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?

 

[sumitlehri]

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?

did you get any info regarding this

 

[HVS]

Definitely yes. I am using this for all the IPOs and even SMEs using my sweep in FD. Not sure about HDFC but works in ICICI.

 

[credit_debit]

It should work fine. If you issue check with only sweep in amount in account, it gets passed and amount gets deducted. Same will work in IPO. If you get allocation, the amount will be debited and sweep in will be broken. Better to keep some less amount in sweep in and not to touch it, else in the longer run, with too many break ins and penalties, it's net loss as compared to even normal saving interest rates. There have been nice articles on these. So sweep in should be only for that amount which ideally should not get broken IMO.

 

[sxchzy]

icici doesnt have any breaking charges

 

[sumitlehri]

Definitely yes. I am using this for all the IPOs and even SMEs using my sweep in FD. Not sure about HDFC but works in ICICI.

Did you get any ipo till now by using this facility?

 

[HVS]

Did you get any ipo till now by using this facility?

Unfortunately no 🥲
But the amount is always blocked.

 

[sumitlehri]

Unfortunately no 🥲
But the amount is always blocked.

May be that could be the reason..Not sure though.try applying with normal liquid saving account funds

 

[HVS]

May be that could be the reason..Not sure though.try applying with normal liquid saving account funds

Reason is because all the IPOs are way too much over subscribed. Not because of sweep in facility.

 

[sxchzy]

May be that could be the reason..Not sure though.try applying with normal liquid saving account funds

nope allotment is purely luck based

 

[sauravkumar]

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?

Nope.
It has to be from Savings Account only.😤😤
And that too which is registered with Demat Broker.
Sweep In creates FD Account!!😑😑

For IPO, it cannot be broken itself, you have to manually break it and thereafter you can apply!!😀😀

 

[Jack007]

Nope.
It has to be from Savings Account only.😤😤
And that too which is registered with Demat Broker.
Sweep In creates FD Account!!😑😑

For IPO, it cannot be broken itself, you have to manually break it and thereafter you can apply!!😀😀

Yeah, but there's a few banks that allow you to do this. Have been using them and received allotment as well.

 

[tanujsoni27]

Yeah, but there's a few banks that allow you to do this. Have been using them and received allotment as well.

it works for ICICI but not for HDFC

 

[shadow]

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

 

[abhish]

Yeah, but there's a few banks that allow you to do this. Have been using them and received allotment as well.

Which bank DiD You Got The AllotMent With FD Please Help
Name Of Bank, Account Type

 

[Jack007]

Which bank DiD You Got The AllotMent With FD Please Help
Name Of Bank, Account Type

ICICI, Wealth Account