Binaural audio gives the listener an immersive experience and can enhance augmented and virtual reality. However, recording binaural audio requires specialized setup with a dummy human head having microphones in left and right ears. Such a recording setup is difficult to build and setup, therefore mono audio has become the preferred choice in common devices. To obtain the same impact as binaural audio, recent efforts have been directed towards lifting mono audio to binaural audio conditioned on the visual input from the scene. Such approaches have not used an important cue for the task: the distance of different sound producing objects from the microphones. In this work, we argue that depth map of the scene can act as a proxy for inducing distance information of different objects in the scene, for the task of audio binauralization. We propose a novel encoder-decoder architecture with a hierarchical attention mechanism to encode image, depth and audio feature jointly. We design the network on top of state-of-the-art transformer networks for image and depth representation. We show empirically that the proposed method outperforms state-of-the-art methods comfortably for two challenging public datasets FAIR-Play and MUSIC-Stereo. We also demonstrate with qualitative results that the method is able to focus on the right information required for the task. The project details are available at \url{https://krantiparida.github.io/projects/bmonobinaural.html}