Alert:
- All the banks stopped offering the 3rd Party ASBA IPO application from 1st May 2022. From now onwards, the PAN number of the primary account holder in the Bank Account and Demat Account should be the same for valid IPO applications.
- HDFC Net Banking 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 to the bank branch.
- The UPI limit for IPO application increased to Rs 5L per transaction.
Yes, you can make the payment from your father's or someone else bank account in certain conditions described below. This facility is called the 3rd Party IPO Application.
You can use a 3rd party bank account to apply in an IPO if:
- The bank they have an account with offers 3rd Party IPO Application. Banks like SBI, Axis, and RBL offer 3rd party IPO applications. Other banks like HDFC and ICICI does not offer this facility.
- The IPO applicant has a PAN Number and Demat Account on his name.
- The allotment is done based on the PAN number. The bank account does not matter.
- The 3rd Party IPO application is not available when you use UPI as a payment gateway.
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