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Investing

RBI Retail Direct: How to Open an Account and Buy G-Secs

RBI Retail Direct lets individuals open a free gilt account with RBI online and buy government securities in auctions or trade them on NDS-OM.

RM

Written by Rohan Mehta

Published 17 October 2026·6 min read

On this page9 sections
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RBI Retail Direct lets individuals open a free Retail Direct Gilt (RDG) account with the Reserve Bank of India, online or on its app. You can then bid for Treasury Bills, central and state government bonds in RBI auctions, and trade them on RBI’s NDS-OM system. You need a PAN, an Indian savings account and an Aadhaar-linked mobile number.

Key facts

Item Detail
Launched 12 November 2021
Account Retail Direct Gilt (RDG) account, held with RBI
Account charges None for opening or maintaining the account; payment gateway charges apply when you fund a purchase
Who can open Resident individuals, and non-residents eligible to invest in government securities under FEMA
Accounts allowed One per person; single or joint with one other eligible investor
Minimum investment ₹10,000 for T-Bills, dated G-Secs and SDLs
Auction route Non-competitive bids only; you get the weighted average price
Securities credited On the settlement date, usually one working day after the auction or trade
Helpline 1800 267 7955 (9 am to 7 pm, working days); support@rbiretaildirect.org.in

Who can open an account and documents

Individuals can open an RDG account. Non-resident individuals can also open one if they are eligible to invest in government securities under the Foreign Exchange Management Act, 1999. Companies, HUFs and trusts cannot.

RBI’s FAQ lists these as mandatory:

  • PAN
  • Mobile number and email address
  • Aadhaar number with a mobile number linked to it
  • A scanned copy of your signature
  • Rupee savings bank account details, entered by hand or read from a cancelled cheque

You need an address proof only if your address differs from the one in the Central KYC (CKYC) records. RBI accepts a passport, driving licence, voter ID, Aadhaar, NREGA job card or National Population Register letter. Nomination is compulsory, and you can add up to two nominees.

Online registration step by step

  1. Go to rbiretaildirect.org.in, or install the RBI Retail Direct app, and select Register.
  2. Enter your full name, PAN, mobile number, email, address and savings account number, and choose a login name.
  3. Verify your mobile number and email with the OTPs sent to them. Note the reference number shown.
  4. Start KYC. If your details are in CKYC, enter your PAN and date of birth to fetch them.
  5. If you are not in CKYC, choose video KYC. Upload a scan of your PAN card and the offline XML file of your Aadhaar downloaded from the UIDAI website, with its share code.
  6. Add your address, signature scan, bank details and nominee details.
  7. Confirm the small token amount RBI credits to your bank account, which links the account.
  8. Sign the user agreement with the OTP sent to your Aadhaar-linked mobile number. For video KYC, pick a slot now or later.
  9. Once KYC is approved, check your email for the RDG account number, login ID and password.

If you stop midway, your progress is saved. Use the link in the KYC email to resume. For a joint account, both holders give their PAN, mobile and email, and both complete KYC.

What you can buy

Security What it is Primary auction usually held on
Treasury Bills (T-Bills) Short-term central government borrowing, issued at a discount Wednesdays
Dated G-Secs Central government bonds paying fixed interest, with long maturities Fridays
State Development Loans (SDLs) Bonds issued by state governments Tuesdays
Floating Rate Savings Bonds, 2020 (Taxable) Non-tradeable 7-year central government bonds with a rate that resets Open for subscription on the portal since October 2023
Sovereign Gold Bonds Existing bonds can be held, sold or redeemed early No new tranche since February 2024

Auction days can shift for holidays. RBI publishes half-yearly calendars for dated G-Secs and quarterly calendars for T-Bills and SDLs. Current yields are on our bond yields page, and the floating rate bond is covered on the RBI Floating Rate Savings Bonds page. For early SGB exits, see SGB premature redemption.

Bidding in a primary auction

  1. Log in and select Primary Market at the top of the dashboard.
  2. Pick a security from Auction Watch.
  3. Enter the amount in the Bid Entry window. You enter only an amount, not a price.
  4. Pay by UPI or net banking through the linked payment gateway, from your registered bank account, before bidding closes. Unfunded bids are cancelled.
  5. Wait for the auction result. You get the full amount or a pro-rata share if the auction allots partially.

You can place one final bid per security in each auction. Maximum amounts for non-competitive bids are ₹2 crore face value per security per auction for dated G-Secs, and 1% of the notified amount for SDLs. For T-Bills, all non-competitive bids together are capped at 5% of the issue.

Why you pay a markup

Non-competitive bidders get the weighted average price of the successful competitive bids, which is known only after the auction. The amount you pay at bidding is therefore the indicative price plus accrued interest plus a markup. The markup is not a fee: RBI refunds any excess to your bank account within two business days of the auction.

Auto-bidding for T-Bills

You can set a rule on the portal or app to bid in T-Bill auctions automatically at a chosen frequency and amount, paid through NACH. A separate rule can reinvest T-Bill maturity proceeds, in lots of ₹10,000.

Buying and selling in the secondary market

To buy or sell a security you already hold, log in to the NDS-OM section linked from the portal and place a buy or sell quote. You can sell only what is already in your RDG account. Government securities trade from 9:00 am to 5:00 pm on Mumbai working days. Under an RBI market-making scheme, primary dealers quote buy and sell prices for retail investors on NDS-OM’s odd-lot and request-for-quote segments.

Holdings in an RDG account are separate from government bonds in an NSDL or CDSL demat account. You can move demat holdings into your RDG account by raising a request on the portal. You can also gift securities to anyone eligible to hold them. Our government securities guide compares buying through RBI Retail Direct with buying through a broker or bank.

Charges, payments and tax

ItemDetails
AccountRBI charges nothing to open or keep the RDG account, or to submit auction bids.
Paymentsyou bear the payment gateway charge when funding a purchase.
Incomecoupon interest and maturity proceeds are credited to your linked savings account.
Taxinterest on G-Secs, SDLs and the Floating Rate Savings Bonds is taxable. A gain from selling before maturity is a capital gain; see capital gains tax rates.

G-Secs carry no credit risk in rupee terms, but their prices fall when interest rates rise. If you sell before maturity, you can get less than you paid.

Frequently asked questions

What is RBI Retail Direct?

It is RBI’s scheme and portal that lets individuals hold government securities in a gilt account with RBI and buy or sell them without a broker.

Is there any fee for an RBI Retail Direct account?

No. Opening and maintaining the account is free. You pay only payment gateway charges when you fund a purchase.

Can NRIs open an RBI Retail Direct account?

Yes, if they are eligible to invest in government securities under FEMA, 1999.

Do I need a demat account?

No. Securities are held in your RDG account with RBI, not with NSDL or CDSL.

Can I choose my own price in an auction?

No. Retail Direct allows only non-competitive bids, which are allotted at the weighted average auction price. For a competitive bid you would need to go through a bank or primary dealer.

How long does the markup refund take?

Any excess markup is refunded to your linked bank account within two business days of the auction.

Is there a mobile app?

Yes. RBI launched the Retail Direct mobile app on 28 May 2024, and it is on Android and iOS.

Sources

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