Patna, March 5: People would now be able to invest in government securities at the click of a mouse. Besides, individuals will not have to face tax deduction at source (TDS) for this.
IDBI Bank Ltd today launched the country’s first online retail government security (G-Sec) web portal Samriddhi (samriddhigsec.idbibank.co.in) in the state capital to promote investment in government securities.
The web-based application allows individuals to invest in government securities even if he/she does not have a banking relationship with IDBI.
IDBI executive director R.K. Bansal said: “IDBI has been a pioneer in introducing a number of financial products and services. The bank has launched this portal in pursuance with RBI’s emphasis on popularising government bonds and securities. This is the first organised effort to channel retail savings in government bonds through a dedicated portal. Retail investors will get an opportunity to be a part of India’s growth story.”
Under Samriddhi, the retailer would need to log on to the portal and fill in a few personal details for creating a registration ID for online trade of government bonds and securities. Bansal said: “Retail investors having Internet access and a demat account can buy and sell government bonds at the click of a button.” He added: “Being a government security, a sovereign guarantee is always there. Moreover, investors can buy the security for 30 years.”