IB RERA Current Account
IB RERA Current Account
Introduction of new Current Account product for Builders/Real Estate Developers
As per Real Estate Regulatory Authority (RERA) act, every Promoter needs to open a separate bank account called “Designated Bank Account” for getting himself registered under RERA. Out of all the money received from sale proceeds, promoter needs to deposit 70% of such amount in designated bank a/c. Balance amount of 30% can be retained by the Promoter to carry out administration cost. To withdraw 70% amount, promoter needs to submit CA certificate in Form 3.
Three Bank accounts will be opened for each specific project as under:
RERA Receivable Account; Promoter’s Normal Current account; RERA Designated Account.
RERA Receivable account and RERA designated account will be closed after completion of the project and after obtaining the necessary permission from the related State RERA Department.
The salient features of the product are detailed here under:
| Sl.No | Features | Details |
|---|---|---|
| 1 | Name of the Product | “IB RERA Current Account” |
| 2 | Eligibility |
Every Promoter/Developer/Real Estate agent who gets himself registered under RERA are eligible to open a separate bank account called “Designated Bank Account”. |
| 3 | Account type | Current Account |
| 4 | Minimum / Monthly/ Quarterly Average Balance | Monthly Average balance Rs. 25000/- |
| 5 | Charges | As applicable for Normal Current Account |
| 6 | Maximum Balance | No limit. |
| 7 | Mode of operation | Authorized signatory/ies. |
| 8 | Internet Banking/ IndPay App/OASIS App/ ATM Card |
Internet Banking with only viewing facility for RERA Receivable and RERA Designated Account. All facilities will be available in RERA Promotor Normal Current Account. |
| 9 | SMS Alert | Available |
| 10 | Demat & Trading Account | Not Available |
| 11 | Standing Instruction | NA |
| 12 | Nomination Facility | NA |
| 13 | Special Features |
No withdrawal is permitted from RERA Receivable account. Amount credited in this account through RTGS/NEFT/Cheques etc. are to be transferred to Promoter Normal Current account and RERA Designated Current account through auto sweep at EOD. |
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Internet Banking with only viewing facility will be allowed in RERA Receivable Account and RERA Designated Account. |
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All digital products e.g., mobile banking, internet banking facilities offered only for Promoters Normal Current Account. |
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| 14 | Other conditions | For all other conditions please visit nearest branch. |
| All other terms & conditions/Charges as applicable for Normal Current Account | ||
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