Can you withdraw an ASBA application? 

Yes, you can cancel or withdraw your ASBA application. This option is only available till the time the issue is open for bidding. For example, if an IPO bidding window stays open for 5 days, you can withdraw your application anytime within these 5 days. After you withdraw the application, the bank unlocks the blocked fund the next day.

To know more about ASBA see, what is ASBA and how it is used for making payments for IPO applications.