PhonePe is not able to setup autopay for IPO from my Niyo Bank account

I have setup auto pay in my Niyo Invest account. It was successful. Then, I tried to apply for an IPO through UPI. For UPI, I used my PhonePe account. But when my PhonePe account is trying to block the amount from Niyo, it’s getting an error that is saying that the amount can’t be blocked in your bank account for security reason. Please, help.

Hi @abdasgupta, sorry about that and the late reply. Im not sure why this is happening. @Bansari any idea why this could be happening and what Abhishek could do? Thanks!

Hi @abdasgupta,

I’ll try to address your concerns.

How to apply using Niyo Money app?

  1. You can apply for IPOs from Stocks & ETFs section within Niyo Money app. If you have not opened the Stocks & ETFs account already on Niyo Money, hurry up and open Stocks & ETFs account to access this feature.
  2. IPO application is a ASBA application using UPI mandate. You need to have an NPCI approved UPI handle which can process UPI mandate requests,

Would request you to check this link as well: UPI live on IPO – Simpler IPO subscription process | NPCI

Do let us know if it worked :slight_smile: We are here to help you

Cheers!
Bansari

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I think they’re not allowing to setup UPI mandate with accounts opened with NiyoX, so you’ll have to move funds to other bank and apply for UPI mandate

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Hi Abhishek, Is your NiyoX savings account linked to your trading account?