Castler Escrow

FAQ

General Questions

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-

  1. Transacting parties get eKYC’d and formulate the terms of agreement.
  2. Open your digital escrow account with Castler.
  3. Transfer funds into your digital escrow account.
  4. Get real-time updates of your transaction status on SMS and e-Mail 
  5. Verified payouts and escrow closure. 
Registration process is completed in 5 easy steps
  1. Go to Signup page (provide link here) and fill all the relevant details
  2. Verify mobile number using OTP received on mobile
  3. Verify Email ID using verification link sent on mail
  4. After login, user will pay Rs. 99/- (inclusive GST) as registration fee
  5. After payment of fees, PAN details are verified
  6. Finally, Bank Account number is verified with penny drop testing
The escrow fee can be paid either fully or partially, depending on the terms of agreement. The fee can be borne by either or any one party or by all parties in a mutually agreed share. 

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 minimum amount required for a transaction at Castler is ₹ 1,000. There is no maximum amount limit for a 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.
  • Length of time agreed upon by both parties, in which the Buyer may examine the goods or Services upon receipt, is referred to as the “Inspection Period”
  • Once Buyer receives the goods and confirms to Castler by login on its dashboard, payment will be released to the Seller. In case Buyer failed to Release payment after seven (7) days of inspection period expiry, payment will be released to the Seller
  • In the event when the Seller has not shipped the goods within ten days of notification by Castler (through its email or posting on the Castler Portal) of Buyer’s deposit of immediately available funds, Buyer may request a return of funds, less the escrow fee, and Castler will do so after notifying both parties.

Dispute Resolution

  1. Any dispute between the Users in relation to a transaction is between the Users. Castler will not get involved beyond its obligations under the Trade. Castler may offer assistance or facilitate the resolution of a dispute between Users if a dispute between Users arises but is under no obligation to do so. The Parties hereby agree to use their best efforts to negotiate in good faith during the dispute to reach a resolution which is satisfactory for all parties.
  2. In case of dispute, Castler will hold the funds in the Escrow Account
    • Till both parties resolve the dispute and confirms to Castler, Confirmation of both buyer and seller is required for final release of the funds or
    • It receives an order from an arbitrator or
    • It receives an order from an appropriate court of law or similar legal body.
  3. Confirmation of both buyer and seller is required for final release of the funds Castler will disburse the funds as per confirmation by both the parties.

Consumer - Rental Deposit

  1. Landlord/Tenant creates a new order for depositing the Rental Security amount in escrow.
  2. The Second Party approves the order on Castler’s portal
  3. Tenant deposits the Rental Security Amount in the digital escrow account, along with Castler’s transaction fees
  4. Landlord will have the Release rights for transferring the Security Amount to the Tenant – this means that the security amount will be released to the Tenant’s account after the Landlord’s approval

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. 

  1. In case Landlord rejects the transfer of funds to the Tenant, Castler will hold the funds in the Escrow Account till o both parties resolve the dispute and inform Castler of the resolution – Confirmation of both the Landlord and the Tenant is required for final release of the funds or o Castler receives an order from an arbitrator or o Castler receives an order from an appropriate court of law or similar legal body.
  2. Confirmation of both Landlord and Tenant is required for the final release of funds
  3. Castler will disburse the funds as per the course of action confirmed by both the parties

Consumer - Resale

  1. Buyer/Seller creates a new order for depositing the Security Amount in escrow.
  2. The Second Party approves the order on Castler portal
  3. Buyer deposits the Security Amount in the digital escrow account, along with Castler’s transaction fees
  4. Buyer will have the Release rights for transferring the Security Amount to the Seller – this means that the security amount will be released to the Seller’s account after the Buyer’s approval
  5. If Buyer fails to transfer the security amount within ten (10) days after the Deposit period finishes, Castler will automatically transfer the funds to the Seller
  6. In case Buyer rejects the transfer of funds to the Seller, Castler will hold the funds in the Escrow Account till
    • both parties resolve the dispute and inform Castler of the resolution – Confirmation of both the Buyer and the Seller is required for final release of the funds or
    • Castler receives an order from an arbitrator or
    • Castler receives an order from an appropriate court of law or similar legal body.
  7. Confirmation of both Buyer and Seller is required for the final release of funds
  8. Castler will disburse the funds as per the course of action confirmed by both the parties
  • In the event when the Seller has not shipped the goods within ten days of notification by Castler (through its email or posting on the Castler Portal) of Buyer’s deposit of immediately available funds, Buyer may request a return of funds, less the escrow fee, and Castler will do so after notifying both parties.

Consumer - Physical Goods

  1. Buyer/Seller creates new order for buying/selling of goods
  2. The Second Party approves the order on Castler portal
  3. Buyer deposits the Order Amount in the digital escrow account, along with Castler’ transaction fees
  4. Buyer will have the Release rights – this means that the order amount will be released to the Seller’s account after the Buyer’s approval.
  • If Buyer fails to Release the order amount within ten (10) days after the Inspection Period finishes, Castler will automatically transfer funds to the Seller.
  1. In case Buyer rejects the transfer of funds to the Seller, Castler will hold the funds in the Escrow Account till
    • both parties resolve the dispute and inform Castler of the resolution – Confirmation of both Buyer and Seller is required for final release of the funds or Castler receives an order from an arbitrator or
    • Castler receives an order from an appropriate court of law or similar legal body.
  2. Confirmation of both Buyer and Seller is required for the final release of funds
  3. Castler will disburse the funds as per the course of action confirmed by both the parties

Consumer - Used Vehicles

  1. Buyer/Seller creates a new order for depositing the payment for buying the vehicle
  2. The Second Party approves the order on Castler portal
  3. Buyer deposits the Order Amount in the digital escrow account, along with Castler’s transaction fees
  4. Buyer will have the Release rights for transferring the payment to the Seller – this means that payment will be released to the Seller after the Buyer’s approval
  5. If Buyer fails to transfer the payment within ten (10) days after the Inspection period finishes, Castler will automatically transfer the funds to the Seller
  6. In case Buyer rejects the transfer of funds to the Freelancer, Castler will hold the funds in the Escrow Account till
    • both parties resolve the dispute and inform Castler of the resolution – Confirmation of both the Buyer and the Seller is required for final release of the funds or
    • Castler receives an order from an arbitrator or
    • Castler receives an order from an appropriate court of law or similar legal body.
  7. Confirmation of both Buyer and Seller is required for the final release of the funds
  8. Castler will disburse the funds as per the course of action confirmed by both the parties
  • If Buyer fails to Release the order amount within ten (10) days after the Inspection Period finishes, Castler will automatically transfer funds to the Seller.
  1. In case Buyer rejects the transfer of funds to the Seller, Castler will hold the funds in the Escrow Account till
    • both parties resolve the dispute and inform Castler of the resolution – Confirmation of both Buyer and Seller is required for final release of the funds or Castler receives an order from an arbitrator or
    • Castler receives an order from an appropriate court of law or similar legal body.
  2. Confirmation of both Buyer and Seller is required for the final release of funds
  3. Castler will disburse the funds as per the course of action confirmed by both the parties

Consumer - Contractual Services

  1. Client/Freelancer creates a new order for depositing the Freelancer’s fees/payment
  2. The Second Party approves the order on Castler portal
  3. Client deposits the payment amount in the digital escrow account, along with Castler’s transaction fees
  4. Client will have the Release rights for transferring the payment to the Freelancer – this means that payment will be released to the Freelancer after the Client’s approval
  1. In case Client rejects the transfer of funds to the Freelancer, Castler will hold the funds in the Escrow Account till o both parties resolve the dispute and inform Castler of the resolution – Confirmation of both the Client and the Freelancer is required for final release of the funds or
    • Castler receives an order from an arbitrator or
    • Castler receives an order from an appropriate court of law or similar legal body.
  2. Confirmation of both Client and Freelancer is required for the final release of funds
  3. Castler will disburse the funds as per the course of action confirmed by both the parties

Order Cancellation

  • If Seller cancels the Escrow transaction at any moment, then funds will be released to the Buyer after deducting the Escrow charges.
  1. The buyer is responsible for 100% of the escrow fee in the event the transaction is cancelled or the merchandise is returned. During the Buyer Inspection Period, Buyer may reject for any reason by selecting the “Cancel” button on Castler portal and following all other instructions to properly reject the merchandise. Upon such rejection, Castler will send Seller an email stating Buyer’s decision to reject and return the goods; and Buyer agrees to promptly ship goods to Seller within ten (10) calendar days of formal rejection and insure, at Buyer’s expense, the item(s) to the place designated by the Seller in the Seller’s profile. Buyer is aware that merchandise must be rejected in the manner described in order to obtain a refund of the purchase price.
  2. Buyer is aware that regardless of the reason for rejection, Escrowed Product must be returned to the Seller in order for funds to be returned to the Buyer. Shipping costs for returned Escrowed Product must be arranged and completed within ten (10) days of Buyer’s rejection. Failure of Buyer to return the Escrowed Product within the specified time period will cause Castler to automatically pay the Seller the purchase price.
  3. If Buyer cancels the order before seller has shipped the product, then funds will be released to the Buyer after deducting the Escrow charges.

Still have doubts?

Schedule a call with our Escrow Specialist.

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