Introductory note: Queries may be addressed to firstname.lastname@example.org. This FAQ (which is being continuously updated as queries are raised and answered) may already provide the clarification you seek.
Question: Is current affiliation a consideration for the sponsorship?
Answer: Yes. The sponsorship is open only to regular full-time members of research institutions / universities / colleges in India. Post-doctoral fellows, doctoral students, and faculty on contract are considered regular members for its purposes.
Question: What if I don't have a passport yet?
Answer: You are well advised to apply for it immediately. You may respond with "Applied for" (to the question on the application form that asks for your passport number).
Question: What is meant by the "institutional bank account authorised to receive grant funds"? How do I find the details of that account?
Answer: The NBHM grant money can only be transferred to an account belonging to your institution (and not to any personal account). Typically an institution will have several accounts to receive funds from various grants. Contact the administration of your institution for details of the correct account. Your application will not be complete without them being filled in.