RERA Current Account

Real Estate Regulatory Authority (“RERA”) was established under the Real Estate (Regulation and development) Act, 2016 to bring transparency, accountability, and efficiency to India’s real estate sector.

Our specialised banking solution is designed exclusively to meet RERA regulatory requirements and ensure secure and seamless project-wise fund management for real estate developers.

What is RERA Current Account?

The RERA Current Account is a specialized banking solution for real estate developers and promoters. It enables transparent tracking, controlled fund utilization, and regulatory compliance in accordance with Real Estate (Regulation & Development) Act, 2016.

It is beneficial for:

  • Real estate developers;
  • Builders; and
  • Commercial & residential project promoters

RERA Current Account Structure

In compliance with regulatory requirements, the RERA operates through three key accounts:

  • RERA Collection Account: Receives 100% of customer payments and project specific receivables
  • RERA Designated Account: 70% of received funds are transferred for regulated usage on land cost and construction costs related expenses as per the norms given in RERA Act
  • Customer’s Current Account: Receives 30% payment towards day to day operations and to carry out the administration costs

Key Features of RERA Current Account:

  • No minimum balance requirement.
  • NIL Account Opening, maintenance, or transactional charges
  • Enhanced digital controls via corporate internet banking limited to view access only
  • Fully RERA compliant auto segregation
  • No interest (per RERA rules)

Frequently Asked Questions

Why do developers need a RERA Current Account?

Why do developers need a RERA Current Account?

RERA requires developers to maintain separate accounts for project collections and project-related expenses.

What is the difference between a RERA Collection Account and a RERA Designated Account?

RERA Collection Account:

  • Used to receive customer payments for the project.
  • Operates as a Zero-Balance Account

RERA Designated Account:

  • Funds are transferred from the Collection to Designated Account based on RERA guidelines.
  • Designated Account used to make project-related payments such as land cost, approvals, and construction.
  • Also a Zero-Balance Account

Are these accounts interest-bearing?

No. As per guidelines, no interest is applicable to RERA Current Accounts.

Are cheque books, debit cards or Internet Banking issued for RERA Current Accounts?

No. Cheque book and debit card facilities are not provided for RERA Current Accounts to maintain regulatory discipline and avoid non-compliant usage.

Corporate Internet Banking provided only with View access.

Who can open a RERA Current Account?

RERA Current Accounts can be opened by the project developer who is developing / constructing a real estate project, whether residential or commercial or mixed use, and are in the process of applying for RERA registration or have already registered the project with the RERA Authority.

Eligible Projects for opening RERA Account are as follows:

  • Projects having a built-in space of a minimum of 500 square meters or 8 flats; or
  • For projects where completion certificate has not been received

Can I link multiple projects to a single RERA Current Account?

No. Each project must have its own separate RERA Collection and Designated Account to meet compliance requirements.

What documents are required to open the RERA Current Account?

Following documents are to be taken for RERA Current Account opening:

  • All extant KYC guidelines applicable for opening RERA Current Account shall be adhered to.
  • Standing Instruction, T&C and undertaking duly signed by customer
  • Nomination facility will not be available in RERA Collection & RERA Designated Account
  • All agreements to be vetted and approved by legal team

In addition following documents are to be collected:

  • RERA Registration
  • Project Schedule
  • RERA Agreement, which stipulates the conditions governing account operation on stamp paper

Note :- : For existing customers, a declaration/undertaking/confirmation can be obtained in lieu of KYC documents from the customer stating the changes in KYC details as last submitted with the Jana Small Finance Bank and such documentary proofs can be obtained for record purposes.

Whom can I contact for support or any queries related to RERA?

You may reach out to::

  • Jana Small Finance Bank branch
  • Contact Centre Team of Jana Small Finance Bank at Contact us

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