Escrow account


Escrow account is a special bank account to which the money required for the acquisition of a product, service, movable or non-movable estate is credited on a condition of being deposited. In case of submission of documentation as a proof of implementation of liabilities Bank shall pay to the party specified in the agreement. If one of the parties does not implement the liabilities on time or implements it inappropriately the amount on escrow account shall be returned to the party who has been credited the amount.

Bank guarantees:

  • escrow account deposit funds,
  • on time payment of funds to the beneficiary made from escrow account in case of submission of documentation as a proof of implementation of liabilities as stipulated under the agreement

The service is provided for both physical and legal entities

TRANSACTION Tariffs*
Physical Entity Legal Entity
Commission fee for opening and servicing the account Lump sum of 0.05% from the amount of escrow account with minimum of AMD 10 000, maximum of AMD 200 000 Lump sum of 0.1% from the amount of escrow account with minimum of AMD 20 000, maximum of AMD 700 000
Commission fee for each agreement concluded on making change in the Principle Agreement on opening and servicing of escrow account AMD 10 000 AMD 15 000
Closing of account Free of charge Free of Charge

Cash withdrawal from the account

In compliance with tariffs for cash withdrawal from other bank accounts available for physical entities at the Bank at the particular moment In compliance with tariffs for cash withdrawal from other bank accounts available for legal entities at the Bank at the particular moment
Money Transfer from the account In compliance with tariffs for making transfer from other bank accounts available for physical entities at the Bank at the particular moment In compliance with tariffs for making transfer from other bank accounts available for legal entities at the Bank at the particular moment
Provision of Account Statements In compliance with tariffs for providing other account statements for physical entities available at the Bank at the particular moment In compliance with tariffs for providing other account statements for legal entities available at the Bank at the particular moment

Notification:

* VAT included

on opening, processing and closing escrow accounts




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