Can NRIs apply for IPOs using UPI?

Yes, NRIs can apply for IPOs using UPI, subject to the eligibility criteria specified by the issuer, intermediary, and applicable regulations.

In recent years, many brokers and banks have enabled UPI-based IPO applications for eligible NRI investors, particularly those investing through NRO accounts on a non-repatriation basis. However, UPI availability for NRIs may vary depending on the IPO, the broker, the bank, the country of residence, and the payment mechanism permitted in the offer document. Therefore, NRIs should always verify the accepted application methods mentioned in the respective RHP/Prospectus before applying.

Note: Not all IPOs permit UPI applications for NRIs. Where UPI is not available, NRIs can apply through the ASBA process using their designated NRE/NRO bank accounts.