Yes, you can apply for an IPO application for your family and friends through your savings bank account details. However, keep in mind that only five applications can be filled with the same bank account details.
There are merely two categories through which a person can apply for an IPO. All of which are illustrated in detail below.
Through this method, banks offer users the privilege to let their family members and friends use their bank accounts to apply for an IPO. However, in this method, only five applications can use your bank account. It’s the perfect way to let a minor or an HUF apply for an IPO.
These are banks that allow users to let them share their bank account detail with another person to fill an IPO application. Only one IPO application should have the respective bank account details.
Yes, you can apply for an IPO in the name of a family member, a friend, or a relative. However, each account is limited to five applications. As a result, you can subscribe to an IPO using a friend's or relative's Demat account. You can apply for an IPO directly through your Demat account or contact your broker and authorise them to apply on your behalf.
If you are applying for an IPO using a bank account through 'ASBA', you will need an active Demat account number. You can place multiple IPO applications but make sure you apply them from separate Demat accounts. If you apply in a family member's name, make sure the PAN number registered with their demat account is different.