Digital escrow refers to the setting up and operation of escrow accounts online. This includes eKYC, eAgreement signing, digital account opening, and online escrow transactions, along with real-time notifications about transaction status.
Castler Escrow has a diverse range of solutions and is suitable for any industry/use case for individual buyers, individual sellers, and enterprises, as long as their credentials are verifiable.
Castler is a platform for conducting instant digital escrow transactions safely and transparently. As a trusted third-party service, Castler regulates payment processes between transacting parties to ensure that the transaction is carried out according to the mutual terms and conditions set by them.
With Castler, every object pending contingency is secure, be it money, goods, documents, or shares. Your money is held in the custody of leading RBI-licensed banks and the transaction is processed by a licensed trusteeship company, only after the terms of escrow agreement between the transacting parties are met.
Transactions are safely conducted on Castler in 5 simple steps-
The minimum amount required for a transaction at Castler is ₹ 200. There is no maximum amount limit for a transaction.
Castler’s partnerships with leading commercial banks and certified trusteeship companies ensure that your money is held securely, along with a transparent transaction process.
Castler Escrow supports Indian Rupee (INR) as per Reserve Bank of India’s guidelines for escrows. However, foreign currencies can be converted to INR for depositing in the digital escrow accounts.
The drafting process of every escrow agreement goes through multiple approvals by the customer and sent for signing only after all client parties are satisfied with the agreement. Once signed, any amendments/addendums are subject to a special request to Castler. To know more about the process, contact [email protected]
Processing time for payments via Castler Escrow follows the T+1 model, wherein payments are processed on the next business day from the date of transaction.
KYC checks are carried out on all clients for the security of the transacting parties. This helps us deliver on regulatory standards laid out by Reserve Bank of India for escrows, and makes the digital escrow transaction ecosystem safe.
The escrow fee can be paid either fully or partially, depending on the terms of agreement. The fee can be borne by either any one party or by all parties in a mutually agreed share.