IDBI Bank launches India’s first online retail G-Sec portal “Samriddhi”

IDBI Bank has 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 RBI’s expressed its desire that government bonds and securities be made a popular mode of investment for retail investors, IDBI has taken the lead and launched the Samriddhi G-Sec portal for the purpose.

IDBI executive director RK Bansal said that an investor can log on to the portal and register with it for online purchase of government bonds and securities for high annualised yield. 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.

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, added Bansal.

 

 

 

 

 

 

 

 

 

 

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