Whether your IPO bid must use the UPI ID linked to your Rupeezy bank account depends on your account type. For an individual Rupeezy account, no — you can use any bank's UPI ID as long as it's in your own name, not just the one linked to your Rupeezy account. For a joint account, yes — the UPI ID must belong to the specific bank account linked to Rupeezy, and you must be one of its account holders.
Which UPI ID can I use?
- Individual accounts — any bank's UPI ID works for your IPO bid, as long as it's registered in your own name. It doesn't need to be linked to the bank account you've added to your Rupeezy account.
- Joint accounts — you must be one of the account holders on the bank account linked to Rupeezy, and the UPI ID must belong to that account. You can't use a UPI ID for a bank account you're not a holder on.
Why isn't it tied to my Rupeezy bank account?
IPO applications go through the UPI-ASBA route (see What is ASBA?), where the blocked-amount debit happens directly between your bank and the exchange via UPI — Rupeezy only passes on the UPI ID you enter on the application form. For an individual account, that doesn't have to match the bank account linked to your Rupeezy trading account for fund transfers.
Things to keep in mind
- Use a UPI ID linked to a bank account that has enough balance to cover the bid amount — that's the account the money gets blocked in, and later unblocked in or debited from.
- The UPI ID still needs to work with UPI-ASBA — see Which apps or banks currently support IPO applications through UPI ASBA? if a particular UPI ID doesn't validate on the form.