ASBA FOR MINOR BANK ACCOUNT NEEDED THROUGH NETBANKING FOR IPO APPLY

[Titan]

I want to open a bank account which offers ASBA facility for minor accounts through netbanking for IPO apply purpose (to increase the chance of allotment).

Minor can't get internet banking access, so usually Minors bank account is tied to guardian Netbanking. (Minor accounts don’t have a separate Net Banking login, as they’re linked to the guardian’s bank account.)

But there is a issue with Netbanking portal of bank, it is usually tied with PAN. When guardian apply for IPO, it picks the PAN of Guardian instead of Minors PAN. As I already applied for the same IPO in my name, duplicate PAN cancels both applications.

Most of the bank staff doesn't understand this difference, they are unable to resolve this issue.

I have searched many portals & found that others are also facing same issue. Most of PSU & private banks dont have this option. After searching a lot found out that AU Small Finance Bank has this feature. But all branch staff does not know how to proceed. And in my location no branch of AU small finance bank is there. I went to another city just to process the same, but seems to be they have no idea what i am talking about.

So if any member or reader or bank employees here knows how to open a bank account & in which bank, so that I can get ASBA for minor facility, please let me know. I am giving a screenshot , from where it clearly shows that AU have two different names & PAN in drop down menu, so that minor PAN can be chosen instead of guardian PAN in Guardian's Netbanking Portal. (P.S. :This is not my screenshot, i collected it from a user from different portal). Please guide in this case.

 

[anuragmukherjee28]

You’ve raised a really good and valid point, this issue with ASBA for minor accounts is actually quite common and confusing. You’re right that in most banks, a minor’s account is linked to the guardian’s PAN, and when applying for an IPO via net banking, the system picks up the guardian’s PAN instead of the minor’s. That causes both IPO applications (guardian and minor) to get rejected because of the duplicate PAN entry.

As of now, very few banks support ASBA for minor accounts with separate PAN selection. You’re correct that AU Small Finance Bank is one of the known banks that allows you to choose between the guardian’s and minor’s PAN during the ASBA IPO process, they’ve implemented that flexibility in their net banking portal.

Unfortunately, most PSU and private banks (like SBI, HDFC, ICICI, Axis, etc.) still don’t have this feature. Even their staff are often unaware of it, since it’s a fairly technical issue.

If you don’t have an AU branch nearby, here are a few practical options you could try:

1. Check with AU SFB online support: sometimes they can guide you through opening a minor account remotely.
2. Reach out to newer small finance banks (like Equitas or Ujjivan): A few users have reported they’re planning to roll out this dual-PAN option soon.
3. Use the guardian’s ASBA: Apply in separate IPOs (not the same one) to avoid PAN duplication.

If anyone else here has managed to open a minor account that supports separate PAN selection for ASBA, please share your experience. It’ll definitely help others facing the same roadblock!

 

[Gajendrakumar]

But you can't use the same bank account for different demat account ie, both Minor and major demat account.

 

[Titan]

But you can't use the same bank account for different demat account ie, both Minor and major demat account.

I have separate account for investment. Its only needed for minor through ASBA. See the screenshot I have provided.

 

[Gajendrakumar]

I have separate account for investment. Its only needed for minor through ASBA. See the screenshot I have provided.

I have only option to "INCREASE CHANCE OF IPO ALLOTMENT" instead of ASBA.

Try to book IPO through the Minor's broker app via UPI mode. The same concept as like as ASBA.

Another one IPO application directly from Your Bank's ASBA mode by selecting your PAN.

 

[Titan]

I have only option to "INCREASE CHANCE OF IPO ALLOTMENT" instead of ASBA.

Try to book IPO through the Minor's broker app via UPI mode. The same concept as like as ASBA.

Another one IPO application directly from Your Bank's ASBA mode by selecting your PAN.

I think you didn't understand my query. I also invest through UPI . But UPI is not available for minors of 5 years old. Minimum 10 years old age requirement is there. For that reason I want to use ASBA. As soon as my son reaches 10 years, then it is no problem, but till then I have to use ASBA.