FCRA Bank Account and Utilisation Guide
Understand the SBI receipt account, optional another FCRA account and utilisation accounts.
Understand the SBI receipt account, optional another FCRA account and utilisation accounts. Use the sections below to understand the practical decisions, records and compliance points before taking action.
The receipt account is specified
Foreign contribution must first be received in the designated FCRA Account at SBI New Delhi Main Branch under the statutory framework.
Domestic money must stay out
No funds other than foreign contribution should be deposited into the designated or other FCRA accounts covered by the framework.
Additional accounts have defined roles
An association may maintain another FCRA account or one or more utilisation accounts in scheduled banks as permitted, receiving transfers from the designated receipt account.
Build account-level controls
Map each receipt to donor, purpose and project; authorise transfers; reconcile banks; and retain supporting grant and expenditure records.
Report account changes correctly
Opening, changing or adding designated or utilisation accounts can require the prescribed online intimation. Check current forms and timelines before operating the change.
Do not use foreign funds before authority
Opening the bank account does not itself permit receipt. Wait for valid registration or prior permission covering the contribution.
Official References
Rules and portal requirements can change. Review the current official material relevant to the proposed company.
This article provides general information and is not a substitute for legal, tax or investment advice. Applicability should be reviewed for the proposed entity and current law.