Reserve Bank of India onboards the Penny Drop Bank Account Validation wagon
Reserve Bank of India onboards the Penny Drop Bank Account Validation wagon Reserve Bank of India’s FAQs for Reserve Bank of India - 'Retail Detail Scheme' Point 8 (h) mentions the below: - Quote The savings bank account of the customer will be linked to their Retail Direct account by crediting a token amount into their bank account and verifying the same. Unquote The complete FAQs on Retail Deposit Scheme can be accessed @ https://rbi.org.in/Scripts/FAQView.aspx?Id=145 Reserve Bank of India’s Retail Direct Scheme is a one-stop solution to facilitate investment in Government Securities by individual investors. Under this scheme individual retail investors can open a Gilt Securities Account – “Retail Direct Gilt (RDG)” account with RBI. Using this account, retail investors can buy and sell government securities through the online portal – https://rbiretaildirect.org.in The RDG requires an underlying bank account for the fund’s movement. Hence, each RDG account is to