Overview
At Utkarsh Small Finance Bank, we go beyond banking—we act as a strategic partner for real estate developers, builders, and land buyers. Our RERA Current Account is designed to meet the specific needs of the real estate sector, ensuring full regulatory compliance, smooth fund management, and personalized support throughout your project journey.
Account Structure
Real estate developers are required to open the following 3 separate current accounts that are interlinked.
RERA Collection Account:
Collection proceeds from the allotted buyers will be received in this account.
This is a mandatory account, which needs to be registered with RERA authority.
RERA Designated Account:
This account receives 70% of the funds from the collection account and is used exclusively for construction and land costs.
Withdrawals require certification from an architect, engineer and chartered accountant.
Promoter’s/ Builders Transactional Account:
The remaining 30% of the funds are transferred to this account for operational expenses.
Get
Rewards
1 reward point on every 100 spends on debit card
Get
15% discount
1 reward point on every 100 spends on debit card
Get
Free
Cash withdrawal on Utkarsh Bank ATMs
Exclusive RERA Account Structure
Enjoy the convenience of a separate RERA account with a built-in 70:30 fund split functionality.
Effortless Fund Transfers
Seamlessly transfer funds from your RERA Collection Account to your Designated and Utilization Accounts.
Dedicated RERA Operations Team
A specialized team ensures smooth and compliant management of your RERA Account operations.
Customized Account Solutions
Choose from Self-Funded or Fund-Based Accounts tailored to meet your specific requirements.
Expertise in State RERA Regulations
Benefit from our deep understanding of state-specific RERA guidelines to stay fully compliant.
Promoters/Developers of residential or commercial real estate projects can open RERA Accounts. The projects must be registered (or need to be registered) under the RERA Act, 2016, with the respective state or union territory RERA / RERA authority.
To open a RERA Account, an applicant needs to be engaged in one of the following businesses:
Residential Projects
Plotted Developments
Projects entailing the development of different phases, with each phase requiring a separate registration.
Commercial infrastructure projects, including godowns, shops, offices, etc.
Ongoing projects where completion certificate is pending.
Account Opening form
PAN Card of the entity
KYC Documents of the entity as per customer type, authorize signatories and beneficiary ownership.
RERA Agreement with Bank, Client and Lender (Lender is applicable in case of Funded Projects)
Board Resolution (In Pvt. Ltd. and Public Ltd. Companies)
Project Details (Project Leaflet, Brochure, etc.)
RERA Certificate (Post Account Opening)
For more details regarding product features and documentation, please contact your Relationship Manager/nearest Branch of USFB.
Please reach out to your Relationship Manager or visit nearest Utkarsh Small Finance Bank branch for pricing.
Loan calculator
|
Interest Rate 8.00% |
Interest Earned 3,50,452 |
|
Maturity Value 13,50,452 |
Maturity Date 20 Apr 2023 |
|
(Indicative interest rates for calculation only. click here for latest rates.) |
FAQs
The Real Estate [Regulation and Development] Act, 2016 mandates developers to have a RERA [Real Estate Regulated Authority] Account for project fund management. A developer must deposit 70% of project receivables from the allottees into the designated project account. This ensures that the funds are used solely for land acquisition and construction costs. Withdrawals from these accounts can only be made based on project completion stages which are certified by a project engineer, architect and chartered accountant. These accounts must be audited annually, with reports submitted to the RERA authority. Non-compliance with RERA Account can result in penalties, compensation to buyers and freezing of the project account.
A RERA Account can be opened by real estate developers or promoters of residential, commercial or plot-sale projects registered [or to be registered] under the RERA Act, 2016. These projects must be registered with the respective state or union territory RERA/RERA authority.
A RERA Account ensures that funds collected from buyers are used solely for the project they invested in. This prevents fund diversion, ensures timely project completion and builds trust by aligning with RERA regulations designed to protect buyer interests.
Money can be withdrawn from a RERA bank account only in proportion to the project’s completion stage. Withdrawals must be certified by a chartered accountant, engineer and architect to ensure that the funds are used for project-specific purposes as per RERA rules.
No, there should be one designated bank account for every registered project or registered phase of a project.
You may also be interested in
Savings
Earn up to 7.50 %* on your Savings Account and get interest credited quarterly
Deposits
Earn interest rates up to 7.65 %* p.a. and 8.15 %* p.a. for Senior Citizens
Loans
Get Loan amount upto 10 Crores with Flexible Tenure upto 15 years
Insurance & Investment
Turn your surplus funds into security, for a better tomorrow
Location
You are never too far away from quick banking, check nearest Bank and ATM
Contact
Incase you wish to speak to our banking experts for resolution
Write to us
Whether it be a simple suggestion or feedback or an inquiry.