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The ASBA facility is a method that allows SCSBs to block the application amount from the investor's bank account. The amount is not deducted, it is only blocked. The investor continues to receive interest if applicable on the amount till it is debited.
Investors can make the request directly through their SCSB bank application or website.
For example, investor AB has a Citibank account and the bank offers an ASBA facility. The investor can either submit an online application through Citibank net banking services or pick up a physical form at a bank branch. The duly completed physical form has to be submitted, indicating the Citibank ASBA account no.
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