Nabil Bank Granted ASBA Membership

Nabil Bank has been granted Application Supported by Blocked Account (ASBA) membership by SEBON. ASBA is an application process for blocking savings/current account deposits of bank customers when they subscribe for shares under IPOs/FPOs. The applicant’s account is debited only on allotment of shares and thus, the balance in the account continues to earn interest on interest bearing accounts. This will also benefit the Bank’s customers as it eliminates the hassle of collecting cheques from the issue manager after share allotment and also does not penalize delay in refund of balance amount after allotment.