How-to bank ASBA IPO without UPI net banking ASBA Zerodha demat SCSB

How to apply for an IPO without UPI on Zerodha Kite

From WebNotes, a public knowledge base. Last updated 21 June 2026. Reading time ~11 min. Level: Intermediate.

Key facts

When you need this route	Application above the Rs 5 lakh UPI limit, or when UPI ASBA is unavailable to you
The route	Bank ASBA: net banking at your bank, or an offline ASBA form at an SCSB branch
Demat details to quote	Depository CDSL and DP name Zerodha, with your demat (BO ID) number
Where the bid is placed	Through the bank, not through Kite; Kite handles only the UPI ASBA route
Who must use ASBA	Non-individual accounts (company, LLP, partnership, trust, society) can apply only through ASBA
Cost	Free; the application amount is blocked in your bank account, not debited

Procedure

Confirm you need the non-UPI routeUse bank ASBA when the application value exceeds the Rs 5 lakh UPI per-transaction limit, when your bank or UPI app is not on the UPI-for-IPO list, or when you simply prefer not to use UPI. A retail bid below Rs 2 lakh can use UPI on Kite.
Gather your Zerodha demat detailsYou will quote your demat depository as CDSL and your DP name as Zerodha, plus your demat (BO ID) number. Keep your PAN and the bank account you will block funds in ready; the PAN must match your demat.
Log in to your bank's net banking ASBA sectionOpen your bank’s internet banking portal and find the IPO or ASBA section, usually under investments or e-services. Your bank must be a Self-Certified Syndicate Bank (SCSB) offering ASBA. Most major banks do.
Select the IPO and enter the bidChoose the open issue, then enter the quantity in lot multiples and the price or cut-off, exactly as you would on Kite. Enter the demat details (CDSL, DP name Zerodha, BO ID) so any allotment credits to your Zerodha demat.
Submit so the bank blocks the fundsSubmit the application. The bank blocks the application amount in your account as ASBA, no UPI mandate is involved. The block is a lien; the money stays in your account and earns interest until allotment.
Use the offline ASBA form if net banking is unavailableIf your bank does not offer ASBA online, download a blank ASBA form from the NSE or BSE site, fill in the bid and the Zerodha demat details, and submit it at an SCSB branch. The branch blocks the funds against your account.
Verify the block and track allotmentConfirm the ASBA block appears in your bank statement. After the basis of allotment, check the status on the registrar or exchange site; the bid will not appear in your Kite Bids history because it was not placed through Kite.

You apply for an IPO without UPI by using the bank ASBA route: placing the bid through your bank’s net banking, or on a physical ASBA form at the bank, rather than through UPI ASBA on Kite . You need this route in three situations: when the application value exceeds the Rs 5 lakh UPI per-transaction limit, when your bank or UPI app is not on the UPI-for-IPO list, or when you simply prefer not to use UPI. Non-individual accounts, a company, LLP, partnership, trust or society, can apply only through ASBA.

The key fact to absorb first: a bank ASBA bid is not placed through Kite. Zerodha Kite handles the retail UPI ASBA flow only. For the non-UPI route you go to your bank, quote your Zerodha demat details so any allotment credits correctly, and the bank blocks the application money against your account. This guide covers when the route applies, the net banking flow, the offline form route, the exact demat details to quote, and why the bid will never show in your Kite order history.

Conflict-of-interest disclosure. This guide is published by the WebNotes Editorial Team for informational purposes and is written independently. WebNotes operates a Zerodha account-opening referral programme, disclosed on the pages that carry the referral link; this guide does not carry it and earns no referral commission from the procedure described here.

Step-by-step procedure

The numbered box above gives the full sequence for both the net banking and the offline routes. The sections below expand when this route applies, the demat details that make allotment credit correctly, and why the bid stays off Kite.

1. Confirm you need the non-UPI route

Most retail applications below Rs 2 lakh use UPI ASBA on Kite, which is simpler. The bank ASBA route is for the cases UPI cannot serve. The first is value: NPCI raised the UPI per-transaction limit for capital-market applications to Rs 5 lakh in September 2025, so an application above Rs 5 lakh, common in the HNI category , cannot use UPI and must go through bank ASBA. The second is availability: if your bank or your UPI app is not on the NPCI UPI-for-IPO list, the UPI mandate cannot be raised. The third is structural: a non-individual account, a company, LLP, partnership, trust or society, can apply only through ASBA, never UPI. The fourth is simply preference.

2. Gather your Zerodha demat details

Bank ASBA blocks the money against your bank account but credits any allotment to your demat, so the bank needs to know which demat. For a Zerodha demat you quote the depository as CDSL, the DP name as Zerodha, and your demat (BO ID) number. Have your PAN ready too; it must match the PAN on the demat, or the application fails third-party verification. These details are the bridge between the bank holding the funds and the demat receiving the shares.

3. Apply through net banking

Log in to your bank’s internet banking portal and find the IPO or ASBA section, usually under investments, e-services or a dedicated IPO tab. Your bank must be an SCSB; most major Indian banks are. Select the open issue, then enter the bid exactly as you would on Kite: quantity in multiples of the lot size , and a price within the band or cut-off . Enter the Zerodha demat details (CDSL, DP name Zerodha, BO ID number). Submit, and the bank blocks the application amount in your account as ASBA. No UPI mandate is raised; the block is internal to the bank. The money stays in your account and earns interest until allotment, exactly as a UPI ASBA block would. The bid mechanics, lots, cut-off versus a specific price, are the same as the Kite flow covered in How to place IPO bids on Kite ; only the channel differs.

4. Use the offline ASBA form if net banking is unavailable

If your bank does not offer ASBA online, the offline form is the fallback. Download a blank ASBA form from the NSE or BSE website, fill in the bid details and the same Zerodha demat details, and submit the form at an SCSB branch. The branch blocks the funds against your account, the manual equivalent of the net banking flow. This route is slower and needs a branch visit, so it is a last resort when online ASBA is not available.

5. Verify the block and track allotment off Kite

Confirm the ASBA block appears in your bank statement as an earmarked or lien amount. After the basis of allotment is finalised, the bank debits the allotted amount and releases the rest; on non-allotment it lifts the block entirely. Track the outcome on the registrar’s site or the exchange portal, not on Kite. Because the bid was placed through the bank, it does not appear in your Kite Bids order history, and Zerodha allotment checks keyed to Kite applications will not show it. Allotted shares still credit to your Zerodha demat, so they appear in your holdings once the credit posts.

UPI ASBA versus bank ASBA at a glance

Feature	UPI ASBA (on Kite)	Bank ASBA (net banking or form)
Where you bid	Kite, Bids then IPO	Bank net banking, or ASBA form at branch
Fund block mechanism	UPI mandate on your UPI app	Bank lien, no UPI
Per-transaction limit	Rs 5 lakh (NPCI, September 2025)	Bank ASBA has no Rs 5 lakh UPI cap
Retail value ceiling	Below Rs 2 lakh for the retail category	Used for retail and HNI bids alike
Non-individual accounts	Not eligible	The only route for them
Appears in Kite Bids history	Yes	No

The two routes are both ASBA, both block rather than debit, and both credit allotment to the same demat. The difference is the fund-block rail and the bid channel. A retail investor below Rs 2 lakh has no reason to leave UPI; the bank route exists for the cases above the UPI limit, off the UPI list, or structurally barred from UPI. The underlying ASBA framework and the bank ASBA net banking flow are documented separately.

Who is barred from UPI entirely

The non-individual cases are worth stating plainly because they have no choice. A company, a partnership firm, an LLP, an association of persons, a trust or a society applying in an IPO cannot use UPI ASBA at all; UPI ASBA is a retail individual rail. These applicants must use bank ASBA, online or on a form, for every application regardless of size. The same applies to any HNI individual bidding above the Rs 5 lakh UPI limit. For those applicants this guide is not an alternative route; it is the only route.

What can go wrong

Looking for the bank ASBA bid on Kite: it is not there. A net banking or offline ASBA bid is placed at the bank and never appears in your Kite Bids order history. Track it on the registrar or exchange site.
Wrong demat details: quote the depository as CDSL and the DP name as Zerodha, with the correct BO ID. A wrong demat detail can misroute or reject the allotment credit.
PAN mismatch: the PAN on the bank account must match the PAN on your demat. A mismatch fails the registrar’s third-party verification and the application is rejected.
Bank not an SCSB: ASBA works only at a Self-Certified Syndicate Bank. If your bank is not an SCSB, use a different bank account that is, or the offline form at an SCSB branch.
Trying UPI above Rs 5 lakh: the UPI per-transaction limit is Rs 5 lakh. An application above it cannot use UPI; you must use bank ASBA, so do not wait for a UPI mandate that will never come.
Late offline form: the branch route is slower. Submit an offline ASBA form well within the order window, and respect the same closing-day timings that apply to any IPO application.

External references

References

Zerodha support, How to apply for an IPO (ASBA via bank net banking quoting depository CDSL and DP name Zerodha; offline ASBA form at an SCSB; non-individual accounts apply only through ASBA), as of 21 June 2026.
NPCI circular dated September 2025 raising the UPI per-transaction limit for capital-market categories to Rs 5 lakh (daily aggregate Rs 10 lakh).
SEBI investor education material on applying in public issues through ASBA, investor.sebi.gov.in.
SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018, ASBA framework and retail individual investor definition, sebi.gov.in.

Frequently asked questions

How do I apply for an IPO without UPI on a Zerodha account?

Use bank ASBA. Log in to your bank’s net banking, open the IPO or ASBA section, place the bid and quote your demat as CDSL with DP name Zerodha. The bank blocks the funds. No UPI mandate is involved, and the bid is not placed through Kite.

When must I apply through ASBA instead of UPI?

When the application value exceeds the Rs 5 lakh UPI per-transaction limit, when your bank or UPI app is not on the UPI-for-IPO list, or when you prefer not to use UPI. Non-individual accounts such as a company, LLP or trust can apply only through ASBA.

What is the UPI limit that forces the ASBA route?

NPCI raised the UPI per-transaction limit for capital-market applications to Rs 5 lakh in September 2025. An IPO application above Rs 5 lakh cannot use UPI ASBA, so an HNI bidding above that limit applies through bank ASBA via net banking.

What demat details do I quote in a bank ASBA IPO application?

Quote your depository as CDSL, your DP name as Zerodha, and your demat (BO ID) number. These ensure any allotted shares credit to your Zerodha demat. Your PAN must match the PAN on the demat for the application to clear verification.

Can I place a bank ASBA IPO bid through Kite?

No. Kite handles only the UPI ASBA route. A bank ASBA bid is placed through your bank’s net banking or on a physical ASBA form at the bank, not on Kite. It will not appear in your Kite Bids order history.

Is bank ASBA free, and does the money leave my account?

Bank ASBA is free. The application amount is blocked as a lien in your bank account, not debited. The money stays in the account and earns interest until allotment, when the allotted amount is debited and the rest unblocked.

What if my bank does not offer ASBA online?

Download a blank ASBA form from the NSE or BSE website, fill in the bid and your Zerodha demat details, and submit it at a Self-Certified Syndicate Bank branch. The branch blocks the funds against your account, the offline equivalent of net banking ASBA.

Reviewed and published by

WebNotes Editorial Team

The WebNotes Editorial Team covers Indian capital markets, payments infrastructure and retail investor procedures. Every article is fact-checked against primary sources, principally SEBI circulars and master directions, NPCI specifications and the official support documentation published by the intermediary in question. Drafts go through a second-pair-of-eyes review and a separate compliance read before publication, and revisions are tracked against the SEBI and NPCI rule changes referenced in the methodology section.

Last reviewed: 21 June 2026
Conflicts of interest: WebNotes is independent. No relationship with any broker, registrar or bank named in this article.