RERA Account
RERA Account
As per the Real Estate and Regulation Act, 2016, separate bank accounts for each project are mandatory for real estate developers. Our bank offers tailored RERA compliant accounts, ensuring transparency, accountability, and ease of project management.
To ensure strict compliance with the Real Estate Regulation Act, 2016, and adherence to state-specific guidelines, we have refined our structure and process. In line with these guidelines, we are introducing a 3-account structure.
Eligibility
RERA accounts can be opened by:
- Individuals,
- Partnerships,
- LLPs,
- Companies, and
- Other entities conducting business transactions as per the RERA Act.
Account Structure
RERA 3-Tier Account Structure
Our RERA account structure consists of three accounts:
- RERA Non-Operative (Collection Account) - 100%
- RERA Designated CA - 70%
- RERA Operative CA - 30%
RERA Non-Operative (Collection Account) - 100%
- This account acts as a collection account, where 100% of funds received for real estate projects are credited.
- Cheque books, debit cards, and other transactional facilities are not permitted in this account.
RERA Designated CA - 70%
- 70% of funds from the RERA Non-Operative CA are transferred to this account.
- Withdrawals are permitted upon submission of required documents, including certificates from engineers, chartered accountants, and architects.
- The only permitted debit/withdrawal is the transfer to the RERA Operative Account (30%).
- Cheque books, debit cards, and other transactional facilities are not permitted in this account.
RERA Operative CA - 30%
- This account receives 30% credits from the Non-Operative RERA Account through automated sweep and withdrawals from RERA Designated CA.
- All types of withdrawals are permitted through cheque books, Fed Corp, Fed E Biz, and other channels.