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Escrow account

Escrow account

The escrow account is a special purpose account, used for ensuring additional control over the terms of use of the funds, deposited on it. In order to guarantee the specific regime a contract for opening of the account is signed, setting out all the requirements in regard to the management of the funds. The Bank is also a party of the contract for opening the escrow account, and monitors the compliance with the specific requirements, introduced into the contract, requiring the respective supporting documents. Upon fulfilment of the conditions,the escrow account is a special purpose account, used for ensuring additional control over the terms of use of the funds, deposited on it. In order to guarantee the specific regime a contract for opening of the account is signed, setting out all the requirements in regard to the management of the funds. The Bank is also a party of the contract for opening the escrow account, and monitors the compliance with the specific requirements, introduced into the contract, requiring the respective supporting documents. Upon fulfilment of the conditions, the funds on the account will be released and may be used as subject to the contract provisions.

The Bank opens and maintains escrow accounts in BGN and EUR. the funds on the account will be released and may be used subject to the contract provisions.

  • Currency: BGN, EUR;
  • Minimum opening balance: 50 currency units;
  • Term: Termless.
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