Value Added Services
Digital Banking Solutions
- 01. All-in-one solution for your daily business banking needs
- 02. Flexibility of multiple payment modes like Fund Transfer, UPI, Pay to Contact
- 03. Solutions for import export business needs with 24x7 transactions
- 04. Manage all merchant products and services at one place - InstaBIZ merchant dashboard
- 05. Easy online application with instant sanction for Loans and Overdrafts
- 06. Make timely GST payments
- 01. Manage your everyday business banking needs from anywhere
- 02. Avail BizPay360 to make bulk payments to vendors, employees and stakeholders
- 03. Integrated banking and accounting solutions for easy auto reconciliation
- 04. Carry out import-export transactions 24x7 with Trade Online
- 05. Maker-Checker facility
- 06. Simplified GST: Auto-fetch challans and make error-free GST payments.
Eligibility and Exemptions
RERA Current Account FAQs
What is a RERA Current Account?
A RERA Current Account is a type of account where developers deposit 70% of the money collected from the buyers to be used towards the project. The purpose of this account is to protect the money of the buyers.
Who can open a RERA Current Account?
RERA Current Account can be opened only by the real estate developer with a Bank after RERA registration. Individual buyers cannot open a RERA Current Account. The RERA authority monitors the account to ensure compliance.
How does RERA Current Account help the buyers?
Buyers are assured that 70% of their payments are used towards the project completion by mandating the opening of a RERA Current Account. This will not only secure the investments of the buyers but also protect them from any default committed by the developer and project delays.
Terms & Conditions
- As per the RERA guideline, 70% of the amount that is periodically realised for the real estate project from the allottees, will be deposited in a separate account that will be kept with us specifically to cover the cost of land and the cost of construction.
- The promoter can withdraw the amount from the separate account, to cover the cost of the project, in proportion to the percentage of completion of the project.
- The amount from the separate account can be withdrawn by the promoter after it is certified by an engineer, architect and a chartered accountant in practice that the withdrawal is in proportion to the percentage of completion of the project.
- The Authority, upon the revocation of the registration will direct the Bank holding the Bank Account created for the project, to freeze the account and thereafter take further actions, including consequent de-freezing of the said account towards facilitating the remaining development work in accordance with the provisions of the Act.