UPI Id creation for an HUF account

General
1

My question is two part

  1. Can we create a UPI id for payments in an HUF account?
  2. Can we apply for corporate actions using UPI for an HUF account?

Thanks in advance for your responses.

2

@mohitmehra Can you.

3

Generally, banks have a restriction on creating a UPI ID for non-individuals.

You can apply for IPOs using UPI for an HUF if you have one in the name of your HUF. If the bank account linked to the upi id is in the name of the Karta, the Registrar might still reject the application since PAN in demat (of HUF) and PAN in bank account (of Karta) will be different. You can also use netbanking ASBA to apply for IPOs in the name of your HUF.

4

Thank you @mohitmehra @siva-reddy for your responses.

5

If Registered mobile number is same in both Indiviual and HUF account, Can we create 2 upi id for both the accounts? Or else can we add BOth account in under one upi id? and while applying for IPO can choose bank accounts as per our requirement.

6

Does anyone have HUF demat & trading Account with zerodha?
i have individual account in zerodha How is it different from individual account?
mutual fund, bonds, sgb buying redeeming process same as individual?
which facility/ features not available for HUF?
how many days to open HUF account?

7

Are you aware of any banks that allow UPI id creation for HUF savings accounts or allow ASBA online (netbanking) in HUF name?

8

Not sure about this. But the HUF netbanking page should be similar to how a bank offer corporate netbanking. Worst case, if the bank doesn’t support it online, the only option left is applying with a physical application.

9

Offline form filling is so anti-tech. Hope I doesn’t encounter the worst-case scenario

10

All banks that have ASBA will also allow you to do this for the HUF account. If you want to create a UPI ID, you need to follow the same process as you do for a regular savings account. This of course works only with banks that classify the account as a SB. Some like BOB treat it like a current account so you cant create a UPI ID>

11

I read somewhere that IDFC bank doesn’t allow online ASBA (for HUF). Sure, all banks do provide offline ASBA. But online, not everyone provides. Same with UPI id creation for HUF accounts.

12

I use asba for ipo application using idfc ( normal account not huf)

13

Sorry, I have edited my post. IDFC allows ASBA & UPI for individual accounts, not for HUF.

14

I have ICICI Bank account for both my personal and HUF. They are both mapped in the same customer ID, so I can use a single phone number and switch between the two accounts in the same app. (This mapping was an offline step, for which the RM took my signatures on a special form for this purpose)

Also, I was able to create a UPI handle for the HUF account very easily, and am applying to IPOs using UPI only. However, I don’t recall the exact steps of creating the UPI handle as it was almost an year ago.

15

Thanks for sharing the info. So ICICI allows UPI for HUFs.

Do you mind checking in the icici netbanking/app of your HUF account whether the online ASBA facility with HUF PAN is available?

16

I had UPI account for huf indus ind savings account couple or years back. I lost the UPI account due to deactivating debit card. ( Never used for asba though)

17

Thanks for sharing the info.

Do you mind checking in the indusind netbanking/app of your HUF account whether the online ASBA facility with HUF PAN is available?

18

I have both individual as well as HUF accounts in Zerodha. Accounts work the same way. Its just that there’s offline account opening process which is a bit hectic. But once you have your HUF account open and working, you won’t find any differences between both of them.

19

Does it work on same mobile no, and bank account linking process, is it offline or online

20

Yes it works on same mobile no. Though HUF account opening process is offline. You have to mail your application form along with photocopy of required documents to Zerodha H.Q, Bangalore