RBI Retail Direct vs Zerodha
Both let you buy government securities at the RBI auction for free — but they are different animals. RBI Retail Direct is the government's own no-frills portal with a dedicated gilt account; Zerodha routes the same auction through the Kite app you already use for shares, and adds listed corporate bonds on top. Here is the honest side-by-side.
| RBI Retail Direct | Zerodha | |
|---|---|---|
| What it is | The RBI's own portal — a Retail Direct Gilt (RDG) account held directly with the Reserve Bank, outside the demat system. | India's largest discount broker; bonds are a feature of the Kite/Coin app, and the securities sit in your normal demat account. |
| Online bond platform (OBPP) status | Not applicable — an RBI scheme outside SEBI's online-bond-platform framework. | Not an operating OBPP: NSE's list shows Zerodha as 'Not Enabled' (16 Sep 2026), though Moneycontrol reported SEBI approval in Aug 2026. |
| Government securities (G-sec/T-bill/SDL) | Yes — the core purpose. Bought at the RBI's non-competitive auction; also a secondary window (NDS-OM). | Yes — same weekly non-competitive auction, accessed from Kite Bids; held in demat. |
| Corporate bonds / NCDs | No — government securities only (plus RBI Floating Rate Savings Bonds and secondary SGBs). | Yes — listed corporate bonds, NCDs and tax-free bonds bought on the Kite secondary market like shares. |
| Cost | Zero — no account-opening, bid or maintenance fee. Only pass-through payment-gateway charges when you fund a bid. | Zero percentage brokerage on G-secs since Mar 2024 (1-paisa minimum per contract note); small statutory charges. Listed bonds trade at ₹0 delivery brokerage plus statutory charges. |
| Account & holding | A dedicated RDG account with the RBI; securities are NOT in your demat, so they sit apart from your shares. | Your existing Zerodha demat — bonds sit alongside your equity holdings in one place. |
| RBI Floating Rate Savings Bond (8.05%) | Yes — subscribable via a Bond Ledger Account (added Oct 2023). | No — the FRSB is sold by banks, not through Zerodha. |
| Liquidity / exit | NDS-OM secondary market exists but retail liquidity is thin; realistically hold-to-maturity. | Sell G-secs or listed bonds on the exchange through Kite — still thin for many bonds, but a familiar order flow. |
| Experience | Bare-bones government utility; no research, no app polish, but nothing sitting between you and the RBI. | Polished app you already know; bonds are a secondary feature, not a curated store (the old Coin corporate-bond shelf was withdrawn). |
RBI Retail Direct or Zerodha: who each one suits
- You only want government securities (G-secs, T-bills, SDLs) at the lowest possible cost
- You want the RBI Floating Rate Savings Bond — Zerodha does not sell it
- You are happy to hold bonds in a separate RBI account, outside your demat
- You want bonds in the same demat account as your shares, in an app you already use
- You also want listed corporate bonds, NCDs and tax-free bonds, bought at exchange prices
- You prefer a familiar order flow when you sell before maturity
Which should you pick?
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Sources
- https://rbiretaildirect.org.in/
- https://support.zerodha.com/category/trading-and-markets/general-kite/govt-securities/articles/buy-gsecs
- https://zerodha.com/z-connect/kite/invest-in-government-bonds-and-sovereign-gold-bonds
- https://www.moneycontrol.com/technology/zerodha-angel-one-secure-sebi-license-to-offer-corporate-bonds-article-14015488.html
- https://www.sebi.gov.in/online-bond-platform-providers.html
This comparison is for information only and is not investment advice. Bond investments carry credit and liquidity risk, and fixed returns are not guaranteed returns; verify current details on each platform and check the issuer’s credit rating before investing. Facts last verified July 2026.
← Back to the bonds hubFrequently asked
What people ask when choosing between RBI Retail Direct and Zerodha.
For pure government securities at the lowest cost, RBI Retail Direct is the purist's choice: you deal directly with the RBI and pay no account, bid or maintenance fees. Zerodha reaches the same weekly RBI auction from Kite, effectively free for G-secs, and keeps the securities in your normal demat with your shares — more convenient, and it adds listed corporate bonds. Many investors use RBI Retail Direct for government paper and a broker for listed corporate bonds.
No account-opening, bidding or maintenance fees. The only cost is a pass-through payment-gateway charge when you fund a bid.
No. The RBI Floating Rate Savings Bond (8.05% for Jul–Dec 2026) is sold through banks and through RBI Retail Direct's Bond Ledger Account, not through Zerodha.
On RBI Retail Direct they sit in a Retail Direct Gilt (RDG) account with the Reserve Bank, outside the demat system. On Zerodha they sit in your normal demat account alongside your shares.
Not an operating one. Moneycontrol reported on 26 Aug 2026 that Zerodha has SEBI's approval for a corporate-bond platform, but NSE's list of registered online bond platforms (16 Sep 2026) still shows it as 'Not Enabled'. Today Zerodha offers bonds through the exchange (listed bonds on Kite) and RBI auctions (G-secs, T-bills, SDLs).
On both, retail liquidity in government securities is thin, so plan to hold to maturity. RBI Retail Direct has a secondary window (NDS-OM); on Zerodha you sell through Kite like any listed security, which is a more familiar flow but still depends on a buyer being there.