How many IPO applications can I submit through online net banking from one bank account?
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- Updated On:19-Mar-2021
- Replies:1
Short Answer
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.
Detailed Answer
The standard procedure of applying for an IPO is regulated to only one application for one IPO. However, applying to different IPO isn’t prohibited. But the prohibition comes into effect when you go through an IPO investment through ASBA.
Different banks allocate different rules and regulations regarding how many applications can be submitted through an IPO from a single bank account. Banks like SBI allow up to 5 applications, whereas ICICI allows only one bank account application. If the bank allows multiple applications to be made to an IPO, then the name can be different but requires a family, friends, or someone else’s name.
However, keep in mind that no matter how many applications you apply for, if the PAN card number is the same, no matter what bank account you use, the application will be revoked. Only one application can be submitted for one IPO.
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Yes, you can apply for an IPO application under a minor or HUF's name, provided they have different PAN card numbers. Minors can open a Demat account with their parent’s PAN Card and bank account.
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