBI

To open an RDG account with RBI, you are required to have 4 documents with you as per the Retail Direct Portal website "rbiretaildirect.org.in".

1. PAN card (Individual)
2. Bank Account details such as account number, IFSC code, Name and etc
3. Valid e-Mail address
4. Valid Mobile Number
5. Valid document for KYC such as Aadhaar Number/Driving Licence/Passport

Note - The individual must provide all the necessary KYC documents along with other required documents to register with the Retail Direct Scheme.

How to register yourself with the RBI Retail Direct Gilt Account?

Follow the following steps to RDG account with RBI:

Step 1: Visit the scheme portal at rbiretaildirect.org.in

Step 2: click on "Open RBI Retail Direct Account"

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

Step 4: Verify your email address and mobile number with OTP sent and enter the select 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.

Central KYC or Offline KYC -Recommended

(Note - This option is required if the investor is not KYC compliant or the Central KYC database does not have any information about the investor)

Step 7: You can use the PAN to look for information.

The investor must choose DOB/DOI as the "AUTHENTICATION KEY" and provide his or her date of birth for CKYC-compliant instances. Select Central KYC information from the drop-down menu.

(Note - The error notice "Failed to Search CKYC Number Please Try Again Later" shows if the customer's PAN is not found in the CKYC database)

Step 8: After reviewing the Central KYC information on the screen, the applicant should click "SUBMIT."

(Note: If the investor receives a "Central KYC Non-Compliant" message, she/she must "UPLOAD COPY OF PAN Card" and "AADHAAR Card" from the UIDAI (Unique Identification Authority of India) website link provided.)

Step 9: Customers can make a declaration under FATCA and PMLA by filling out "ADDITIONAL PERSONAL DETAILS" on the next page.

Step 10: In this step, the customer needs to confirm his or her address.

Step 11: Select your bank and upload a blank check image. If a copy of the cheque is not available, the investor can skip to the following page and manually fill in the information.

Step 12: The investor's account is credited with a random sum, which the investor must input to complete Bank Verification. The investor must fill out nominee details after bank verification.

Step 13: The investor will be brought to the APPLICATION SUMMARY page after filling out the nominee information, where he or she can click SUBMIT to finish the KYC and registration procedure.

With the completion of "Step 13," all the RDG account opening precess are done at the portal. Now, the investor/applicant can review the terms and conditions as well as his/her's name after submitting the application. After the investor confirms the facts, the application is officially filed. The investor will receive a letter with instructions on how to use an Aadhaar-enabled OTP to digitally sign the Terms and Conditions.

As the investor is completed the "offline KYC," now, he/she must complete the "Video KYC" to complete the process and move further with investment.

In "Video KYC," the investor will be asked to show the original PAN card. If the investor came across any problem in the whole process of opening the account he/she may call on toll-free number 1800 267 7955 or email the queries at [e-mail]