SIB RERA Account is an exclusive current account product for Realtors to comply with provisions and guidelines of RERA Act. It is a combination of 3-in-1 current accounts viz RERA Collection Account, RERA Designated Account and Builder Account.
Benefits of SIB RERA Account:
- An account to comply with RERA guidelines.
- Automated fund transfers from Collection Account to Designated Account (70%) and Builder Account (30%).
- NIL charges for account opening and account maintenance.
- View transactions Digitally anytime, anywhere
Salient Features of SIB RERA Account
- 100% of the collection proceeds of the project/receivables to be deposited in Collection Account.
- 70% of the collection proceeds deposited in RERA Collection Account will be transferred to RERA Designated Account at the end of the day.
- 30% of the collection proceeds deposited in RERA Collection Account will be transferred to Builder’s Account at the end of the day.
Eligible Projects for opening RERA Account
- Projects being developed with minimum 500 square metres land.
- Number of units exceeding 8 units in all phases.
- For projects where completion certificate has not been received.
For more details please contact your nearest SIB branch.
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