零售直接计划简介

Earlier, it was very difficult for a retail investor to invest in Government Securities (G-Sec)/Treasury Bills (T-Bills)/Sovereign Gold Bond (SGB)/State Development Loan (SDL) due to a lack of information about trading/dealings in these instruments, functioning of G-Sec market and more on. To counter this and to enhance more retail participation in the G-Sec market, RBI announced the ‘RBI Retail Direct Scheme (RD) in February 2021 which was launched by the Hon’ble Prime Minister of India on 12th November 2021. This scheme has made Government Security Market easily accessible for individuals without the interference of any broker.

1. What is a Retail Direct Scheme

The retail Direct scheme is a one-stop solution provided to Individual investors to facilitate investment in Government Securities. Under this scheme, Individual Retail investors can open a Gilt Securities Account – “Retail Direct Gilt (RDG)” Account with the RBI.

2. Who is eligible to open an RDG Account with RBI

All Individuals (natural persons) can register, open and maintain a Retail Direct Gild (RDG) Account with RBI provided he is having-

1. Rupee Savings bank account in India;
2. Valid PAN issued by the Income Tax Department;
3. Officially Valid Document (OVD) for KYC purposes. OVD includes Passport, Driving License, Election Card, and other documents as may be prescribed from time to time;
4. Valid e-Mail ID and Mobile Number.

Further, NRI retail investors who are eligible to invest in G-Sec under FEMA, 1999 are eligible to open an RDG Account.

Similar to Saving Account, an RDG Account can be opened singly or jointly with any other investor who met the eligible criteria.

3. What are the benefits of opening an RDG Account

• Generally, Investors open accounts with share brokers to trade in securities. However, here investors can directly open an account with the RBI to deal in government securities.
• An investor can deal in both Primary Issuance and Secondary markets.
• The investor can place non-competitive bids in primary issuance* of all Central Government securities (including Treasury Bills and Sovereign Gold Bonds) as well as securities issued by various State Governments.
• Individuals can also access the Secondary market through “NDS OM” – RBI’s trading system. NDS-OM is a screen-based electronic anonymous order matching system for secondary market trading in Government securities owned by RBI. 
• The investor will automatically receive any interest paid/maturity proceeds into his linked bank account on due dates.
• Protection against default risk as the Government never defaults in the repayment.

*RDG Account holders have been allowed to participate in the primary issuance of CG/SG/T-bill/SGB

4. What is the meaning of Primary Issuance and Non-competitive bid

• The primary market is raising funds from the market through new issuance. Primary issuances are first-time issuances or re-issuances of G-Sec by the Central Government or various State Governments. For e.g. T-Bill/State Development Loan (SDL)/Cash Management Bill (CMB)/Dated G-Sec/Sovereign Gold Bond (SGB) etc.
• Non-competitive bidding means the bidder would be able to participate in the auctions of G-Sec without having to quote the yield or price in the bid. Thus, the investor will not have to worry about whether his bid will be on or off the mark. As long as he bids in accordance with the scheme, he will be allotted securities fully or partially.
• The non-competitive bid has many advantages such as:
  • The non-competitive bidding facility will encourage wider participation and retail holding of G-Sec;
  • It will enable individuals, firms, and other mid-segment investors who do not have the expertise to bid competitively in the auction;
  • Such investors will have a fair chance of assured allotments at the rate which emerges in the auction.

5. What is the process to open RDG Account

• RDG Account can be opened by filing an online application on https://rbiretaildirect.in/#/login/ portal
• The eligible retail client can open an RDG Account either single or in joint.
• The person intending to open an account will have to furnish the following information:
  • Full Name, 
  • PAN, 
  • Mobile Number, 
  • Email Address, 
  • Residential Address,
  • Bank Account number etc. 
  • The mobile number and email address will be authenticated using OTP as all further customer requests and services will be OTP based;

• The user will be provided with a tracking number to track the application status;
• CCIL (Clearing Corporation of India) will adhere to the KYC guidelines while onboarding the Investor;
• KYC will be done for all account holders. In case of KYC failures, the individual can make a new application or resubmit the application after making the necessary changes;
• The Bank Account of the Customer will also be validated
• Upon completion of the entire verification process, a Retail Direct Gilt (RDG) Account will be opened in the name of the Investor(s);
• Information related to account number, login id & password to access the Online Portal for participating in primary auctions and accessing other services will be made available to the Customer over mail.
• It will be mandatory to fill in the nomination details at the time of opening the account.
• The RDG Account will be available for primary market participation as well as secondary market transactions on NDS OM.

6. What facilities are available upon opening an RDS Account

RBI Portal will provide the following facilities to the investors:

1. Opening and management of RDG Accounts,
2. Participation in Non Competitive Bidding in Primary G-sec Auctions through the Clearing Corporation of India (CCIL)
3. Investment in Sovereign Gold Bonds (SGBs) through CCIL
4. NDS OM portal can be accessed for secondary market trading and settlement of such trades through CCIL.
5. Investors shall also have the following features online on the portal:
   1. Account Statement
   2. Nomination Facility
   3. Pledge/Lien
   4. Gift Transactions

7. How Bidding happens on RBI Retail Direct Portal

• 投资者应以非竞争性方式在中央政府/州政府证券/国库券一级市场拍卖中进行投标；
• CCIL 将在拍卖日向印度储备银行（RBI）提交一份汇总投标书（包含特定证券中所有 RDG 账户持有人的非竞争性投标）；
• 对于主权黄金债券（SGB），拟将每位 RDG 账户持有人的个人投标直接发送至印度储备银行；
• RDG 账户持有人可在投标期间或认购期内（针对 SGB）进行投标或撤回投标；

8. 投资者可在门户网站上使用哪些功能？

成功注册零售直接（RD）计划后，投资者可享受以下服务：

1. 账户对账单：投资者可获取其 RDG 账户的交易历史记录和证券持有余额对账单。此外，印度储备银行还会通过电子邮件/短信发送所有交易提醒。
2. 提名服务： 最多可设置两名被提名人。若注册投资者去世，在提交死亡证明和过户申请表后，RDG 账户中的证券可过户至被提名人的 RDG 账户或其他政府证券账户。
3. 质押/留置：RDG 账户中持有的证券可用作向银行/金融机构贷款的抵押品进行质押或留置。
4. 证券赠与：投资者可通过在线方式将其政府证券赠与给其他零售投资者。
5. 免收费用：印度储备银行不收取开设和注册 RDG 账户的任何费用。此外，在一级市场拍卖中提交投标也无需支付任何费用。
6. 与证券托管账户（Demat）的转换：零售直接门户网站将协助零售直接投资者将其 RDG 账户中的持仓转换为 Demat 证券，反之亦然。投资者需提供受益人账户的所有相关信息以提出转换申请。

9. 什么是协商交易系统——订单匹配（NDS – OM）？

• NDS – OM 是印度储备银行推出的基于屏幕的匿名电子订单匹配系统，用于二级市场政府证券交易。
• 这是一个订单驱动的电子系统，参与者可以通过在系统上挂单或接受其他参与者已挂出的订单进行匿名交易。
• 匿名性确保了各类参与者享有公平的竞争环境。
• 目前，只有商业银行、一级交易商、高净值个人（HNI）、共同基金、保险公司、外国证券投资人（FPI）等特定金融机构可直接访问 NDS – OM 系统。然而，得益于零售直接计划，现在零售投资者也可以在印度储备银行开设金边证券账户，直接在 NDS – OM 上投标并在二级市场进行交易。

NDS – OM 的特点：

1. 涵盖所有政府证券、国库券、附息政府证券等；

2. 交易前后的匿名性确保了各类参与者享有公平的竞争环境；

3. 实时信息发布；

4. T+1 交易结算；

5. 操作风险控制设施；

6. 标准市场和零碎股市场设有独立的订单簿。

10. 在印度储备银行零售直接门户网站上投标如何付款？

• 对于一级拍卖市场，投标需以指示性价格和应计利息为基础提供资金支持，并包含一定的加价（因为非竞争性配售价格仅在拍卖截止后确定），以防范拍卖结算日前出现不利的价格波动。
• 拍卖结束后，将根据拍卖的截止价格向投资者退还多余的加价部分；
• 对于主权黄金债券（SGB），资金将根据特定发行公告的发行价计算；
• 零售客户可使用 UPI（转账或冻结）和网上银行等服务，通过与在线门户网站关联的支付网关将资金转入指定的活期账户进行支付；
• 投标资金可在投标时或稍后支付，但必须在投标/认购窗口关闭前完成。截至向印度储备银行提交投标之日未完成资金支付的投标将被取消。