Retail investors can soon open accounts with the Reserve Bank of India. In an effort to increase retail participation in government securities, Retail Direct Gilt, RDG Account can be opened with RBI.
It announced an RBI retail direct scheme today to facilitate investment in Government Securities by individual investors. This 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, the date of commencement of the scheme will be announced later.