Escrow account: Account opening/closing procedure

Escrow account is opened in accordance with the Escrow Account Agreement signed between the Buyer and the Seller, and when all respective documents are submitted.

For Escrow account opening the Buyer and the Seller provide the following documents:¹

For RA citizens and foreign citizens enjoying residency status and residing in the RA, persons with no citizenship and persons with a refugee status:

• Account opening application signed by the individual, in whose name the account is opened
• Passport / other personal identification document^{2 3}
• Any of the below documents on public services number: ID card, Social security card, a reference from RA authorized body department on absence of public services number, a reference from RA authorized body department on allocation of public services number.

For foreign citizens:

• Account opening application signed by the individual, in whose name the account is opened
• Passport / other personal identification document^{2 3}

Escrow account is opened within one banking day after the Escrow Account Agreement is signed.⁴

Escrow account will be closed, when its balance is zero. ⁵

During account closing an account closure form is filled. Bank closes the account in maximum three working days after the submission of the corresponding account closure application form, if there are no restrictions related to the account operating and closure defined by the Bank’s internal procedures or RA legislation.

There are no charges applied to Escrow account closure. 

For additional information on account opening/closing procedure please refer to Terms and conditions.

¹Additional documents may be requested by the Bank during account opening process.

²The original of the document is returned to the Customer, and the copy thereof is kept with the Bank.

³Other identification documents in accordance with Government Decision No. 767 of 22/12/1999, with the exception of a certificate of return, only for the return to the RA and a provisional identity document or temporary certificate issued by the RA authorized body).

⁴If additional documents are requested the examination of these documents and, accordingly, the account opening can take up to 90 calendar days.

⁵The Escrow Account Agreement can be terminated by the Customer ahead of its expiry in cases and in manner stipulated by RA Civil Code.