How does escrow work on TrueAcre?
Every TrueAcre deal flows through an RBI-licensed escrow account at ICICI Bank. Your money sits with the bank — not us, not the seller — until the property is legally yours.
What is escrow?
An escrow is a neutral, third-party-held bank account. When you buy land on TrueAcre, you don't pay the seller directly. You wire funds into an ICICI Bank escrow account that's been opened specifically for your transaction. That money is locked: neither TrueAcre nor the seller can move it without specific conditions being met.
Once the property is registered in your name at the Sub-Registrar's office, two members of our Finance team — with co-signing required above ₹ 10 L — release the funds to the seller. If anything goes wrong before registration, you get your money back.
Timeline of an escrow deposit
- Sale agreement is e-signed.You and the seller sign on Digio. The agreement specifies the sale price, conditions and your 7-day deposit window.
- Virtual account is generated.ICICI issues a one-time virtual account number tied to your transaction. You'll see it on the escrow-deposit page and receive it via email + SMS.
- You transfer funds.Use any bank app (NEFT/RTGS for amounts above ₹ 2 L). The funds are routed to the escrow account, not to TrueAcre or the seller.
- ICICI confirms receipt.Within 30 minutes of an NEFT, the bank sends us a webhook. Your dashboard updates to "Held".
- Registration window opens.You and the seller have 45 days to register the deed at the Sub-Registrar.
- Funds release.After registration, our Finance team — with two-person sign-off above ₹ 10 L — releases the funds. The release usually settles within 2 business days.
How to deposit funds
From the deposit page, you'll see the beneficiary details for your one-time virtual account:
- Beneficiary name: TrueAcre Escrow — your transaction reference
- Account number: a 16-digit virtual account specific to your transaction
- IFSC: ICIC0000099
- Amount: exactly the sale price (no rounding)
What if I want to pay in tranches?
For deals above ₹ 5 Cr, we allow up to 3 tranches. Each is treated as a separate inbound transfer; the deposit page shows the running total. The full amount must land before the 7-day deposit window closes.
When funds are released
Funds release to the seller when both of these are true:
- The Sub-Registrar has registered the deed in your name (we pull this from the IGRS portal — usually visible within 24-48 hours of registration).
- The signed deed PDF has been uploaded to TrueAcre and our verification team has confirmed it matches the agreement (OCR + human review).
Once both are confirmed, the release is queued. Your dashboard will show "Ready to release" and the seller sees a countdown. Two Finance Managers sign off, and ICICI processes the release within the next business day.
When you get a refund
You get a full refund — typically within 5 business days — if any of these happens before registration:
- The seller doesn't register the deed within the agreed window.
- Verification finds an undisclosed material defect (mortgage, court attachment, family dispute).
- Both parties mutually cancel.
- Our legal panel resolves a dispute in your favour.
Why escrow keeps you safe
Direct payment to a seller leaves you exposed for the 30-60 days between transferring money and being registered as the owner. In that window, a seller could disappear, file a fresh mortgage against the property, or sell to someone else.
Escrow eliminates that window. The seller can see your money in the account (which gives them confidence to proceed with registration) but they can't touch it until you're legally protected.
Common questions
Does TrueAcre earn interest on escrow funds?
No. All escrow accounts are non-interest-bearing under RBI rules. We charge a flat 2% facilitation fee on closed deals — that's how we make money, not on float.
Can I see proof the money is in escrow?
Yes. After your deposit lands, you can download a deposit confirmation signed by ICICI directly from your transaction page. It's a PDF with the bank's seal.
What if my bank limits NEFT/RTGS for large amounts?
Most retail banks cap online RTGS at ₹ 10-25 L per day. For larger amounts, visit your bank branch with the beneficiary details. Tell them it's a property purchase routing through an ICICI escrow — they handle this routinely.
I'm seeing a delay in the deposit being reflected. What do I do?
Wait 30 minutes after your bank confirms the transfer. If your dashboard still shows "Awaiting deposit" after that, contact our escrow team with your bank's UTR number — we can trace it from there.
Still need help?
Our support team is available 9 AM – 8 PM IST, 7 days a week.