Which banks support IPO - ASBA for minor demat?

IPOs
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@DILIPCHALLANI The above responses are from the respective banks. We’ve reached out to SBI and Kotak and will share updates here once we receive their responses.

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AU small finance Bank is already mentioned as tested and working.

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Hey…
I tried applying thru IPO it’s being allowed… Can u recheck

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@gowtham4 For apply IPO from minor account, we need to apply for minors debit card ? How to apply IPO from minor account. Is minor account login being separate from parents account and we need apply from minor’s account only?

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For minor IPO, I use bank ASBA method (net banking login)
For AU bank I am using, the login is same for both guardian and minor, but the accounts, IPO windows are separately kept.

I can apply IPO for both me and minor (exclusive bank acc and demat acc of course) from one single net banking login. hope this clears.

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Mostly minors will not have separate login credentials. We have to use guardian’s web account.
However, when apply for IPO through ASBA, we will have options to select the bank account. We can select the linked minor’s account.

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Thanks for your reply. When I am trying to register ASBA for minor. AU bank considering my PAN number.

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Is this issue? or I need to continue with same?

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49

It is an issue. I also had the problem initially.
You need to ask RM to update the minor’s PAN in minor bank acc. Once done, remove the ipo applicant registration and re add it once again so that minor pan will show up when applying the ipo next time.

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Anyone has any leads on the said issue from Indusind Bank ?

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Minor account holders can apply for IPOs online using UPI or ASBA

From ZERODHA IPO FAQ list… open any UPI enabled account for minor and apply thru UPI it’s simple…
All PSU are offering the same also

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I am trying to open SB account for my 3 year old. SBI denied to give both internet banking and Debit Card (thereby UPI) for that minor account. Hence asking for leads on Indusind Bank.

Are you successful in applying IPO for a minor ? If yes, pls let me know which bank account you are using for the minor

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These days one can get UPI started using aadhaar. Try that option. No debit card needed.

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Opened with UBI using phonepe UPI App

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Kotak Bank supports ASAB for minor, The Demat linking with bank has to done from back end

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Hi Gowtham,

First of all, thank you so much for providing such a detailed solution regarding applying for an IPO from a minor account. I have been searching the internet for a long time, and your post is the only one I found that provides complete details.

I don’t have an account with AU Small Finance Bank, but I want to apply for an IPO from my account and my two kids’ accounts. Since HDFC and ICICI don’t provide the ASBA facility for minors, based on your previous communication, I understand that AU Small Finance Bank allows IPO applications from minor accounts (for children under 10 years).

So, I wanted to ask:

  1. Can I open only my kids’ minor accounts at AU Small Finance Bank, or do I need to open my own account as well?
  2. I have seen that when applying for an IPO on behalf of a minor from AU Bank, the parent’s PAN card auto-fills and is not editable, as shown in the image shared by vverma. If I need to apply for the same IPO from both my PAN and my minor kids’ PAN, can you please advise on the process?

I haven’t been able to find much information on this topic online, so I would greatly appreciate your guidance. Since AU Small Finance Bank is about 40 km away from my location, if you know of any other popular banks that offer the facility to apply for IPO from a minor account, I would be grateful to know.

Thanks again for your help!

57

Checked again with my AU Bank RM

  1. You need to have a bank acc in AU for guardian first and with that can open zero balance bank accounts for minors. They have 25k, 1L, 25L balance variants, do check on the features to suit your needs.
  2. After opening minor bank accounts (minor pan is not asked) , need to manually update the minor pan for respective minor bank acc, with that when applying for minor ipo, minor pan only will populate. Seems to be a technical issue as we need to do once manually after minor bank acc is opened. Attached screenshot below to confirm the correct dp, pan are mapped to minor bank acc

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I am not sure of other banks, @nithin_kumrr is trying to collect info of other banks giving this option. AU bank is worth try if you dont have any alternate options :+1:

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Thanks a lot Mr, Gowtham for your detailed information

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Hi Mr. Nithin,

I hope you’re doing well.
I just wanted to follow up and check if you’ve received any feedback or updates from HDFC Bank regarding the process for applying for an IPO on behalf of a minor using the minor’s PAN card.

Looking forward to your response.

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Hi

Although your have asked your query towards Gowtham. I just wanted to add some points in here. From @gowtham4 pointers in this post, i had made little research and opened ‘AU Kids Savings Account’ [which is zero balance account]with AU Bank for my 3 year old.

Initially the AU Bank people insisted on having guardian account which required minimum balance maintainance for opening a minor account. But from the customer care, i came to know that guardian account is not necessary. I opened my son’s SB (Savings Bank Account) with out any guradian account at AU Bank. For that, i had to speak to Customer Care and Complain on the Said Branch for not letting me open the Zero Balance Account for my son. On Twitter also, you can raise this issue, then it will be co-ordinated between their team and the branch - finally in my case, they opened account for my son. Which is Zero Balance Account (no minimum balance is required to maintain) and no guardian account is required. But, they insisted on Rs 25,000 for initial payment (which has to be made by the check of guardian. Hence guardian should be able to produce a cheque for that initial payment)

Further, after opening of the SB account of the minor - as explained by Gowtham in previous posts, you need a raise a request for upation of PAN of minor.

Also, for minor’s account, Debit Card will not be issued. Hence you cannot register for internet banking by yourself. Thus you need to raise another service request with the bank for enabling internet access with out debit card. Then only we can apply for IPO through ASBA.

All the things, i explained above, has been done by me for my 3 year old son. Most of the time, i have faced issues with the branch people. Liasioning with the customer care team, grievance with regional nodal officers/twitter helped me in getting what i wanted.

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61

Hello @manju_1402,

Thank you so much for the helpful information! I appreciate your guidance.

I have a follow-up question: My kids are 6 years old, and we have opened an account with AU Small Finance Bank. Is it okay to apply for an IPO using my bank account, or should I apply from their individual bank accounts…?
Would it be okay to apply on their behalf through my account, or is there any specific requirement for minors?

I would really appreciate your advice on this.