There is no provision for users to apply for an IPO through a current account. They would have to choose a savings account to get an IPO applciation processed further.
While applying for an IPO application, there are few things that one should keep in mind. These are to fill in the correct details under the bank account. Its where users often make the mistake of selecting a current account instead of a savings account.
In an IPO application, its night and day whether you can use a current account or not. If you use a current account, your application will be revoked at that moment. In the stock market, anything related to a bank account revolves around the savings account. Don’t forget that banks don’t have the option to link your current account to an IPO application.
The SEBI sets all the rules, and they have regulated that only savings account would be preferred in an IPO application. Thus, using a current account will enable your application to be null and void.
Though you cannot use your current account, you can use UPI instead. Paying using UPI is simpler and quicker. It is also a safe and reliable method. All you need is your UPI ID and that’s it. It also allows you to fill an offline IPO application. In short, this payment method can be used for both online and offline applications.
This method was introduced in 2018 by SEBI. Since then, people have been using it to make payments on their demat account. It happens instantly i.e. in real time. It’s more or less similar to IMPS.