Hassle-Free
Business-Friendly Customization
Easy customization makes it a preferred choice. You can personalize your account as per your needs.
Wide-Ranging Requirements
Every business transaction is unique, an Escrow Account is diverse and designed to meet varied requirements.
Safety
Your safety is our top priority. So, enjoy banking with a safe, secured and trusted mode of routing transactions.
Situation-Ready
A customized Escrow Account serves to deal with different waterfall mechanisms at the time of liquidation.
Skilled Team
Our team of experts is proficient in regulatory and compliance advice and can handle your case with ease.
Things to know
How to apply
If you don't have an Escrow Account to smooth out payments, we let you open an Escrow Account in many ways. If you are already banking with us, you can reach out to your Relationship Manager or Personal Banker to open an Escrow Account.
AU Bank website
AU Bank branch
Customer care
Eligibility
- Lender and builder for construction finance
- Lender and borrower for rent / fee receivables
- Between Franchisor and franchisee under franchisee agreement
- Two parties who have a the contract under Joint Venture agreement
- Revenue/ profit sharing arrangements
Documents required
You can open an Escrow Account with us with minimum documentation and through an easy process. For this, you will need:
- KYC documents
- Duly filled application form
- Company details
- Escrow Agreement
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FAQs
What is an Escrow Account in a bank?
In simple words, an Escrow Account is a financial instrument held by a neutral third-party who controls something valuable on behalf of two other parties until the ultimate party meets the requirements to complete the transaction. It is a mediator that reduces risk on both sides of a transaction. An Escrow Account can hold assets, funds, securities, etc.
What is an Escrow Account used for?
An Escrow Account solves trust issues between two parties, especially when the buyer is worried about their investment and wants to make sure they receive goods in a satisfactory manner, whereas sellers want affirmation of ultimately receiving payment without any hiccups.
Can I withdraw money from my Escrow Account?
Until the set obligations are fulfilled, the receiving party cannot make any withdrawals from an Escrow Account. This makes it a potent financial instrument that eliminates any trust issues in more significant transactions.
How does an Escrow Account work?
An Escrow Account (including bank-based Escrow Accounts) is a third-party account that holds the funds and disburses them only after all the conditions as per the agreement have been met by the parties involved. No withdrawals can be made by the receiving party until they fulfill the obligations. Therefore, this is a powerful instrument that eliminates any trust issues.
