In this post I will show you how to buy Initial Public Offering (IPO) stocks from a State Bank of India savings, NRE/NRI accounts. Yes, you can buy from NRE/NRI accounts also. All you need is your/fathers/mothers/any of your relatives Demat account information, Name and PAN card number of the Demat account holder.
Please note:- that using this process the stocks which are allotted will be allotted to the Demat account that has been used. For ex: If you use your Father’s Demat account, then the stocks will be allotted to his Demat account.
1) Log on to your SBI account and then click on Demat/ASBA as shown in the below picture.
2) Then click on the IPO Services using ASBA as shown in the below picture.
3) Then click on Accept as shown below
4) Select the IPO you wish.
5) Then click on the Accept again to authorize SBI to do this process on be half of you.
6) In this page you will fill in details and the amount you wish to bid for the stock. The above part of the image is about the details of the IPO.
The bottom part is where we have to enter the information.
1) Select Category—> Individual, Employees , Share holders
2) Applicant Name—> Name of the applicant(Can be the name of the Demat account holder)
3) PAN number
4) Reconfirm the PAN number
5) Select your Dep0sitory—-> NSDL/CDSL (This is about your Demat account, you can get is from Demat account provider)
6) Bid 1 if you are applying for the cut off price, then check it and enter quantity the price and bid value will be automatically updated. Here you can bid a Lower Price Band or the Cut off price. It is up to the company whether to accept Lower Price Band or the Cut off price.
7) Finally, select the account from which the funds will be held for debiting.
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The above information is from my personal experience. Do not subscribe to any IPO’s on the basis of the above information. Please check the fundamentals of the company before applying. SBI, State Bank of India are the copyrights/trademarks of State Bank India Corporation.