Can I apply in SBI Card IPO using a bank account or UPI on a different name?

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SBI Card IPO RHP point 24 on page 416 "Do not submit a Bid cum Application Form with third-party UPI ID or using a third-party bank account (in case of Bids submitted by Retail Individual Investors using the UPI Mechanism)"

The 3rd party IPO application (with different primary account holder in demat and bank) are permitted. But only a few banks like SBI Net Banking offer this. Private banks like ICICI, HDFC, etc do not offer this facility.

For example:

  • When applying from Zerodha, Edelweiss or Upstox, you cannot apply in SBI Card IPO in the HUF account (or minor account) using UPI linked to your bank account.
  • You can apply in HUF, Minor or someone else's demat account using ASBA from SBI Bank who offers up to five(5) 3rd party IPO applications from one bank account.
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