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RERA Account

Promotors/ Developers eligible for RERA registration as per RERA act 2016 for depositing the 70% of collection received from investors and buyers.

Eligibility:

  1. Individual 
  2. Proprietorship
  3. Partnership Firms
  4. Companies
  5. LLP

Operation in Account:

  1. RERA 1 Account -
100% Collection account, auto transfer of funds to RERA 2 account and RERA 3 account in the ratio of 70:30 at the end of day.
  1. RERA 2 Account -
70% RERA account, funds from this account shall be withdrawn only after submitting the declaration cum undertaking along with three certificates from Architect, Engineer and Chartered Accountant for every withdrawal.
  1. RERA 3 Account -
30% Operation account, shall be operated as per current account.

Service Charges:

  1. RERA 1 Account - Nil
  2. RERA 2 Account - Nil
  3. RERA 3 Account - As applicable to Regular/Elite/Premium/Platinum current account

Documents:

  1. Completely filled Current Account Opening Form (AOF).
  2. Documents as applicable for opening of a Current Account of the respective Customer Type (viz Partnership, Proprietorship, Companies, LLP etc.).
  3. Adherence to KYC requirements
  4. RERA account management agreement between Bank and the Developer.
  5. Declaration cum undertaking for opening account under the Real Estate Regulation and Development (RERA) Act, 2016.
  6. In case if Promotor/Developer has availed credit facility of more than Rs.5.00 crore from another Bank/Financial Institution, No Objection Certificate to be obtained.
  7. RERA Registration Certificate (may be provided later date).

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