Approve an IPO Mandate on Kotak Mobile Banking Lite App

Investing in an Initial Public Offering (IPO) can be an exciting venture. Kotak Mobile Banking Lite provides a seamless way to approve IPO mandates, ensuring your application is processed efficiently. This article offers a comprehensive guide with detailed steps to help you place an IPO order and approve the mandate using Kotak Mobile Banking Lite.

Approving IPO Mandate from Kotak Lite Mobile Banking

Before approving the IPO mandate, you need to apply for the IPO through your Demat account. Below are the detailed steps to initiate your application:

1. Log in to Your Demat Account

• Open the app or platform linked to your Demat account (e.g., Zerodha, Groww, Upstox, etc.).
• Use your credentials to log in.
• Navigate to the IPO section, typically available in the menu or dashboard.

2. Browse and Select the IPO

• Review the list of active IPOs.
• Click on the IPO you wish to apply for to access more details.
• Tap on the Apply button to start the application process.

3. Fill in the Application Details

• Enter the number of lots you want to bid for. A “lot” refers to the minimum number of shares you can purchase.
• Select the Edit Payment Option to provide your UPI ID for payment authorization.

4. Enter Your Kotak UPI ID

• Open the Kotak Mobile Banking Lite App if you’re unsure of your UPI ID.
• Locate your UPI ID under the profile or UPI settings section.
• Return to your Demat account and enter the Kotak UPI ID.
• Confirm the UPI ID and click the Done button.

5. Submit the IPO Application

• Double-check all entered details for accuracy.
• Click the Apply button to finalize your IPO application.
• A mandate request will now be generated and sent to your Kotak Mobile Banking Lite app for approval.

6. Wait for Mandate Request to Arrive

• It may take up to 4 hours for the mandate request to appear in Kotak Mobile Banking Lite.
• You will receive an SMS notification once the request is ready for action.

Accept IPO Mandate on Kotak Mobile Banking Lite

1. Log in to Kotak Mobile Banking Lite App

• Open the app and use your login credentials to access your account.
• On the homepage, locate the Rupee icon at the bottom of the screen. This icon is your gateway to payment and mandate-related actions.

2. Navigate to Pending Mandates

• Scroll down or swipe up to locate the section labeled Pending Mandates.
• Tap on the IPO mandate request to open its details.
• Carefully review the mandate amount, IPO name, and other details.
• If everything looks correct, click on the Approve button.

3. Confirm Approval

• On the next screen, confirm your decision by tapping the Confirm button.
• This step ensures that you agree to block the specified amount for the IPO application.

4. Authenticate the Transaction

• Enter your MPIN (Mobile Personal Identification Number) to authorize the approval securely.

5. Completion of Mandate Approval

• Once authenticated, the mandate is approved, and the specified amount is blocked in your account.
• Note that this amount will appear as “debited” in your account summary, but it is only blocked and not deducted.

Step 3: Verifying the IPO Application Status

After completing the mandate approval, it’s essential to verify the status of your IPO application to ensure that it’s successfully submitted. Here’s how to do it:

1. Log in to Your Demat Account

• Use the app or platform linked to your Demat account.
• Navigate to the section labeled Applied IPOs or a similar name.

2. Check Application Status

• Look for the IPO you applied for.
• Confirm that the status shows as Application Submitted or Mandate Approved.
• If the status isn’t updated immediately, check again after a few hours.

Key Points to Remember

1. Blocked Amount: The amount for the IPO application will be temporarily blocked in your account. If you do not receive an allotment, this amount will be released back to your account.
2. SMS Notifications: Stay alert for SMS updates about your IPO mandate and approval status.
3. Follow Deadlines: Ensure that the IPO application and mandate approval are completed before the closing date of the IPO.

Conclusion

The process of approving IPO mandates using Kotak Mobile Banking Lite App is straightforward and secure when you follow the steps outlined above. By carefully placing your IPO order and approving the mandate on time, you maximize your chances of a successful application.

Stay proactive with notifications and check your application status to avoid any last-minute issues. Best of luck with your IPO investments!