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RBI Retail Direct — NRI Guide
NRIs (Non-Resident Indians) and OCIs (Overseas Citizens of India) can directly invest in Indian Government Securities, T-Bills, State Development Loans (SDLs), and Sovereign Gold Bonds via the RBI Retail Direct platform — no mutual-fund intermediary needed. This guide walks through eligibility, account-opening, allowed securities, FAR (Fully Accessible Route) rules, and key tax/repatriation considerations.
[mb_key_takeaways]1. Who is eligible?
Per RBI Retail Direct rules (current as of 2026):
- NRIs and OCIs with valid Indian PAN
- NRE / NRO bank account in India (operational)
- FATCA / CRS self-certification (mandatory at onboarding)
- RDG account (Retail Direct Gilt account) opened directly on rbiretaildirect.org.in (free, no AMC charge)
2. Allowed securities for NRIs
- G-Secs under FAR (Fully Accessible Route) — specified G-Secs without macroprudential limits for non-resident investors
- T-Bills (91/182/364-day) via weekly RBI auctions
- SDLs (State Development Loans) — selective per state issuance
- SGBs in primary auction (subject to availability per tranche)
3. Account opening — step by step
- Visit rbiretaildirect.org.in
- Click "Register Now" → choose "NRI/OCI"
- Provide: PAN, NRE/NRO account details, NRO routing, FATCA self-cert, signature image
- OTP-verify Indian mobile (or alternative if no Indian mobile)
- Account active in 2-4 working days after KYC
4. Settlement and payments
- Auction bids → debit from NRE/NRO at auction settlement (T+1 typically)
- Coupon and maturity → credited to same NRE/NRO source account
- FAR G-Secs: NRE-routed coupons/maturity are repatriable
- NRO-routed coupons taxable in India at 30% (slab) — claim DTAA credit in country of residence via Form 67
5. Tax treatment (high-level)
- Coupon interest: taxed at slab in India (NRE: repatriable post-tax)
- Capital gains on G-Sec sale before maturity: STCG <12mo at slab, LTCG ≥12mo at 12.5% (post-FY25)
- SGB interest: 2.5% pa taxable; redemption gain at maturity tax-exempt for INDIVIDUAL investors
- Always consult a CA for jurisdictional specifics (US, UK, Singapore, UAE all have different treaty positions)
6. Common NRI-specific gotchas
- NRO vs NRE: only NRE-routed investments are freely repatriable. NRO investments are repatriable only via the $1mn/year LRS-equivalent NRI repatriation channel with Form 15CA/CB.
- FAR identification: not every G-Sec is FAR-eligible. Check the RBI FAR list before bidding.
- India tax on global income: NRIs are taxed in India only on Indian-source income. But residency for tax purposes can flip mid-year — confirm with CA before April-March cycle.
7. Resources
- RBI Retail Direct portal
- RBI Annual Report — non-resident investor stats
- Talk to a MintByte advisor for NRI portfolio review
This guide is informational, not legal/tax advice. RBI rules change frequently. Confirm specifics with your CA and the RBI Retail Direct support desk before opening an account or placing an order.