How to apply in an IPO on a minor's name?

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The only way to apply in an IPO on a minor's name is to have an account with a bank that provides 'third party ASBA Application'. i.e. SBI allows 5 IPO applications from 1 bank account.

There are 2 ways to apply in an IPO:

  1. ASBA as Payment Method

    Banks don't offer a net banking to minor's (on minor accounts name). The guardian can access the minor's bank account but with the guardian's client ID.

    Private Banks (i.e. ICICI, HDFC, Kotak, Axis) preselect the PAN Number of the guardian in the case of minor IPO application through net banking. If it is a joint account even then the first name in saving the account is eligible to apply.

    But in the case of Public Banks like SBI, they allow max 5 IPO applications per bank account. One of these could be Minor's IPO application.

  2. UPI as Payment Method

    Only minor above the age of 15 with a bank account as a single (not joint) are eligible for UPI. Minor below the age of 15 years or a minor who is a joint account holder is not eligible for UPI. This there is no way for a minor below 15 years to apply in an IPO using UPI.


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