IPO current bank account

Hi All,

I have a question regarding the kind of bank account used for IPO applications. To apply for an IPO, usually, I receive a mandate request on my GPAY with is linked to my HDFC current account. Which has been working fine. I receive the mandate, and the bank blocks the funds until the allotment date. However, I have not received any allotments yet. I have read online that SEBI only processes IPO applications linked to a Savings account and not current ones. Is this true? and will I have to close my HDFC current account and open a Savings account?

Can we use current account for personal purposes.

If your current account is in your name, and your PAN itself is mapped to the account, there is no regulatory reason for rejection. You can reach out to the RTA of any one of the issues where you have not received allotment to double check.

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