| Sr. No. |
Particulars |
Features |
|
|
|
|
|
1
|
Name of the Product
|
"IOB RERA Current Account" |
2 |
A/C type |
Current Account |
3 |
Eligibility |
Realtors of Residential and Commercial Real Estates registered/ to be registered with Authority of respective State/Union Territory under RERA Act 2016
|
4 |
Purpose |
Realtor's Current Account for the Purpose of RERA Act 2016. Specifically designed for depositing the minimum 70% of Realtor's Collections from Investors and Buyers.
|
5 |
Combination of three current accounts |
IOB RERA Current Account scheme is a combination of three current accounts viz. IOB RERA collection account (IOBRC), IOB RERA Designated account (IOBRD) & IOB RERA Operative accounts (IOBRO).
Normally 3 Current Accounts will be opened after completing the due diligence including Beneficial Owner information of the accounts as per RBI regulations, regarding opening of Current Accounts depending upon the need of the Realtors, as under:
|
6 |
Name of three current accounts |
IOB RERA Collection account |
IOB RERA Designated Account |
IOB RERA Operative Account |
7 |
Scheme Code |
IOBRC |
IOBRD |
IOBRO |
|
|
Name of Three Current Accounts |
IOB RERA Collection Account |
IOB RERA Designated Account |
IOB RERA Operative Account |
| 8 |
Scheme Description |
IOB RERA Collection account for receipt of 100% Collections from Investors and Buyers.
All collection proceeds of the project shall be deposited in this account.
Auto transfer to IOB RERA Designated Account and IOB RERA Operative Account in the ratio of 70:30 at end of day (EOD).
|
IOB RERA Designated Account for depositing minimum 70% of Collections funds.
In this account minimum 70% of the collection proceeds auto transferred from IOB RERA Collection account at the end of the day as per the mandate of the account-holder and as per RERA Act 2016.
This account will be registered with RERA Authority.
|
IOB RERA Operative Account for carrying out administration cost and day to day operations.
In this account maximum 30% of the collection proceeds auto transferred from IOB RERA Collection account at the end of the day. However, Realtors may decide for transfer of 30% of Collections to their other Operating CC/OD account instead of IOB RERA Operative Account.
|
| 9 |
Branches which can open this account |
The account can be opened at Large, Very Large and Extra Large branches. Other branches can open the account after getting permission of respective Regional Head. |
| 10 |
Minimum Balance Requirement |
NIL |
NIL |
Average quarterly Balance (AQB) of Rs 1 Lakh |
| 11 |
Penalty for non- maintenance of Minimum Balance Requirement |
NIL |
NIL |
Rs. 500/- per quarter. |
|
Name of Three Current Accounts |
IOB RERA Collection Account |
IOB RERA Designated Account |
IOB RERA Operative Account |
| 12 |
Closure of Accounts |
The IOB RERA Collection account and IOB RERA Designated Account are Project specific accounts and should be closed after the project is completed. Closure of these accounts are permitted provided the project has been completed and Completion Certificate has been obtained from RERA/concerned Govt. Authorities.
Provision is to be made in CBS to capture the Start and End date of the Real Estate Project for both IOB RERA Collection account and IOB RERA Designated Account. |
Operations in the Account will be as per the discretion of the customer. Accounts opened under RERA Current Account will be subject to verification online/offline by Concurrent Auditors/Internal Auditors. |
|
| 13 |
Account Closure Charges |
NIL |
NIL |
Rs. 1000/- |
| 14 |
Mode of Operation |
Through Authorized signatory/ies. |
| 15 |
Rate of Interest |
No Interest |
No Interest, however, eligible for interest in the FFD created through sweep facility as applicable for Term Deposits rate from time to time based on the tenor. Prepayment penalty will be applicable. Sweep Facility to Term Deposits allowed only if permitted by concerned RERA Authority for the State.
|
No Interest |
| 16 |
Sweep facility to Term Deposits |
Not applicable. The balance will be made zero in the account at end of day. Auto transfer to IOB RERA Designated Account and IOB RERA Operative Account in the ratio of 70:30 at end of day (EOD) |
The account will have Sweep and Reverse Sweep facility. Sweep Facility to Term Deposits allowed only if permitted by concerned RERA Authority for the State.
- Threshold balance: Rs.5.00 Lakhs.
- Amount of Tranches Rs 50,000/-.
- Maximum amount of sweep per day Rs.1.50 Crore.
- Tenure of deposit under auto sweep minimum 7 days and maximum 90 days.
- Sweep out periodicity from CD to FD weekly once. No lien can be marked on the FFDs created out of IOB RERA Designated Account. Lien against loan will not be allowed, however if the same is requested by RERA/Regulators/Legal or Income Tax Authorities, in case of fraud etc. would be allowed. No loan can be granted against such fixed deposits nor any charge created.
|
Not available. |
| 17 |
Cash Deposit Limit |
No Cash Deposit Allowed |
No Cash Deposit Allowed |
Allowed, As Applicable to Normal Current Account. |
| 18 |
Cash Withdrawal |
No, withdrawal is permitted in IOB RERA Collection account, but at the end of the day minimum 70% of the clear balance amount will be auto transferred to IOB RERA Designated Account and maximum 30% will be transferred to IOB RERA Operative Account. |
Withdrawals from IOB RERA Designated Account are permitted / restricted as per guidelines issued by the state RERA authority.
The withdrawals are to be done by way of Transfer from IOB RERA Designated Account to IOB RERA Operative Account from where it could be withdrawn and utilised by the customer. Since every withdrawal from IOB RERA Designated Account will be accompanied with the undertaking from the developer on their letter head, the entire onus of complying with RERA norms lies with the developer. Further the withdrawal should be in proportion to the percentage of completion of the project.Any document/compliance prescribed under the State/UT, RERA rules shall have to be obtained /ensured additionally. |
As applicable to normal Current Account. |
19 |
Cheque Book Facility |
Not Allowed |
Not Allowed |
Allowed. 200 free cheque book per month. |
20 |
Internet Banking Facility |
Only View Facility |
Only View Facility |
Both View &
Transaction Facility. |
21 |
Restrictions on Non Home Branch Debit |
Not Allowed. Restrictions on Non Home Branch Debit |
As applicable to normal Current Account. |
22 |
Alternate mode of transaction |
Not Allowed |
Not Allowed |
Allowed. As applicable to normal Current Account. Free NEFT/RTGS/IMPS. |
23 |
Alternative channel Linkage |
Not Allowed |
Not Allowed |
Allowed As applicable to normal Current Account. |
24 |
Not Allowed |
Not Allowed |
Not Allowed |
25 |
Available |
Available |
Available |
26 |
Fee for managing the Account |
No Separate Fee to Manage the Account |
No Separate Fee to Manage the Account |
No Separate Fee to Manage the Account |