Online portal opens for retail investors to buy govt bonds
IDBI Bank today launched the country's first online government securities (G-Sec) portal 'Samriddhi' to enable retail investors to purchase government bonds and securities for high yield.india Updated: Mar 05, 2012 19:09 IST
IDBI Bank on Monday launched the country's first online government securities (G-Sec) portal 'Samriddhi' to enable retail investors to purchase government bonds and securities for high yield.
After the central bank RB expressed its desire that government bonds and securities be made a popular mode of investment for retail investors, the bank has taken the lead and launched the Samriddhi G-Sec portal for the purpose, IDBI executive director RK Bansal told reporters.
An investor can log on to the portal and register with it for online purchase of government bonds and securities for high annualised yield, he said.
Observing that retail investors' participation in government bonds and securities were much lower in India than countries like Japan, Mexico and Argentina, he said IDBI Bank will launch a series of awareness programmes to attract the retail investors.
Bansal said retail investors' money was safe in government securities and bonds as there was a sovereign guarantee to the financial instrument. He added that there will be no TDS (Tax Deducted at Source) on sale of such securities and bonds upon redemption.