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

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

In early November, Prime Minister Narendra Modi announced the commencement of the RBI Retail Retail Direct initiative. This is a method for retail investors to invest in government securities (G-sec) or bonds directly. To invest, a retail investor must first open a gilt security account with the Reserve Bank of India, called as a “Retail Direct Gilt Account” (RDG) (RBI).

The following steps will show you how to create a Retail Direct Gilt account.

Who is eligible to invest in RBI Retail Direct scheme?

Retail investors are eligible to open an RDG account. Individually or in collaboration with another retail investor who fits the requirements, an RDG account can be formed. Non-resident retail investors can acquire government assets under the Foreign Exchange Management Act of 1999, therefore NRIs can do so as well.

To open an RDG account, you’ll need the following information.
Individuals can open a Retail Direct Gilt Account by going to https://ift.tt/3caixVG and logging in.
According to the Retail Direct website, the account can be started online with the following documents:

• Individual’s PAN
• Rupee bank account details
• Contact information via email
• Working cellphone number

Individuals must supply these details and complete an online KYC procedure to enroll under this scheme.

How do I sign up for the RBI Retail Direct scheme online?

To sign up for the Retail Direct Gilt Account, follow these steps:

Step 1: Go to https://ift.tt/3caixVG and select “Open RBI Retail Direct Account” from the drop-down menu.

Step 2: Select “Register Here” from the drop-down menu.

Step 3: Choose Account Type and fill in the required information, such as Name, PAN, and Date of Birth.

Step 4: Enter the selected Login name and verify your email and cellphone with the OTP received.

Step 5: When you click “Preview and Submit,” it takes you to a Preview page. Click “Submit” after you’ve double-checked the information.

Step 6: Click “Initiate KYC” to begin the KYC process. On the following page, you’ll find two KYC options.

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

 

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

Click the “round arrow button” on the “TOP LEFT” area to return to the previous page and select Offline KYC.

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

 

Step 8: After reviewing the CKYC information on the screen, the customer should click “SUBMIT.”

Note: If the investor receives a “CKYC Non-Compliant” message, they must “UPLOAD COPY OF PAN” and “AADHAR XML” from the UIDAI 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: is for the customer 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.

The investor can review the terms and conditions as well as the signee’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.
After completing “Offline KYC,” the investor must now complete “Video KYC” to complete the process. The investor would be asked to show his or her original PAN during Video KYC.

If the investor has any problems, he or she can phone 1800 267 7955 or email support@rbiretaildirect.org.in.

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