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?

 

[akilmds]

Anyone using IDFC OD against FD for IPOs?

 

[ParthaPrathim]

Hi all, is can RBL bank providing this feature? If yes what's the product name and how to do?

Thinking to do with either icici, or rbl. I have tested Icici it's able to, but wants to do from rbl it's provide more interest than icici if possible.

 

[keshavab]

Hi all, is can RBL bank providing this feature? If yes what's the product name and how to do?

Thinking to do with either icici, or rbl. I have tested Icici it's able to, but wants to do from rbl it's provide more interest than icici if possible.

Check with RBL , but if you want higher intrest rate then go for au

 

[Vickymaster1010]

Check with RBL , but if you want higher intrest rate then go for au

AU bank told me that the amount will be broken as soon as u aply for an ipo , not when u get it can u please let me know which branch u spoke with ?

 

[keshavab]

AU bank told me that the amount will be broken as soon as u aply for an ipo , not when u get it can u please let me know which branch u spoke with ?

Just ask them to open sweep in fd , they are not aware of this , i made my sweep in fd in bhopal mp nagar branch offline , they said they don't know about that much , but made that sweep in fd and I tested this it works

 

[keshavab]

Just ask them to open sweep in fd , they are not aware of this , i made my sweep in fd in bhopal mp nagar branch offline , they said they don't know about that much , but made that sweep in fd and I tested this it works

Also if you got allotment that comes mostly in night and amount get debited in morning, so if you fund your account before debit (or sometime after debit) you fd not even get broke in that case also

 

[Vickymaster1010]

Also if you got allotment that comes mostly in night and amount get debited in morning, so if you fund your account before debit (or sometime after debit) you fd not even get broke in that case also

Ok my branch said clearly that as soon as u apply for ipo and mandate is credited ur amount goes into lien and ur fd breaks even before the allotment is out.

 

[fenys]

Anyone has experience with Yes Bank FD sweep in facility? Facing some issues for the same.. Hence want to check

 

[keshavab]

Ok my branch said clearly that as soon as u apply for ipo and mandate is credited ur amount goes into lien and ur fd breaks even before the allotment is out.

sahab pehle istemal kare phir visvaas kare ,, branch wale bahut bar misinformation failate hai ,, mujhe apka case nahi pata lekin mai bahut time se use kar raha hu

 

[Jatayu]

After using them for years, I will write here everything in detail for everyone's benefit.

As I & my family hold almost all accounts suggested in this thread and tried everything possible to get max benefit of Sweep in FD & Asba together while considering ease of applying also...Here is my final verdict.

Considering ease of operation & higher roi, only 4 banks should be chosen for ipo asba mandate facility while using Linked FD balance simultaneously. It will only break if you get the ipo allotment. (There are some tricks for avoiding even that too but we shall stick to main topic for now)

# Past story - From years, I was using upi mandate way to apply for ipos from my & parents accounts. It had 2 drawbacks which I hated the most...First is Bhni Ipo can't be applied due to upi mandate limit and 2nd is I had to rely on Phonepe Paytm etc for upi mandate, waiting for minutes/hours for it to come & due to their unreliability, many a times I had to cancel and re apply.....Finally I got fed up & searched for a better way. Requirement is inbuilt android app Asba should be there as I don't have pc all the time for netbanking & 2nd optional req is if I am able to use FD amount for ipo then it's cherry on the cake.

Below are the finalized ways written in order of ease of applying ipo, speed & higher roi of Fd.

Kotak & Kotak811 accounts - Automatic sweep fd creation & auto sweep out - Best & effortless - Use their app to toggle ON Activmoney whose threshold is 25k. Above it, all your balance will go to Sweep in FD by EOD. Below this amount, FDs will auto break. When you again put balance, FDs will be auto replinished till as much balance you put. 6 months tenure is auto chosen.
Notes -
1. For getting above benefit on mobile app as well as Netbanking, any stock broker will work. Just link your BO id & DP id thru app.
2. Activmoney Fb balance is not a part of MAB.
3. Threshold is 25k. But Hni accounts like Privy increase threshold of Activmoney from 25k to 1L or higher so choose wisely.
4. No pre closure penalty.

Icici - Manual sweep fd creation thru app & auto sweep out - 2nd best - Use their app to create FD then select customise FD, select amount, tap on Money Multiplier, choose tenure & amount. Here is the difference from Kotak...In Icici your selected amount only will go to Sweep in FD not all. Here, threshold is 10k here. Below this amount, FDs will auto break. When you again put balance, FDs will not be auto replinished. You have to create them again.
Notes -
1. For getting above benefit on mobile app, not all stock brokers will work. Only Icici demat account should be linked. But for internet banking, no such boundation.
2. Money multiplier Fb balance is not a part of MAB.
3. Threshold is 10k.
4. Pre closure penalty applies.

Au - Manual sweep fd creation thru bank by signing a form & auto sweep out - 3rd choice bcoz have to go to branch. Can't be done through calling customer care as others suggested. But roi is 1-2% better than above. Process - Create FD of desired amount offline then go to branch & sign a form to link FD with your account. Here, threshold is 0. When you again put balance, FDs will not be auto replinished. You have to create them again.
1. For getting above benefit on mobile app as well as Netbanking, any stock broker will work. Just link your BO id & DP id thru app.
2. Sweep Fb balance is not a part of MAB. But some AU accounts has 1L Fd criteria as Mab also. So, you can create whole balance Fd here without any worries.
3. Threshold is 0.
4. Pre closure penalty applies.

Rbl - Same as AU

Idfc - If you have above 10L balance then it's the best bet for Ipo Asba in Bhni bcoz idfc app ipo application process is very smooth. Plus you have 10L+ so apply in Bhni category to get max chances of allotment as Bhni has good enough reserved quota. (Today's ipo chances image is also attached for ease of understanding). Lastly, Fd above 10L can be an issue for many due to itr reasons. But for Idfc, Fd is not required as Roi for high balances is good enough.

If you read everything thoroughly & got benefitted, Please mark it as a solution.

 

[hender]

After testing them for years, I will write everything in detail for everyone's benefit.
As I & my parents hold almost all accounts suggested in this thread and tried everything possible to get max benefit of Sweep in FD & Asba together....Here is the final verdict.

Considering ease of operation & higher roi, only 4 banks should be chosen for ipo asba mandate facility while using Linked FD balance simultaneously. It will only break if you get the ipo allotment. (There are some tricks for avoiding even that too but we shall stick to main topic for now)

# Past story - From years, I was using upi mandate way to apply for ipos from my & parents accounts. It had 2 drawbacks which I hated the most...First is Bhni Ipo can't be applied due to upi mandate limit and 2nd is I had to rely on Phonepe Paytm etc for upi mandate, waiting for minutes/hours for it to come & due to their unreliability, many a times I had to cancel and re apply.....Finally I got fed up & searched for a better way. Requirement is inbuilt android app Asba should be there as I don't have pc all the time for netbanking & 2nd optional req is if I am able to use FD amount for ipo then it's cherry on the cake.

Below are the finalized ways written in order of ease of applying ipo, speed & higher roi of Fd.

Kotak & Kotak811 accounts - Automatic sweep fd creation & auto sweep out - Best & effortless - Use their app to toggle ON Activmoney whose threshold is 25k. Above it, all your balance will go to Sweep in FD by EOD. Below this amount, FDs will auto break. When you again put balance, FDs will be auto replinished till as much balance you put. 6 months tenure is auto chosen.
Notes -
1. For getting above benefit on mobile app as well as Netbanking, any stock broker will work. Just link your BO id & DP id thru app.
2. Activmoney Fb balance is not a part of MAB.
3. Threshold is 25k. But Hni accounts like Privy increase threshold of Activmoney from 25k to 1L or higher so choose wisely.
4. No pre closure penalty.

Icici - Manual sweep fd creation thru app & auto sweep out - 2nd best - Use their app to create FD then select customise FD, select amount, tap on Money Multiplier, choose tenure & amount. Here is the difference from Kotak...In Icici your selected amount only will go to Sweep in FD not all. Here, threshold is 10k here. Below this amount, FDs will auto break. When you again put balance, FDs will not be auto replinished. You have to create them again.
Notes -
1. For getting above benefit on mobile app, not all stock brokers will work. Only Icici demat account should be linked. But for internet banking, no such boundation.
2. Money multiplier Fb balance is not a part of MAB.
3. Threshold is 10k.
4. Pre closure penalty applies.

Au - Manual sweep fd creation thru bank by signing a form & auto sweep out - 3rd choice bcoz have to go to branch. Can't be done through calling customer care as others suggested. But roi is 1-2% better than above. Process - Create FD of desired amount offline then go to branch & sign a form to link FD with your account. Here, threshold is 0. When you again put balance, FDs will not be auto replinished. You have to create them again.
1. For getting above benefit on mobile app as well as Netbanking, any stock broker will work. Just link your BO id & DP id thru app.
2. Sweep Fb balance is not a part of MAB. But some AU accounts has 1L Fd criteria as Mab also. So, you can create whole balance Fd here without any worries.
3. Threshold is 0.
4. Pre closure penalty applies.

Rbl - Same as AU

If you read everything thoroughly & got benefitted, Please mark it as a solution.

Very insightful, coupled with practical knowledge thanks for sharing 👍

 

[keshavab]

After using them for years, I will write here everything in detail for everyone's benefit.

As I & my family hold almost all accounts suggested in this thread and tried everything possible to get max benefit of Sweep in FD & Asba together while considering ease of applying also...Here is my final verdict.

Considering ease of operation & higher roi, only 4 banks should be chosen for ipo asba mandate facility while using Linked FD balance simultaneously. It will only break if you get the ipo allotment. (There are some tricks for avoiding even that too but we shall stick to main topic for now)

# Past story - From years, I was using upi mandate way to apply for ipos from my & parents accounts. It had 2 drawbacks which I hated the most...First is Bhni Ipo can't be applied due to upi mandate limit and 2nd is I had to rely on Phonepe Paytm etc for upi mandate, waiting for minutes/hours for it to come & due to their unreliability, many a times I had to cancel and re apply.....Finally I got fed up & searched for a better way. Requirement is inbuilt android app Asba should be there as I don't have pc all the time for netbanking & 2nd optional req is if I am able to use FD amount for ipo then it's cherry on the cake.

Below are the finalized ways written in order of ease of applying ipo, speed & higher roi of Fd.

Kotak & Kotak811 accounts - Automatic sweep fd creation & auto sweep out - Best & effortless - Use their app to toggle ON Activmoney whose threshold is 25k. Above it, all your balance will go to Sweep in FD by EOD. Below this amount, FDs will auto break. When you again put balance, FDs will be auto replinished till as much balance you put. 6 months tenure is auto chosen.
Notes -
1. For getting above benefit on mobile app as well as Netbanking, any stock broker will work. Just link your BO id & DP id thru app.
2. Activmoney Fb balance is not a part of MAB.
3. Threshold is 25k. But Hni accounts like Privy increase threshold of Activmoney from 25k to 1L or higher so choose wisely.
4. No pre closure penalty.

Icici - Manual sweep fd creation thru app & auto sweep out - 2nd best - Use their app to create FD then select customise FD, select amount, tap on Money Multiplier, choose tenure & amount. Here is the difference from Kotak...In Icici your selected amount only will go to Sweep in FD not all. Here, threshold is 10k here. Below this amount, FDs will auto break. When you again put balance, FDs will not be auto replinished. You have to create them again.
Notes -
1. For getting above benefit on mobile app, not all stock brokers will work. Only Icici demat account should be linked. But for internet banking, no such boundation.
2. Money multiplier Fb balance is not a part of MAB.
3. Threshold is 10k.
4. Pre closure penalty applies.

Au - Manual sweep fd creation thru bank by signing a form & auto sweep out - 3rd choice bcoz have to go to branch. Can't be done through calling customer care as others suggested. But roi is 1-2% better than above. Process - Create FD of desired amount offline then go to branch & sign a form to link FD with your account. Here, threshold is 0. When you again put balance, FDs will not be auto replinished. You have to create them again.
1. For getting above benefit on mobile app as well as Netbanking, any stock broker will work. Just link your BO id & DP id thru app.
2. Sweep Fb balance is not a part of MAB. But some AU accounts has 1L Fd criteria as Mab also. So, you can create whole balance Fd here without any worries.
3. Threshold is 0.
4. Pre closure penalty applies.

Rbl - Same as AU

Idfc - If you have above 10L balance then it's the best bet for Ipo Asba in Bhni bcoz idfc app ipo application process is very smooth. Plus you have 10L+ so apply in Bhni category to get max chances of allotment as Bhni has good enough reserved quota. (Today's ipo chances image is also attached for ease of understanding). Lastly, Fd above 10L can be an issue for many due to itr reasons. But for Idfc, Fd is not required as Roi for high balances is good enough.

If you read everything thoroughly & got benefitted, Please mark it as a solution.

Great but can you tell me which one of them also works for third party UPI also ,,
Also for kotak there is also fd linking option present in NetBanking
Please check if for au can we do this with there video banking feature

 

[Jatayu]

Great but can you tell me which one of them also works for third party UPI also ,

No one. Sweep Fd with Upi mandate not possible. It definitely breaks.

Please check if for au can we do this with there video banking feature

Maybe possible but I haven't tried video banking.

 

[Rcbian]

After using them for years, I will write here everything in detail for everyone's benefit.

As I & my family hold almost all accounts suggested in this thread and tried everything possible to get max benefit of Sweep in FD & Asba together while considering ease of applying also...Here is my final verdict.

Considering ease of operation & higher roi, only 4 banks should be chosen for ipo asba mandate facility while using Linked FD balance simultaneously. It will only break if you get the ipo allotment. (There are some tricks for avoiding even that too but we shall stick to main topic for now)

# Past story - From years, I was using upi mandate way to apply for ipos from my & parents accounts. It had 2 drawbacks which I hated the most...First is Bhni Ipo can't be applied due to upi mandate limit and 2nd is I had to rely on Phonepe Paytm etc for upi mandate, waiting for minutes/hours for it to come & due to their unreliability, many a times I had to cancel and re apply.....Finally I got fed up & searched for a better way. Requirement is inbuilt android app Asba should be there as I don't have pc all the time for netbanking & 2nd optional req is if I am able to use FD amount for ipo then it's cherry on the cake.

Below are the finalized ways written in order of ease of applying ipo, speed & higher roi of Fd.

Kotak & Kotak811 accounts - Automatic sweep fd creation & auto sweep out - Best & effortless - Use their app to toggle ON Activmoney whose threshold is 25k. Above it, all your balance will go to Sweep in FD by EOD. Below this amount, FDs will auto break. When you again put balance, FDs will be auto replinished till as much balance you put. 6 months tenure is auto chosen.
Notes -
1. For getting above benefit on mobile app as well as Netbanking, any stock broker will work. Just link your BO id & DP id thru app.
2. Activmoney Fb balance is not a part of MAB.
3. Threshold is 25k. But Hni accounts like Privy increase threshold of Activmoney from 25k to 1L or higher so choose wisely.
4. No pre closure penalty.

Icici - Manual sweep fd creation thru app & auto sweep out - 2nd best - Use their app to create FD then select customise FD, select amount, tap on Money Multiplier, choose tenure & amount. Here is the difference from Kotak...In Icici your selected amount only will go to Sweep in FD not all. Here, threshold is 10k here. Below this amount, FDs will auto break. When you again put balance, FDs will not be auto replinished. You have to create them again.
Notes -
1. For getting above benefit on mobile app, not all stock brokers will work. Only Icici demat account should be linked. But for internet banking, no such boundation.
2. Money multiplier Fb balance is not a part of MAB.
3. Threshold is 10k.
4. Pre closure penalty applies.

Au - Manual sweep fd creation thru bank by signing a form & auto sweep out - 3rd choice bcoz have to go to branch. Can't be done through calling customer care as others suggested. But roi is 1-2% better than above. Process - Create FD of desired amount offline then go to branch & sign a form to link FD with your account. Here, threshold is 0. When you again put balance, FDs will not be auto replinished. You have to create them again.
1. For getting above benefit on mobile app as well as Netbanking, any stock broker will work. Just link your BO id & DP id thru app.
2. Sweep Fb balance is not a part of MAB. But some AU accounts has 1L Fd criteria as Mab also. So, you can create whole balance Fd here without any worries.
3. Threshold is 0.
4. Pre closure penalty applies.

Rbl - Same as AU

Idfc - If you have above 10L balance then it's the best bet for Ipo Asba in Bhni bcoz idfc app ipo application process is very smooth. Plus you have 10L+ so apply in Bhni category to get max chances of allotment as Bhni has good enough reserved quota. (Today's ipo chances image is also attached for ease of understanding). Lastly, Fd above 10L can be an issue for many due to itr reasons. But for Idfc, Fd is not required as Roi for high balances is good enough.

If you read everything thoroughly & got benefitted, Please mark it as a solution.

Grt post very informative