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How to Apply for LIC IPO Using UPI?

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LIC IPO applications can be submitted through the United Payments Interface (UPI). However, only LIC employees and policyholders are eligible to apply for the IPO via UPI. When submitting an application for the UPI method, the investor must select 'Pay using UPI ID' as the payment method. The Securities and Exchange Board of India (SEBI) has mandated that retail investors invest in initial public offerings (IPOs) via UPI through registered brokers, DPs (depository participants), and RTAs (registrar and transfer agents). You can use your UPI ID as a payment method to apply for an IPO on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Here is how to apply for a LIC IPO using UPI App.

 

What is UPI?

What is UPI?

The National Payments Corporation of India created UPI, an instant payment system (NPCI). With UPI, you can instantly transfer money between any two bank accounts. To use it, you must first create a UPI ID.

What is a UPI ID?

What is a UPI ID?

UPI ID (also known as Virtual Payment Address or VPA) is a unique identifier for use with UPI. The UPI Id is obtained by registering with one of the UPI enabled mobile applications (App) using your bank account information.

How to Apply for IPO using UPI
 

How to Apply for IPO using UPI

Step-1: Fill out the IPO application form with your UPI ID and then submit.
Step 2: A fund block request will be sent through Google Pay app.
Step 3: Approve the request to block the IPO amount
Step 4: The funds will be held in your bank account until they are allocated, at which point they will be deducted. For UPI IPO applications, the maximum amount per transaction is Rs 2 lakh.
Step 5: When the shares are assigned, the funds will be transferred automatically.
The shares and funds that have not been allotted to you will be unblocked on the mandate's end date or expiry date.

Accept the UPI mandate request

Accept the UPI mandate request

Before submitting bids via the UPI Mechanism, retail investors must first authorise the UPI mandate request. In order to apply for the IPO, you must first approve a notification in your Google Pay app. After that, enter your UPI PIN to approve the mandate request.

How will I know if my modification mandate request was approved?

How will I know if my modification mandate request was approved?

The mobile application will provide confirmation once the modification has been completed successfully.

What if I change my UPI ID after modifying my mandate request?

What if I change my UPI ID after modifying my mandate request?

The mandate will be executed regardless of the change and will be executed against the same account that was linked at the time of creating the mandate, regardless of whether the UPI ID was changed later.

Read more about: lic
Story first published: Tuesday, December 6, 2022, 22:23 [IST]
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