Comparison
RBI Retail Direct vs Wint Wealth
RBI Retail Direct and Wint Wealth sell different things: Retail Direct offers T-bills, G-secs, SDLs and SGBs from RBI with no account or bid fee, while Wint Wealth sells corporate bonds and FDs with its margin built into the price. Neither carries the other's products, so the real choice is between government credit at auction yields and corporate credit at higher advertised yields.
Verified
Lean to RBI Retail Direct if
You want government credit, no fees and T-bill auto-bidding, and are content to hold securities in an account with RBI.
Lean to Wint Wealth if
You want corporate bonds with higher advertised yields and accept issuer credit risk, a Wint demat and a discretionary sell-back.
Side by side
| RBI Retail Direct | Wint Wealth | |
|---|---|---|
| Legal entity | Not covered | Wint Securities Pvt Ltd (formerly Fourdegreewater Services Pvt Ltd). NSE's list still shows the old name. source |
| Group or backers | Not covered | Holding company Fourdegreewater Capital Pvt Ltd. ₹250 cr Series B on 14th Jan 2026 led by Vertex Ventures SEA & India, with Eight Roads, 3one4, Arkam and Rainmatter. source |
| SEBI registration | Not covered | INZ000313632 (stock broker), NSE member 90328 source |
| NSE OBPP status | Not covered | Enabled since 16th Aug 2023 (list as on 14th Oct 2026) source |
| BSE OBPP status | Not covered | Not listed (file dated 24th Sep 2026) source |
| Where your bonds sit | Not covered | In a demat opened with Wint's own depository participant, DP ID IN304633 (DP registration INDP7592023) source |
| Minimum | ₹10,000 and multiples; a ₹25,000 minimum was separately reported for the T-bill auto-bid feature (unverified against RBI) source | ₹1,000 as advertised on the App Store source |
| Fees | No fee to open or maintain the account and no fee on primary bids; payment gateway charges are borne by the investor source | No per bond fee published. Inc42 reported in May 2026 that Wint earns roughly 1% commission on each bond sold, built into the price. source |
| Yield shown as | Not covered | YTM, the measure its T&C use. Whether it is net of Wint's margin is not disclosed. source |
| Selling before maturity | Not covered | Sell-back through Wint only for bonds bought on Wint and held in the Wint demat, at a YTM up to 1% lower than your purchase YTM, at Wint's sole discretion source |
| Settlement | Not covered | Exchange RFQ through the clearing corporations, with you registered as an unregistered participant. T+ cycle not disclosed. source |
| Credit range on shelf | Not covered | Not disclosed. A TradingQnA user posted a BBB+ bond on Wint in Apr 2026. source |
| NRI access | Non-residents eligible under FEMA 1999 can participate source | Not disclosed source |
| Play Store (India) | Not covered | 4.4 from 25,373 ratings, read 17th Oct 2026 source |
| App Store (India) | Not covered | 4.71 from 2,700 ratings, read 17th Oct 2026 source |
| SEBI or exchange actions | Not covered | ₹1 lakh penalty, 21st Nov 2025, for settling trades off the RFQ platform source |
| Run by | Reserve Bank of India; grievances go to RBI's Public Debt Office, Mumbai source | Not covered |
| Launched | Announced 12th Jul 2021 (Press Release 2021-2022/518); mobile app from May 2024 source | Not covered |
| What you can buy | Primary: T-bills, dated G-secs, SDLs and SGBs, non-competitive, one bid per security. Secondary: NDS-OM odd lot and RFQ segments. No corporate bonds source | Not covered |
| Maximum | ₹2 crore; secondary sources differ on whether that is per bid or per security source | Not covered |
| Bid windows | Not verified: RBI Retail Direct's FAQ is rendered by JavaScript and could not be read source | Not covered |
| Auto-bidding | T-bill auto-bidding for investment and reinvestment since 6th Aug 2025, set by tenor, amount and frequency; needs a NACH mandate source | Not covered |
| Where your securities sit | Retail Direct Gilt (RDG) account with RBI, single or joint; nomination up to two, pledge or lien, and gifting to other Retail Direct investors source | Not covered |
| Selling before maturity | On NDS-OM odd lot and RFQ segments; proceeds go to the linked bank account. Trading hours and liquidity data not verified source | Not covered |
| Tax | Interest at slab rate; T-bill gains treated as short-term capital gains at slab. TDS on G-sec interest not confirmed from a primary source source | Not covered |
| What you need | Rupee savings account in India, PAN, a KYC document, email and mobile number source | Not covered |
| Support | Toll free 1800-267-7955, 10 am to 7 pm source | Not covered |
| Accounts opened | Not found for 2026 source | Not covered |
How they differ
What can you buy?
RBI Retail Direct takes non-competitive bids in RBI's auctions for T-bills, dated G-secs and SDLs, one bid per security, and lets you trade on NDS-OM's odd lot and RFQ segments; SGBs are on its list, but no new tranche has been issued since Feb 2024. It has no corporate bonds. Wint Wealth sells corporate bonds and FDs and lists no government securities. It does not publish a rating range; a TradingQnA user posted a BBB+ bond bought on Wint in Apr 2026, and its App Store name advertises a 9% to 12% fixed return.
What does it cost?
Retail Direct charges no fee to open or keep the account and none on primary bids; payment gateway charges are yours. Wint publishes no per bond fee, and Inc42 reported in May 2026 that it earns roughly a 1% commission on each bond sold, built into the price.
What yield, and what risk?
On Retail Direct you are allotted at the weighted average price of the auction, so you take the market's yield on sovereign or state credit. A T-bill allotted at ₹98.25 for 91 days, for example, returns about 7.14% annualised. On Wint the yield on offer is set by the platform and repayment depends on each issuer. Both can lose value if rates rise and you sell before maturity.
Where are holdings kept?
Retail Direct holds securities in a Retail Direct Gilt account with RBI. Wint holds bonds in a demat opened with its own depository participant (DP ID IN304633), and users report it has required that demat since Oct 2024.
Can you sell early?
Retail Direct sells on NDS-OM's odd lot and RFQ segments, with proceeds paid to your linked bank account, and a 2023 forum answer said holdings cannot be moved out to a demat. Wint's terms let it buy back bonds bought on Wint and held in the Wint demat at a YTM up to 1% lower than your purchase YTM, at its sole discretion.
Access and record
Retail Direct is run by RBI, takes non-residents eligible under FEMA, and sends grievances to RBI's Public Debt Office in Mumbai; its minimum bid is reported at ₹10,000. Wint advertises a ₹1,000 start, has not disclosed its NRI terms, and was fined ₹1 lakh by SEBI on 21st Nov 2025 after 67.61% of its trade value was found settled off the RFQ platform.
Questions people ask
Is RBI Retail Direct safer than Wint Wealth?
They carry different risks. Retail Direct sells government securities, so repayment rests on the central or a state government; Wint sells corporate bonds whose repayment depends on each issuer. Both can fall in price if you sell before maturity.
Can I buy corporate bonds on RBI Retail Direct?
No. Retail Direct covers T-bills, dated G-secs, SDLs and SGBs only.
Can I buy T-bills or G-secs on Wint Wealth?
No. Wint Wealth's products are corporate bonds and FDs.
Sources
- RBI press release on RBI Retail Direct
- Business Standard: RBI Retail Direct T-bill auto-bidding, 6th Aug 2025
- Outlook Money: how to open an RBI Retail Direct account
- NSE non-competitive bidding page
- TradingQnA AMA on G-secs, T-bills and SDLs (RDG transfers)
- Outlook Money: Finance Minister on SGB discontinuation
- Wint Wealth about page
- Wint Wealth terms and conditions
- Wint Wealth on the App Store (India)
- Inc42 on Wint Wealth's business model, May 2026
- TradingQnA: Comparing GoldenPi, Wint Wealth and Grip Invest
- TradingQnA: Challenge in investing via Wint Wealth
- SEBI adjudication order on Fourdegreewater Services, 21st Nov 2025
- NSE list of registered OBPPs, updated as on 14th Oct 2026