Step-by-step guide to registering and bidding.

Gone are the days when auctions were held in dusty bank halls. Today, almost all bank auctions in India are conducted online through authorized e-auction service providers like MSTC, C1 India, and others. Participating is a transparent process but requires technical readiness.

Step 1: Registration

First, identify the property and the service provider hosting the auction. You need to register on their portal. This involves uploading KYC documents (PAN Card, Aadhar Card, Address Proof) and a cancelled cheque. Verification can take 24-48 hours, so don't leave this for the last minute.

Step 2: Acquiring a Digital Signature (DSC)

For most high-value auctions, a Class III Digital Signature Certificate (DSC) is mandatory. This is a USB token that authenticates your identity online. You can buy this from licensed Certifying Authorities. Without a valid DSC, you cannot login to the bidding hall.

Step 3: Paying EMD

Transfer the EMD amount to the wallet or bank account specified in the auction notice. Once the payment is verified, you will be approved to bid.

Step 4: The Bidding Process

On the auction day, log in with your credentials and DSC. The auction starts at the Reserve Price. You must increase the price by the 'Bid Increment Value' (e.g., ₹10,000 or ₹1 Lakh). If a bid is placed in the last 5 minutes, the auction time usually extends by 5-10 minutes automatically to allow others to counter-bid. This continues until no new bids are placed.