Capital E-Saving Digital Accounts
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As per requirements of Real Estate Act 2016 3 Accounts will be opened –Collection, RERA, Operations for all projects (where the total area to be developed exceeds 500 sq mtrs or more than 8 apartments is proposed to be developed in any phase)
100% of collections will be split on a daily basis in 30:70 ratio and transferred to Operations and RERA Account
One Account per project to be opened unless specialapproval from RERA Authority. Collection and RERA Account will be 0 balance non cheque book based Accounts however Operations Account will be operated as a regular Account
No withdrawls allowed from Collection A/c however withdrawls can be made from RERA A/c after obtaining certificates from Project Partners. Operations A/c will have no restriction on withdrawls/ tranfers
Being a Statutory Account, no loan or charge of any nature can be created on this Account
All commercial and residential real estate projects where total area to be developed exceeds 500 sq mtr or more than 8 apartments is proposed to be developed in any phase needs to get themselves registered with their respective State’s RERA which aims at protection of stakeholder’s interest and creating strong grievance redressal system.
Banks after completing the KYC process, obtaining required certificates and acceptance letters operate the Account
RERA Certificate
Certicate from the specified Project Partners (Project Engineer, Architect, CA)
Complete KYC-Firm and Proprietor/Partners/Directors Authorized signatories
Visit your nearest branch: To begin the process, bring your KYC documents and passport-sized photographs to your nearest branch. You can fill out the application form at the branch to get started.
Customer Care: Call us at 1800 120 1600, one of our representatives will get in touch with you.
Email: Mail us as at lead@capitalbank.co.in with your Name, Contact Number, Address & Message. One of our representatives will get in touch with you.
Complete KYC of Firm and Proprietor Partners/Directors/ Authorized signatories for opening “Collection” and “RERA” accounts along with Operational account.
RERA Registration certificate and declaration / undertaking from the client that the customer is not holding another RERA account for the same project with another bank.
List of Project, partners and their Acceptance letter to the project.
Standing Instructions for transfer of collected funds from Collection account to RERA and Operation Account on daily basis.
All commercial and residential real estate projects where total area to be developed exceeds 500 sq mtr or more than 8 apartments is proposed to be developed in any phase needs to get themselves registered with their respective State’s RERA which aims at protection of stakeholder’s interest and creating strong grievance redressal system.
RERA Certificate is provided by RERA Authorities.
All the money collected for a real estate project is split daily in a 30:70 ratio. 30% of the funds go to the Operations Account for regular project expenses, and 70% to the RERA Account, which is used for specific project-related expenditures under regulated conditions.
Generally, one account per project is required unless special approval is obtained from the RERA Authority. This implies that for different phases of the same project, separate RERA accounts are not typically opened unless explicitly permitted.
