TMB RERA Current Account

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TMB RERA Current Account

Overview

TMB provides a new current account scheme exclusively

Product Highlights

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Key Features

Automated fund transfer from collection account to project account and operative account in the ratio of 70:30 at the end of the day.
Choose your favorite Account Number in your Operative Account.

Overview

TMB provides a new current account scheme exclusively for Real Estate Sector Business for builders and land developers/ promoters account in the name of ‘TMB RERA Current Account’.

Product Highlights

Particular	Transactions in Collection Account (Current Account 1) Current Account for routing 100% collection amount.	Transactions in Project Account (Current Account 2) This Account will be registered with RERA Authority.	Transactions in Operative Account (Current Account 3)
Permitted Credits	Amount equivalent to the project cost shall only be permitted to be credited in the account. 100% of the project cost should be deposited in the collection account in line with the RERA guidelines.	Auto transfer from Collection account (Current account 1) will only be permitted to the minimum of 70% of the project cost. No other credits are permitted.	All transactions are allowed as like current account. For linking the existing operative account / newly opened account, it should be upgraded / opened as TMB Super Flexi current account or operating OD/CC account in case the realtor has availed credit facility for the project.
Permitted Debits	Auto transfer by the system on daily basis (EOD) on 70:30 ratio where 70% will be parked in Project account (Current Account 2) and 30% will be parked in Operative account (Current Account 3)	Withdrawal of cash by the promoter or transfer / NEFT/RTGS to suppliers towards the construction and related expenses in proportion to the percentage of completion of the project by submitting the following document Engineer Certificate CA Certificate Architect Certificate Undertaking Letter submitting by the applicant firm confirming the genuineness of certificates issued by the CA, Engineer and Architect.
Minimum Average Balance	NIL	NIL	As applicable to TMB Super Flexi Current Account Scheme.
Service Charges	NIL	NIL	As applicable to TMB Super Flexi Current Account Scheme.