It is a deposit account in which our Bank enters into a tripartite agreement to hold a fund (deposit) of two parties, already involved in a bi-lateral agreement, (for instance between Real Estate Developers and house buyers for sale and purchase of a house) before the fund is transferred from the seller to the buyer
Account Features
- Deposits to the account can be made in cash, cheques, CPOs, account to account transfers (local or foreign), or any other deposit accepting mechanism used by the Bank
- Deposits may begin with a given percentage of the total cost of the house at the beginning, followed by the mid and final installment in a given period of time in tandem with the agreements
- The interest rate to be applied, if any, shall be set by the bank, and Interest will be accrued to the account on the minimum balance sustained during the month
- Depositors can also save their money for an agreed-upon period of time through a fixed time deposit agreement or via interest –free banking services
- No cheque book or passbook will be issued for Escrow Deposit Accounts; instead, an EDA card will be issued to the account holder
Account Benefits
- Access to free online Banking services allowing a 24 hours link to account information
Entitlement
- Legal Persons (Organizations) and natural persons (Individuals)
Bank
