PSB RERA PLUS-CURRENT ACCOUNT

PSB RERA PLUS-CURRENT ACCOUNT is a special purpose current account. This Account is opened in accordance with the provisions of the Real Estate (Regulation and Development) Act, 2016. The objective behind such a requirement is to ensure that the funds collected for a real estate project from its allottees are utilized for the stated projects only without diversifying or utilizing the funds toward other projects.

Salient Features of this scheme-

1. 1. Type of Account Allowed under this Scheme:
   Only Current Accounts shall be allowed to open in the Bank to meet the requirements of Realtors who are looking for a product to meet the provisions of RERA Act 2016.
2. 2. Who can open the Current Account:
   Every Promoter/Developer/Real Estate agent of Residential and Commercial Real Estates who gets himself/themself registered/to be registered with Authority of respective State/Union Territory under RERA Act 2016 are eligible to open Current Accounts under this scheme.
3. 3. Purpose:
   Promoter/Developer/Real Estate agent/ Realtor’s Current Account for the Purpose of RERA Act 2016. (Specifically designed for depositing the minimum 70% of Realtor’s Collections from Investors and Buyers).
4. 4. Category of Current Account:
   The scheme provides three types of Current Accounts:

   • Account 1- RERA Receivable Account (Collection Account):
     Realtor’s Current Account for receipt of 100% Collections [Auto transfer to Account 2 (Escrow account) and Account 3 in the ratio of 70:30 at end of day (EOD)].
   • Account 2- RERA Designated Account (Project Account) (Escrow Account):
     Realtor’s Current Account for depositing minimum 70% of Collections (funds to be transferred from Account 1). This account will be registered with RERA Authority.
   • Account 3- Promoter’s Normal Current account (Operative Account):
     Realtor’s Current Account for Day-to-Day operations for receiving 30%of Collections (funds to be transferred from Account 1). However, Realtors may decide for transfer of 30% of Collections to their other Operating CC/OD account instead of Current Account 3.
   • 5. Monthly Average Balance (MAB) :

     Type of A/c	MAB (in Rs)	Particulars
     Account 1	NIL	The balance will be zeroized at end of day.
     Account 2	NIL	RERA designated Escrow Account
     Account 3	10,000/-	Normal Current Account of Realtors’

   • 6. Transfer of Account:
     Account cannot be transferred from One Sol Id to Another Sol Id till completion of project.
   • 7. Conversion of Existing Normal Current Account to this Scheme:
     The existing CA account holders cannot be converted into this scheme.
   • 8. The Minimum Balance Charges:
     As per existing current account charges for Account-3. Not applicable for Account-1 and Account-2.
   • 9. Cheque Book Facility:
     Allowed in Current Account-3 only.
   • 10. ATM Cum Debit Facility:
     Allowed in Current Account-3 only.
   • 11. Internet Banking Facility:
     For Current Account-1 & Current Account-2 Only Viewing Right is given. For Current Account-3 :- All Rights are given as Normal Current Account.
   • 12. Mode of Operation:
     By Authorized Signatory/ies
   • 13. Nomination Facility in Accounts:
     Available for Account Type-3 where the Account is opened in the name of an individual.
   • 14. Withdrawal from Accounts:
     • Account 1- PSB RERA Plus-Receivable Account (Collection Account):- No, withdrawal is permitted in PSB RERA Plus-Collection Account, but at the end of the day 70% of the clear balance amount will be transferred to PSB RERA Plus-Project Account and 30% will be transferred to PSB RERA Plus Operative Account.
     • Account 2- PSB RERA Plus-Designated Account (Project Account) (Escrow Account):- Withdrawals from PSB RERA Plus Project Accounts are permitted / restricted as per guidelines issued by the state/UTs RERA authority. No credit of any amount directly in this account is permitted except from Account 1. No cash transaction is permitted for debit.
       • The withdrawals are to be done by way of transfer from Project Account to Operative account from where it could be withdrawn and utilized by the customer/realtors.
       • Since every withdrawal from PSB RERA Plus-Designated Account (Project Account) will be accompanied with the undertaking from the developer on their letter head, the entire onus of complying with RERA norms/guidelines etc lies with the developer only. A declaration from the Promoter/Developer/Real Estate agent of Residential and Commercial Real Estates shall be taken at the time of opening of the account and be placed in record.
       • Further the withdrawal should be in proportion to the percentage of completion of the project. Any document/compliance prescribed under the State/UT, RERA rules shall have to be obtained /ensured additionally.
       • Funds from this account shall be withdrawn only after submitting the declaration cum undertaking from realtor, certifying the genuineness of the CA’s/Engineer’s/ Architect’s certificates.
       • Certificates from Architect, Engineer, and Chartered Accountant practicing (other than the statutory auditor of the promoter) as per format prescribed by the State RERA Authorities, attested by the Realtor for every withdrawal
     • Account 3- PSB RERA Plus-Promoter’ Account (Operative Account): Withdrawals from PSB RERA Plus-Promoter’ Account (Operative Account) are allowed as in the case of Normal Current account.