Gateway to Digital Life. Download AU 0101.
Top Features of Escrow Account
Helps meet your wide-ranging business requirements with easy customization
Safe, secure transactions as per the terms of the escrow agreement
Our dedicated team ensures smooth account opening and operations
AU Small Finance Bank Escrow Accounts
The dynamics of any business can change from day to day. With the changing environment, there is a need to safeguard and secure your business enterprises to run seamlessly and an Escrow Account lets you do just that.
We at AU Small Finance Bank, offer you an Escrow Account with robust and structured solutions to safeguard your assets. Our trusted team of experts collects, holds and disburses funds securely and quickly as per the terms of the agreement. Serving as a neutral third party, we guarantee independent protection for all the parties involved and abate any counterparty risks.
Features & Benefits of an Escrow Account
- Hassle-free: Designed for straightforward transactions, an Escrow Account is a fluid and stress-free method that ensures smooth and streamlined transactions.
- 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.
Users of Escrow Accounts:
- 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 to Open an Escrow Account
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
How to Apply for an Escrow Account?
If you don’t have an Escrow Account to smooth out payments, we let you open an Escrow Account in many ways.
- Visit our branch: You can walk into the nearest AU Small Finance Bank branch and speak with our experts.
- Online: You can open an Escrow Account with a few clicks on our website. All you have to do is visit the website and fill a one-step form, after which one of our experienced representatives will call you to understand your every need and complete the process.
- Call Customer Care: Reach out to our helpline on 1800 1200 1200 and speak to one of our representatives.
- Email: Send an email for your request to [email protected].
- Contact your Relationship Manager: If you are already banking with us, you can reach out to your Relationship Manager or Personal Banker to open an Escrow Account.
Q1. 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.
Q2. 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.
Q3. 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.
Q4. 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.