IDBI Bank ATMs Can Be Used For Bond Purchase

The Industrial Development Bank of India (IDBI) is an Indian Public Sector Bank headquartered at Mumbai which was established in 1964. It is currently the 10th largest development bank in the world in terms of reach, with 3203 ATMs, 1809 branches, including one overseas branch at Dubai, and 1343 centres, including two overseas centres at Singapore & Beijing.

HIGHLIGHTS

• In order to boost retail participation in Govt bond investments, IDBI has now allowed its customers to invest in these bonds through its ATMS.
• The facility of investing in G-Sec through ATM is an extension of Bank’s Samriddhi G-Sec Portal to enable retail investors to transact in government securities.
• The retail customers of the Bank can register, one time, for this facility and invest in G-Sec through any of the Bank’s ATMs

GOVERNMENT SECURITIES

• A government security is a bond or other type of debt obligation that is issued by a government with a promise of repayment upon the security’s maturity date
• These are usually considered low-risk investments because they are backed by the taxing power of a government.