Which banks support IPO - ASBA for minor demat?

[manju_1402]

To my knowledge, Bank account holder name and the PAN holder name should be same for IPO bid to be successful in current norms. (in other words., i think you need to apply IPO only from minor’s bank account, not sure though)

I cannot clarify your question precisely.,.bcoz in my case, i do not have account with AU Bank, i opened account only for my kid (with out guardian’s account). But i can give the picture of the process i am following for applying IPO in my kid’s case.

While opening for my kid bank account in AU Bank…i got two customer IDs. One for me and one for my kid. Internet banking access was given only to my customer ID i.e. Guardians’. I login with the guardian customer ID and made ASBA registration for my kid. And using that same account …i am applying for IPO on behalf of minor.

But for a clear picture and right guidance…@gowtham4 will be the right person for your query.

[gowtham4]

@Mukesh_Pokhriyal

Would it be okay to apply on their behalf through my account

This is the right procedure, you can use your netbanking acc - apply ipo on your name as well as kids name separately.

Which banks support IPO - ASBA for minor demat?

Checked again with my AU Bank RM 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. 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 aft…

Check the screenshot attached in earlier reply, you can see both applications can be made.

[entice]

@gowtham4 is it true that if the minor demat get an IPO alloted, then that share can’t be sold until he/she is 18?

[Divi221]

You can sell shares ( allotted shared thru IPO)

[manoranjan2050]

U can Transfer share to your account and sell it

[gowtham4]

@entice

minor demat get an IPO alloted, then that share can’t be sold until he/she is 18?

No , you can sell the shares directly from the minor account itself.

[entice]

Thanks Gowtham, that answers my question clearly.

[Pradeep_Shroff]

Hi @ankitdoshi Do we need to call Kotak bank for linking DMAT account of minor ? Or we have to go to branch and request?

[ankitdoshi]

Yes, call your RM or visit branch to get the account linked

[ianirban]

PSUs are offering UPI ? Which bank ? SBI is not allowing debit card or internet banking to minor account though their website says different.

[bd1]

This is the catch. Some banks are providing debit card for minors and some aren’t. When opening the minor account, ensure the minor account will get separate debit card, so that UPI can be used.
For example, InduaInd Bank provides debit card for minor accounts. Go to branch directly and enquire.

[Sanjeev_Singh]

I agree, AU bank is a completely different low grade banking system. I recently visited AU Bank branch and closed my account after watching their behavior and interaction.

[Vamsi_Krishna_Reddy]

@gowtham4 Thanks for sharing detailed information about applying for an IPO from a minor bank account using ASBA.

I have a few questions:

1. Can we apply for an IPO in the B-HNI category from an AU small finance minor account?
2. Is there a limit on the withdrawal amount? For instance, if I applied for an IPO using ₹10 lakh in the B-HNI category, can we withdraw the entire amount in a single transaction if the IPO isn’t allotted?

Appreciate your response.

[Deepaksh]

Hello Gowtham, Did you get any allotments under minor account. My son’s account reflecting the account holder name + guarian name in the bank, which might potentially lead to IPO application rejection. When I checked with the ICICI bank staff on this, they stated there will be mandatory suffix (Minor) added next to the name of my son (Example : Kushvik S D is my son’s name, bank (ICICI) records shows KUSHVIK S D (Minor) & also Kotak Bank records shows “KUSHVIK S D DEEPAK S H”) . I’m unsure on how to deal with this. please assist. Thanks

[gowtham4]

@Vamsi_Krishna_Reddy

Can we apply for an IPO in the B-HNI category from an AU small finance minor account?

I have applied for both mainboard (upto 2L) and sme (2 lots max), but you should be able to apply above 10L value also.

@Vamsi_Krishna_Reddy

Is there a limit on the withdrawal amount? For instance, if I applied for an IPO using ₹10 lakh in the B-HNI category, can we withdraw the entire amount in a single transaction if the IPO isn’t allotted?

The minor bank account works just like any other bank account, there will be no limits to transfer back to parent bank acc online. 10L should be the upper limit per transaction.

@Deepaksh

Did you get any allotments under minor account.

Yes! even his bank name has a suffix of UG + My name .
Just checked the allotment history, have got 3 allotments out of 90+ applications made in last 16 months

I have got one new update with AU bank in IPO application process which is under activation for my account. Will let you know once it is active!