bob Escrow Current Account Scheme

Escrow accounts are used by businesses and merchants involved in complex, risky transactions. They reduce counterparty risk and increase trust on both sides of the transaction.

bob Escrow Current Account Scheme

Note: The Bank may use the services of agents in sales/marketing etc. of its various products.

An escrow account is a special kind of account that holds money or assets until certain conditions are met. Escrow accounts in India are used for real estate, digital lending, e-commerce, digital marketplaces, online gaming, and more. Using escrow accounts significantly reduces counterparty risk or risk of fraud.

Apply Online

Benefits
Features
Eligibility Criteria
Documents Required
Fees & Charges
Most Important Terms & Conditions (MITC)

bob Escrow Current Account Scheme : Benefits

Note : "T&C Apply"

bob Escrow Current Account Scheme : Features

Quarterly Average Balance – NIL
Cheque Book – Not Allowed
Sweep Facility – Not Allowed
Internet Banking - Only View facility will be allowed
Mobile Banking – Not Allowed
Cash Withdrawal – Not Allowed
No Fund based or Non-Fund Based facility allowed against the balance in Escrow Account.
Minimum Service Charges for Escrow Account

bob Escrow Current Account Scheme : Eligibility Criteria

Corporate
Developers
PSUs/PPPs/Local Bodies
Non-Resident Corporates
Individuals only for FRR facilities

bob Escrow Current Account Scheme : Documents Required

Applicable documents for opening Current account as per extant guidelines. (for more details, please visit https://www.bankofbaroda.in/personal-banking/accounts/current-accounts/bob-gold-current-account
Duly Vetted and Signed ESCROW agreement (Stamped if applicable).
Compliance of the latest Need for Discipline guidelines (if applicable).

bob Escrow Current Account Scheme : Fees & Charges

Annual Service Charges in case of ordinary Escrow Account: - i.e. Public Private Partnerships / E Payment Gateways / Tenders / Central or State Govt. Bodies / Local bodies etc., are as following: - 0.10 % of turnover in the Account or Rs. 20, 000/- whichever is lower (excluding GST).
In the case of Developer’s Escrow Account especially for the Project financed by Bank, service charges should be levied as per Bank’s latest Schedule of Service Charges or as per terms of sanctioned conveyed by Sanctioning Authority.
In the case of Escrow Account for Future Rent Receivable (FRR) Advances, service charges should be levied as per the terms of sanctions conveyed by Sanctioning Authority.
For latest charges, Please visit https://www.bankofbaroda.in/interest-rate-and-service-charges/service-charges

bob Escrow Current Account Scheme : Most Important Terms & Conditions (MITC)

Eligible Customers - Corporate/Developers/ PSUs/PPPs/Local Bodies/ Non-Resident Corporates / Individuals (only for FRR facilities).
Eligible Purposes - Project Financing & Loan repayments, Sale purchase transactions, Share Buyback and Merger & Acquisitions, Revenue and Profit-sharing transactions, Demat Escrows, Internet Payment Gateway and Future Rent Receivable (FRR) Advances etc.
Quarterly Average Balance – NIL
Cheque Book – Not Allowed
Sweep Facility – Not Allowed
Internet Banking - Only View facility will be allowed
Mobile Banking – Not Allowed
Cash Withdrawal – Not Allowed
No Fund based or Non-Fund Based facility allowed against the balance in Escrow Account.
Tenure of the account to be well defined in Escrow agreement and Escrow account will be closed / freezed immediately after the expiry of Escrow Agreement.