MAHA RERA Current Account Scheme

Eligibility

Realtors of Residential and Commercial Real Estates registered/ to be registered with Authority of respective State/Union Territory under RERA Act 2016.

Type of Account

Current Account to meet the requirements of realtors who are looking for a product to meet the provisions of RERA Act 2016.

Purpose

Realtors Current Account for the Purpose of RERA Act 2016.
(Specifically designed for depositing the minimum 70% of Realtor’s Collections from Investors and Buyers).

Style of Account

Credits

All Credit proceeds by way of NEFT / RTGS / Clearing/ Transfer etc. to invariably be credited in Collection Account i.e. Account 1.

Direct credit in Account 2 is not permitted.

Withdrawals/ Debit

Permitted only in Normal Current Account of Promoter, i.e. Account 3.

For Account 2 i.e. RERA Registered account: The amount as per mandated of the promoter/builder will be transferred from RERA registered account to Normal Current Account, post verification and submission required documents as per the ACT, at home branch only.

As mandated following documents are mandatorily to be submitted for withdrawal of funds from Designated RERA Registered Account (A/c 2)

1. First, from the Project Architect certifying the percentage of completion of construction work of each of the building /wing of the project,
2. Second, from the engineer for actual cost incurred on the construction work of each of the building /wing of the project and,
3. Third, from practicing Chartered Accountant, for the cost incurred on construction and land cost.

Note: Branches shall also obtain any other certificate as mandated by respective state RERA laws where the project is located in addition to the above-mentioned certificates.

Further, if required and mandated by respective state RERA laws the above-mentioned certificates are to be obtained in the specified format.

Quarterly Average Balance

Cheque Books & Transfer of funds

Cheque book facility is not allowed for Account 1 & 2.

For transferring the amount from Account 2 to Normal CA of the promoter / builder, Withdrawal form will only use at Home Branch only, as, and when required, along with the authority letter in case.

The realtor cannot transfer money from Account 2 without producing requisite documents for withdrawal, as mandated by respective state / union territories’ RERA laws.

Ledger Folio Charges

NIL

Account Opening Charges

NIL

SMS Alerts

NIL

Internet Banking/ Mobile Banking

View only facility for the RERA specific Current Accounts (i.e. Account 1, Account 2)

For Account 3: All Facilities allowed, i.e. view and transaction.

Cash Withdrawal

Allowed in Account 3 only; Free at Home Branch.

Internet Payment Gateway/ Cash Management Services/ Public Financial Management System (PFMS)/ Maha Pay

Available as per Bank Guidelines at prevailing charges.

Important Disclaimer

Please Contact Branch for details important prevailing guidelines for this product,