If you aren't allotted shares in an IPO, the amount blocked for your bid is unblocked directly in your own bank account by T+2 working days from the day the IPO closed for bidding — the same day allotted investors' shares are credited to their demat accounts, one working day before the stock lists.
Why is it "unblocked", not refunded?
Under UPI-ASBA, your bid amount was only ever blocked — placed on hold — in your own bank account. It was never debited or moved to Rupeezy or the exchange while your application was pending. So if you aren't allotted shares, there's no money to send back: your bank simply lifts the block, and the amount becomes usable again in the same account it was always sitting in. See "What is ASBA?" for the full mechanism.
What's the exact timing?
This follows the SEBI-mandated T+3 IPO listing timeline: the basis of allotment is finalised on T+1, and blocked amounts for applications that weren't allotted (or were only partly allotted) are released on T+2 — the same day allotted investors' shares hit their demat accounts. See "How long does it take for IPOs to list on the exchange?" for the full day-by-day breakdown with a worked example.
How do I check whether mine has been unblocked?
Open IPOs > Applied on the Rupeezy app and tap your application to see its status timeline. The Refund Date stage is checked off in green once your amount has been unblocked.
See "How to check the IPO bid and allotment status?" for the full walkthrough.
What if I was only partly allotted?
Only the unused portion of your blocked amount — the difference between what was blocked and what you were actually allotted — is unblocked; the rest is debited for the shares credited to you. See "What happens after a bid for an IPO is placed?" for the full post-bid sequence.
Things to keep in mind
- Nothing shows up as a separate "refund" credit in your bank statement — since the amount was never debited, unblocking just restores it to your usable balance.
- This timing applies to mainboard IPOs; SME IPOs may follow a different schedule.
- If the Refund Date has passed on your application and the amount still looks blocked, check with your bank first — the block sits in your account, not with Rupeezy.