These are the essential requirements to apply through ASBA Payment Mode:
ASBA is only available to retail investors at the moment.
A 'Self Certified Syndicate Banks' (SCSB) should have the account of the investor. SEBI will soon have a list of SCSB's. You can find more information about the SESBs in the questions below.
Investors can only apply for investment at the cut-off price. The bids can't be changed after they have been submitted. Investors can withdraw their application prior to the issue closes.
The total bid amount for an IPO application (application amount) will be locked until it is allotted. The investor cannot withdraw the money during the locking period.