Can You Apply For LIC IPO Using UPI? Know Here

LIC IPO DRHP: According to the DRHP filed with SEBI, only employees of LIC and policyholders have been allowed to apply for the IPO using UPI.

New Delhi: LIC IPO has been the hottest topic of discussion among investors for a while. According to a report by Economic Times, investors can apply for the LIC IPO using United Payments Interface (UPI). However, only employees of LIC and policyholders can apply for the IPO using UPI.

For applying for using the UPI method, the investor has to select ‘Pay using UPI ID’ as the payment method while submitting the application. Also, according to ET, the investor has to notify the broker about the same. The retail investors will also have to authorise the UPI request in order to submit the bid through that channel.

Also, the bank account must be UPI 2.0 certified by NPCI for the UPI method to function properly. LIC has specifically notified this in the LIC IPO DRHP. According to a report by Reuters, the LIC IPO is expected to open for bidding on  March 11, 2022.

Apply For LIC IPO Using UPI: A Step-by-step Guide Here

According to the report by ET, a retail investor must follow the following steps.

1. Download the LIC IPO Application form from bseindia.com.
2. Enter your UPI ID in the form and submit it.
3. On the UPI mobile application, the investor will receive a request to block the required fund.
4. Approve the request.
5. Now, the funds will be blocked in your bank account till the allotment process finishes. An upper cap of Rs 2 lakh has been fixed for such bids using UPI.
6. If allotted, the money will be automatically debited from the account. If not, the money will be released for other uses.