How to approve a UPI IPO mandate on PhonePe

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When you submit an IPO bid through Zerodha or any SEBI-registered broker and your UPI Virtual Payment Address (VPA) is registered on PhonePe, the UPI mandate for that bid appears in the Notifications → Pending requests section of the PhonePe app. Authorising the mandate places a lien on your bank account, making the bid valid. This guide covers the PhonePe-specific steps.

For the generic mandate approval flow (and a comparison table of all major UPI apps) see the generic mandate approval guide. For the bid submission procedure see the Kite web guide. For the UPI ASBA mechanism see the wiki article.

Step-by-step procedure

Watch for the push notification

Within thirty seconds of submitting the IPO bid, PhonePe sends a push notification labelled Block Funds for IPO or Mandate Request. The notification shows the amount and a short description. Tap it to open the pending request directly.

Open PhonePe and navigate to Notifications, then Pending requests

If the push notification did not arrive or was dismissed, open the PhonePe app. Tap the bell icon (Notifications) in the top-right corner of the home screen. On the notifications page, select Pending requests. The IPO mandate appears as a card here, showing the amount, issuer name, and expiry.

If the mandate is not in Pending requests after a few minutes, pull-to-refresh the page. Mandates are sometimes delayed by a few minutes during peak subscription windows.

Alternatively, check under UPI Settings, then Mandates

As a secondary location, mandates are also discoverable under the profile or settings section of PhonePe. Tap your profile icon (or the three-line menu) in the top-right corner. Go to UPI Settings, then Mandates. All pending and active mandates for your UPI handles are listed here; the IPO mandate will have status Pending Approval.

Tap the IPO mandate card

Tap the mandate card to open the detail view. PhonePe displays:

  • Payee/Issuer name, the IPO company or the sponsor bank acting on its behalf.
  • Amount, the block amount.
  • Validity, the mandate end date.
  • Beneficiary bank, the sponsor bank.

Verify the details and tap Authorise

Before authorising, confirm the issuer name matches the IPO you applied for and the amount matches your bid value (lots times lot size times upper price band). If any detail is incorrect, tap Decline or Reject and contact your broker.

If the details are correct, tap Authorise. Some PhonePe versions may show a Confirm screen before the PIN prompt; tap Confirm to proceed.

Enter your UPI PIN

Enter your four- or six-digit UPI PIN on the NPCI-rendered secure PIN screen. PhonePe uses the standard NPCI SDK for PIN entry, which is why the PIN screen has a distinct visual style from the rest of the app.

Receive confirmation

On successful PIN entry, PhonePe displays a success screen. The app also sends a push notification within five seconds confirming the mandate is now Active. The lien is placed on your bank account immediately.

Return to Zerodha Kite and navigate to Bids → Order history. The bid status updates from Mandate Pending to Mandate Accepted within thirty seconds of authorisation.

What can go wrong

  • Pending requests shows no mandate. Wait two minutes and pull-to-refresh. Confirm your UPI VPA is registered on PhonePe (check UPI Settings → UPI IDs). The mandate is sent only to the app where the VPA is registered.
  • Mandate card shows incorrect amount. Do not authorise. The amount should equal your bid value at the upper price band. Contact your broker if there is a discrepancy.
  • Authorise button is greyed out. The mandate may have timed out (sponsor bank withdrew it). Return to Kite, check the bid status, and if it reads Mandate Pending, try withdrawing and re-submitting the bid.
  • UPI PIN locked. Reset via PhonePe’s Forgot PIN flow: tap Forgot UPI PIN on the PIN screen, verify with your debit card last six digits and OTP. Reset takes one to five minutes.

References

  1. NPCI UPI 2.0 mandate specification, https://www.npci.org.in/what-we-do/upi/product-overview.
  2. NPCI Circular dated 8 September 2025, Enhancement of UPI Per-Transaction Limits for Capital Markets and Insurance Premium Categories.
  3. FAQs on UPI in Public Issue Process, SEBI, July 2019.
  4. PhonePe Support, UPI Mandates, https://support.phonepe.com.

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.

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WebNotes is independent. No relationship with any broker, registrar or bank named in this article.