ESCROW ACCOUNT

jach000019 (Querist) 08 July 2011 This query is : Resolved
IN INDIA CAN AN INDIVIDUAL PERSON CAN OPEN THE ESCROW A/C TO SOLVE SOME FAMILY SETTLEMENT ISSUE WHICH INVOLVES THE CONSIDERATION AND PLEASE LET ME KNOW THE PROCEDURE AND DOCUMENTS REQUIRED TO OPEN THIS A/C.

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M V Gupta (Expert) 11 July 2011
There is no legal objection for a bank to allow individuals to open escrow a/c. But each bank may have its own policy regarding such accounts. Hence pl discuss with the bank with whom u would like to open the account. For this purpose all the parties concerned should enter into an escrow agreement and submit to the bank concerned for opening the A/C.

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