Yes, IPO applications of ₹2 lakh and above fall under the HNI (High Net-Worth Individual) category.
✔ IPO applications between ₹2 lakh and ₹5 lakh can be submitted using UPI.
✔ Applications above ₹5 lakh require ASBA (Application Supported by Blocked Amount).
✔ No separate HNI option is available—any bid above ₹2 lakh is automatically categorized as HNI.
✔ HNI bids cannot be cancelled or reduced, but they can be increased after submission.
Example:
A bid of ₹3 lakh can be modified to ₹4 lakh, but not reduced to ₹2.5 lakh.