Can I apply IPO in name of family members & friends from my saving bank account?

Short Answer

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.

Detailed Answer

There are merely two categories through which a person can apply for an IPO. All of which are illustrated in detail below.

1. 3rd party IPO applications

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.

2. Self IPO applications

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.

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Categories: IPO Basics
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Related FAQs

Can I apply more than one IPO application in my name from different saving bank accounts in same bank or different banks?

Only one PAN card can be used for one application. No matter how many different savings account details you might utilize, if there is the same PAN number in more than two applications, then all of them would be revoked.

Can one apply an IPO from sweep in/out saving bank account?

There is no possibility of a user having a sweep in/out account linked to their IPO application. It would simply get rejected.

Can I apply in an IPO from my current bank account?

There is no provision for users to apply for an IPO through a current account. They would have to choose a savings account to get an IPO applciation processed further.

How many IPO applications can I submit through online net banking from one bank account?

There are about 5 IPO applications that can submit through online net banking from one bank account. However, the number can change immensely from one bank to another.

Can I apply in an IPO through multiple applications on same name?

No, a person cannot apply for a single IPO more than ones. There are strict rules and regulations followed in this matter. However, his/her family members can apply for the IPO under their name provided they have a demat account and PAN number.

Which is best bank to open Savings account in India?

Looking into the interest rates, minimum savings required in the account, easy online facilities are few of the many options you should consider while choosing a savings account with any respective bank.

I do not have a Demat account. Can I apply for an IPO?

Although there are ways such as ASBA facility of your bank that you can use to open an IPO without Demat Account. It is still advisable to have a Demat Account.

Is it mandatory to have a Demat account to apply in an IPO?

Yes and no at the same time. Although you can apply for an IPO without a Demat Account in some cases, the allotted shares are tradable through a Demat Account, Thus, a Demat account is recommended for an IPO.

Can I apply an IPO application in the name of Minor or HUF?

Yes, you can apply for an IPO applciation under a minor or HUF's name, provided they have different PAN card numbers.

How much money can we keep in savings account in India?

Savings bank account is one of the most popular banking services. There is no maximum amount of money that needs to be maintained. A person is liable to keep any amount of money in the savings bank account.