Can I apply for IPO with a different 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.

Some banks (like SBI, Axis, BoB, IndusInd, and RBL) offer 3rd party IPO applications where you can apply in an IPO with different bank accounts. Though the bank account can be different, each applicant should have the Demat account and PAN card. One person can apply only once for an IPO application across all investor categories.

You can use these bank accounts to apply for IPO shares in Minor, HUF, friends, or family member's Demat accounts.

Many banks (like HDFC, ICICI, Kotak, Yes Bank, and PNB) offer only one IPO application per bank account, where Demat and bank account should belong to the same person.

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

2 Comments

2. Riyansh

| Link|March 30, 2022 5:33:29 PMReply

@ Chittorgarh Team,
Today Indusind Bank allows only One Application. It seems INdusind bank does not allow 3rd Party ASBA for 5 application. Is there any change in Policy ?

1. vvvimal

| Link|December 3, 2021 2:27:23 PMReply

ICICI bank shows 5 Applications using ASBA. Does that mean 5 different PAN accounts can be used.

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