How many IPO applications are allowed from one bank account?

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Alert:

Banks in India no more offer the 3rd Party ASBA IPO application starting from 1st May 2022. The PAN number of the primary account holder in the Bank Account and Demat Account should be the same for valid IPO applications going forward.
HDFC Net Banking now allows Minor, HUF, and Company accounts to apply for IPO shares online.
For other banks who doesn't offer online IPO applications to Minor, HUF, and Company accounts, you have to submit the Paper IPO Application forms by visiting the bank branch.
The UPI limit for IPO applications increased to Rs 5 lakhs per transaction.

Most banks allow only one online IPO application from a bank account. But some banks such as SBI and Axis Bank allow up to 5 IPO applications from one bank account. This process is called a third-party IPO application facility.

Note:

Only one IPO application per bank account is allowed when using UPI as a payment gateway. Brokers like Zerodha, Upstox, and Angel offer only 1 IPO application per bank account.
Only a few banks like SBI, Bank of Baroda, RBL, Axis, and IndusInd Bank offer five applications from 1 bank account.
In 3rd party IPO application, all the applicants must have PAN cards and Demat accounts.
Online IPO applications for Minor and HUF accounts are possible only through banks offering 3rd party IPO applications.

Topic: 3rd Party IPO Application: Multiple Applications from one Bank Account Article

1 Comments

1. Raunak

| Link|September 12, 2022 2:40:21 PMReply

@admin can you please tell that is third party application still allowed in sbi and some other banks?

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