Good news! To place an IPO application bid through Upstox you can use the UPI ID linked to any of the banks that currently supports UPI ASBA.
The bank doesn’t need to be registered with Upstox as a primary or a secondary account. However, you should be an account holder in the bank account linked with the UPI ID that you will use to apply for an IPO.
Here’s how you can apply for an IPO on Upstox. (Click here)
Keep in mind: In case you are not an account holder, you cannot use the UPI ID of a bank account of a friend or a family member.