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What is RERA Current Account?
RERA (Real Estate Regulatory Authority) was established under the Real Estate (Regulation and Development) Act, 2016 for regulation and promotion of the real estate sector and to ensure sale of plots, apartments, buildings or real estate projects, in an efficient and transparent manner and to protect the interest of the consumers in the real estate sector. You can register under the RERA Act and open a RERA Current Account.
Why choose ICICI Bank for opening of a RERA Current Account?
Nil account opening or maintenance charges
Customised solutions for select projects
Simplified documentation
Choose your account number
Access to Corporate Internet Banking (CIB)
Value Added Services
Bulk payments to multiple beneficiaries through RTGS, NEFT and Fund Transfer, in a single file upload
A one-stop solution for viewing the RERA Current Account
Access to a wide network of 6000+ Branches for resolution of queries
Auto fetch challans and make timely GST payments through the ‘Simplified GST’ feature
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 of RERA account
RERA Current Account FAQs
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.
Can I open a RERA Current Account with ICICI Bank to provide the Account number to RERA for the issuance of the RERA Registration Certificate?
Yes, you can open a RERA Current Account with ICICI Bank to provide the Account number to RERA. Once the account is opened, we will provide an account number basis the total freeze in the account. On submission of the RERA Registration Certificate issued by RERA to the Bank, the freeze will be removed and the account will be operational.
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.
