Comparison

RBI Retail Direct vs Zerodha

RBI Retail Direct and Zerodha both let you bid for T-bills, G-secs and SDLs without a fee; the difference is where the securities sit and how you sell them. Retail Direct holds them in a gilt account with RBI and sells on NDS-OM, while Zerodha keeps them in your demat and sells on the exchange.

Verified 17th Oct 2026

Lean to RBI Retail Direct if

You want a free account held with RBI, T-bill auto-bidding, or you are an eligible non-resident.

Full RBI Retail Direct review

Lean to Zerodha if

You want government securities in the same demat as your shares, the option to pledge them, or listed corporate bonds from the same account.

Full Zerodha review

Side by side

	RBI Retail Direct	Zerodha
Legal entity	Not covered	Zerodha Broking Ltd source
Group or backers	Not covered	Not verified in our research source
SEBI registration	Not covered	INZ000031633 (stock broker) source
NSE OBPP status	Not covered	Registered, status Not enabled (list as on 14th Oct 2026) source
BSE OBPP status	Not covered	Not on the BSE list (file dated 24th Sep 2026) source
Where your bonds sit	Not covered	In your Zerodha demat; G-secs bought in primary bids and held to maturity show in Coin source
Minimum	₹10,000 and multiples; a ₹25,000 minimum was separately reported for the T-bill auto-bid feature (unverified against RBI) source	Zerodha's own minimum not captured in our research; brokers quote ₹10,000 face value for non-competitive G-sec bids 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	G-sec, T-bill and SDL primary bids free; no brokerage on secondary purchases on Kite, exchange charges apply; STT not applicable to SGB, G-sec, T-bill and SGrB source
Yield shown as	Not covered	Coin and Console show the dirty price of a G-sec as your buy average source
Selling before maturity	Not covered	Sell on the exchange; costs the same as exiting any demat security source
Settlement	Not covered	Exchange cash segment, where G-secs trade at the dirty price (NSE circular NSE/CMTR/39581) source
Credit range on shelf	Not covered	Not applicable: no curated shelf; the order book carries whatever is listed source
NRI access	Non-residents eligible under FEMA 1999 can participate source	Zerodha's G-sec help section has an NRI eligibility article; the rules were not captured in our research source
Play Store (India)	Not covered	Kite: 4.4 from 3.94 lakh reviews, 1 crore+ downloads, read 17th Oct 2026 source
App Store (India)	Not covered	Kite: 4.35 from 10,574 ratings, read 17th Oct 2026 source
SEBI or exchange actions	Not covered	None bond specific found in our research 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
Corporate bonds via RFQ	Not covered	Not live. Press on 26th Aug 2026 reported SEBI approval and internal testing, with no launch date source
Listed bonds on the exchange order book	Not covered	Yes: listed NCDs, bonds and tax-free bonds on Kite, per Zerodha staff on 18th Apr 2026 source
NCD IPOs	Not covered	Not available; Zerodha tells users to apply through net banking ASBA source
G-sec, T-bill and SDL bids	Not covered	Yes, non-competitive bids on Kite; the 0.06% fee was waived from 1st Mar 2024 source
SGBs	Not covered	Zerodha supports SGB bids and states STT does not apply to SGBs; no new tranche has been issued since Feb 2024 source
DP charge when you sell	Not covered	₹15.34 per scrip (₹3.5 CDSL plus ₹9.5 Zerodha plus ₹2.34 GST), with an extra ₹0.25 CDSL discount on bond debits source

How they differ

Fees

Retail Direct charges nothing to open or maintain the account and no fee on primary bids; payment gateway charges fall on the investor. Zerodha waived its 0.06% primary bid fee from 1st Mar 2024. Selling from Zerodha costs a DP charge of ₹15.34 per scrip including GST, and demat AMC applies outside BSDA limits (₹300 a year plus GST after the first year for non-BSDA accounts).

Where the securities sit

Retail Direct holds them in a Retail Direct Gilt account with RBI, outside the depository system. Zerodha credits them to your demat next to your shares, where G-secs can be pledged for margin at ₹30 plus GST per pledge request. A 2023 TradingQnA answer said G-secs can move from a demat into Retail Direct but not the other way; this was not re-checked for 2026.

Selling before maturity

Retail Direct sells through NDS-OM's odd lot and RFQ segments, with proceeds paid to your linked bank account, so a sale depends on a counterparty there. Zerodha sells on the exchange order book, at a price that includes accrued interest, as with any demat security.

Automation and access

Retail Direct has offered T-bill auto-bidding since 6th Aug 2025, which needs a NACH mandate, and has had a mobile app since May 2024. Its minimum bid is reported at ₹10,000. Retail Direct accepts non-residents eligible under FEMA. Zerodha's G-sec help section has an NRI eligibility article, whose terms were not reviewed for this page.

What neither offers

Retail Direct carries no corporate bonds. Zerodha sells listed corporate bonds only through the exchange order book, since its OBPP was not enabled on NSE as of 14th Oct 2026. No new SGB tranche has been issued since Feb 2024, so SGB primary bids are unavailable on both.

Support

Retail Direct runs a toll-free line, 1800-267-7955, and grievances go to RBI's Public Debt Office in Mumbai. Zerodha handles G-sec queries through its support site and TradingQnA staff.

Questions people ask

Is RBI Retail Direct cheaper than Zerodha for T-bills?

Neither charges a bid fee: Retail Direct by design and Zerodha since 1st Mar 2024. Zerodha adds a DP charge if you sell before maturity and demat AMC outside BSDA limits.

Can I move G-secs from RBI Retail Direct to my Zerodha demat?

A 2023 TradingQnA answer said moving from Retail Direct to a demat is not allowed, while demat to Retail Direct is. Confirm with Retail Direct support before relying on it.

Can I buy corporate bonds on RBI Retail Direct?

No. Retail Direct covers T-bills, dated G-secs, SDLs and SGBs only.