If an ASBA application made thru any bank either paper or online there is no question of loosing any interst on applicatin amount, only amount of shares alloted, if any, will be debited on allotment. In contrast in so called ASBA facility extended by ICICIDIECT and HDFCSEC(both are brokers not banks) there may be chance of loosing interst on application money, so 266 may be right.
@267 & 266 With ASBA, the more imp factor is that thr is no physical transfer of money, so no need to waste time on refund... And if u knw well... the interest rate is 3.5% P.A. SO ON AN AMT OF 100000 FOR 1 IPO UR TALKING OF A LOSS OF 300 RS, IF TOTAL TIME IS APPX 1 MONTH FROM APPLICATON TO REFUND..! SO IT POINTLESS IF U GET INTEREST OR NO, U CAN RECOVER 300 RS (OR LESS) MONEY IN A SIMPLE INTRADAY TRANSACTION..!
May be u got wrong information. As the amount will not be debited till the shares are allocated so you earn normal savings interest rate of 3.5%. It's RBI rule or SEBI rule whatever u call...It applies to self certified banks providing ASBA facility not only ICICI bank...so enjoy the wonderful feature of ASBA facility but only apply in good quality IPO to save ur capital::)-
I have called the ICICI customer care and they have told me that if you apply in IPO through icicidirect using ASBA facility, you will not be getting the intereste on thar amount.
Hi folks, opt for ASBA facility offered by ICICI like banks where your money will be with you in your SB a/c. You will earn 3.5% interest on that. NO problem of Cheques not cleared. MOney refund delayed etc., ITS SUPERB WAY OF investing in IPOs--goms