HUF account + IPO + UPI of Karta?

Need Help ℹ️
1

Hello

Most Banks do not provide UPI for HUF accounts. (even if they are savings account).

Currently I apply for IPO via ASBA mode via bank’s website where I put my DHAN DEMAT account number in ASBA application.

In ASBA method I have to apply before 3PM on last day of IPO.

But since UPI allows you to apply till 5PM and also allows to apply anytime but approve mandate before 5PM, I would like to pay for HUF IPO via UPI mode too.

So first question is can I pay via UPI handle to Karta of HUF?

If not, then is there any alternate way?

For example, pay via Funds or Margin or Pledge. And money gets deducted only when IPO is allotted.

Thank you

2

@amish As far I as I know, Banks generally do not provide UPI for HUF type Accounts. So technically IPO applications via UPI for HUF accounts cannot be processed. If you pay via your Karta’s UPI for an IPO, it is most likely to be cancelled.

Previously, in some of the cases 3rd party payments acceptable for processing IPO applications but lately SEBI has become strict with RTAs to not allow 3rd party payments.

So overall, the only option left for now is applying via Net Banking for HUFs.

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