Yes. You can earn interest on ASBA (the amount blocked in the bank account while applying for IPO) As you submit the application, your money gets blocked in the account until the allotment of the shares. The amount as per the allotment is debited from your bank account only after the allotment process. Therefore, you will continue to earn regular interest in the application supported by the blocked amount (ASBA) held in the account during the time frame.