Terms and Condition for Online IPO (Initial Public Offer)
Account/s" shall mean an ICICI Bank's Account having valid access to ICICI Bank's internet banking services.
Customer/s" shall mean resident Indian individuals / HUF holding an Account with ICICI Bank
Initial Public Offering (IPO) is the process by which a private company can go public by sale of its stocks to general public.
Online IPO shall mean facility provided by ICICI Bank for its RI/HUF customer to apply for IPO using Retail Internet Banking Facility
Online IPO Terms:
- By clicking on the "Submit", you will be leaving ICICIBank.com and entering website operated by third parties (ICICI Direct). ICICI Bank does not control or endorse such websites, and bears no responsibility for them.
- Initial Public Offer (IPO) or any Public Issue will be applied only in the name of Primary Account holder.
- If the PAN (Permanent Account Number) of the customer is not updated in ICICI Bank then he will not be able to apply for IPO.
- Customer authorize ICICI Bank to share its required account details ie Account Number, contact details and other details required for the application purpose with ICICI Direct for the purpose of IPO application
- The amount will remain blocked in customer bank account, it will only be debited to the extent of allotment when the shares are allotted.
- Online IPO in ICICI Bank is available only for Retail and HUF customers.
- Further, if the information furnished by the customer is incorrect, the application for IPO/Public Issue is liable to be rejected and Bank would not be liable for losses, if any.
- Customer has to ensure that the name on the PAN card matches with the Demat Holder's name i.e. PAN card and Demat details should be of the same person. ICICI Bank would not be liable for losses to the customer, if any, due to incorrect details provided by them.
- The blocked amount cannot be withdrawn. However, the same will lie in customer Bank Account till the allotment is finalized and will continue to earn interest as per Account terms applicable.
- ICICI Bank reserves the right to cancel the application for following conditions but not limited to:
- Account is in Freeze mode
- Account status is Dormant or inactive
- Details entered by the client is incorrect
- Applicant has to agree to all terms and conditions of the IPO before applying to the IPO
- ICICI Bank will not be liable and responsible for any acts/deeds/error/failure on part of the third parties.