Is it possible to apply IPO using Sweep-in FD?

[Jack007]

I just was about to make a FD and also did apply for few IPO's recently. So this thought came to my mind if we can use the Sweep-in Fixed Deposits to Fund IPO's? I tried searching for it but could only find on HDFC's website that they don't allow it. Does anyone have any experience with it or any ideas if other banks allow it or not?

 

[yash177]

it works for ICICI but not for HDFC

Hey how can we find out if its not working for a particular bank??? If got allotment then can conclude it works but how you checked it's not working with HDFC?

 

[shadow]

Hey how can we find out if its not working for a particular bank??? If got allotment then can conclude it works but how you checked it's not working with HDFC?

When you apply for IPO, if the funds in your account are insufficient, they will break these FDs if Sweep in does not work. For example, they broke my HDFC sweep in before applying but ICICI will only break when you get IPO allotment

 

[karthik0323]

Yup not working with HDFC.
Anyone know if axis allow sweep in and if it can be used for ipo?

were you able to find if axis bank allow this ?

 

[Ak Singh]

When you apply for IPO, if the funds in your account are insufficient, they will break these FDs if Sweep in does not work. For example, they broke my HDFC sweep in before applying but ICICI will only break when you get IPO allotment

Are you sure?
ICICI bank provide facility for IPO apply from sweep in fd amount.

 

[shadow]

Are you sure?
ICICI bank provide facility for IPO apply from sweep in fd amount.

Yes. I tried it. But you can confirm yourself.

 

[shadow]

were you able to find if axis bank allow this ?

No axis doesn't allow it

 

[Animal]

IndusInd allows it.

 

[Ak Singh]

Yes. I tried it. But you can confirm yourself.

Can we apply IPO from indie account savings balance?

 

[Ak Singh]

IndusInd allows it.

Fd sweep balance allow for IPO in indus?
Have you tried it?

 

[shadow]

Can we apply IPO from indie account savings balance?

Not sure about account type but why don't you try it yourself. Just make a sweep in fd and try to apply for IPO. You'll know right away

 

[shadow]

Fd sweep balance allow for IPO in indus?
Have you tried it?

Kotak also allows that

 

[KGSIPO]

Kotak, RBL, ICICI, Indusind allows

 

[Animal]

Fd sweep balance allow for IPO in indus?
Have you tried it?

Yes tried it personally.

 

[Jack007]

Kotak, RBL, ICICI, Indusind allows

Kotak doesn't allow, it closed my sweep deposit and transferred the amount to the savings account

 

[V G]

Can we apply IPO from indie account savings balance?

Cannot apply IPO from Indie account. As per RM, Indie account is not registered for IPO manadate with NCPI yet. It is still in process.

 

[Ak Singh]

Cannot apply IPO from Indie account. As per RM, Indie account is not registered for IPO manadate with NCPI yet. It is still in process.

So can we apply from third party apps like Google pay,phonepe,Paytm etc where indie bank account is linked?

 

[wuodland]

Kotak doesn't allow, it closed my sweep deposit and transferred the amount to the savings account

you need to use kotak activ money for that. I applied various ipo and sme trade from it

 

[Ak Singh]

Yes. I tried it. But you can confirm yourself.

Where Is the fd sweep option in icici? I am not able to find this option in iMobile.

 

[Ak Singh]

you need to use kotak activ money for that. I applied various ipo and sme trade from it

Have you got any sme ipo in past?
I think retailers don't get sme ipo.

 

[V G]

So can we apply from third party apps like Google pay,phonepe,Paytm etc where indie bank account is linked?

No. It is not allowed.