https://www.desidime.com/discussions/using-fd-amount-for-ipo-application?post_id=9504014#post_9504014
Which account FD facility for IPO will be best?
Using FD amount for IPO application???
Some banks have extra Sweep in and Sweep out facility in FDs. In this an automatic transfer of funds above certain limit from savings account goes to term deposit for a specific period and in case of insufficient balance in the CA/SB account, the required amount will be transferred back by breaking deposits.
Some Banks allow us to use this facility for IPO application also. This gives an advantage over the regular saving accounts as FDs interest rates are higher.
Some of the Banks which have this facility in FDs (every bank have different name):
ICICI Bank (Money Multiplier or linked FDs)
Yes Bank
Indusind
Kotak Active money
Hdfc
AU Bank
Out of these for Yes Bank I have confirmation (from @anshu) that if We have an amount in FD then IPO can be applied.
For HDFC Bank, I myself have tried and was not able to apply for IPOs.
Can you confirm for other banks also if you have any info??
Some Banks allow us to use this facility for IPO application also. This gives an advantage over the regular saving accounts as FDs interest rates are higher.
Some of the Banks which have this facility in FDs (every bank have different name):
ICICI Bank (Money Multiplier or linked FDs)
Yes Bank
Indusind
Kotak Active money
Hdfc
AU Bank
Out of these for Yes Bank I have confirmation (from @anshu) that if We have an amount in FD then IPO can be applied.
For HDFC Bank, I myself have tried and was not able to apply for IPOs.
Can you confirm for other banks also if you have any info??
Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
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https://www.desidime.com/discussions/using-fd-amount-for-ipo-application?post_id=9504019#post_9504019
Till now we only have confirmation for Yes Bank that the FD amount is eligible for IPO application.
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https://www.desidime.com/discussions/using-fd-amount-for-ipo-application?post_id=9509374#post_9509374
Update: Tried Kotak ActivMoney, It is working for IPO. After Kotak ActivMoney activation saving account Balance above 25K automatically gets converted to FD in 5k multiple. When balance in the saving account gets below 10k then some amount from FD is transferred back.
I have zero balance Kotak 811 account and this facility is available to me. Interest rates in ActivMoney will be the same as FD rates based on the FD time period.
https://www.desidime.com/discussions/using-fd-amount-for-ipo-application?post_id=9519742#post_9519742
I have axis ASAP Digital A/c. I applied using Saving account linked FD ( Kind of Flexi deposit ) Pls note. Once u approve the mandate the amount gets deducted from FD ( partial premature happens) at the time of application itself. And once the allotment gets denied the amount is credited back the account and debited from my savings account for a new FD.
Hence i suggest do not use FD amount.
https://www.desidime.com/discussions/using-fd-amount-for-ipo-application?post_id=9519818#post_9519818
For kotak activemoney, it doesn't works as u have described. After approving the mandate FD is not broken, after allotment only it will be broken.
https://www.desidime.com/discussions/using-fd-amount-for-ipo-application?post_id=9519746#post_9519746
ar IPO lg gya to fd ke *** 😄
https://www.desidime.com/discussions/using-fd-amount-for-ipo-application?post_id=9519821#post_9519821
U will get the interest amount for the period FD was active.
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https://www.desidime.com/discussions/using-fd-amount-for-ipo-application?post_id=9543339#post_9543339
Icici money multiplier also allowing to apply ipo without debit
https://www.desidime.com/discussions/using-fd-amount-for-ipo-application?post_id=9612587#post_9612587
Hey bro check DM please.
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https://www.desidime.com/discussions/using-fd-amount-for-ipo-application?post_id=9903651#post_9903651
any similar kind of fd in rbl?
https://www.desidime.com/discussions/using-fd-amount-for-ipo-application?post_id=10000406#post_10000406
Can hdfc providing this facility?
https://www.desidime.com/discussions/using-fd-amount-for-ipo-application?post_id=10000420#post_10000420
did you read the complete post?
https://www.desidime.com/discussions/using-fd-amount-for-ipo-application?post_id=10552685#post_10552685
I have opened saving account in Yes Bank and linked FD to it. And tried to apply IPO. But it is not working. Getting message "Insufficient funds in saving account". Please advice.
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Icici money multiplier also allowing to apply ipo without debit