General Studies · RBI Guidelines
Consider the operational rules for Small Accounts and Low-Risk individuals under RBI's KYC guidelines. Which option accurately summarizes the core constraints and procedural flexibilities outlined for them?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The RBI prohibits the use of utility bills for any form of low-risk customer address verification.
- 2All accounts opened without officially valid documents are classified as high-risk and must be closed within twelve months.
- 3Small accounts are strictly limited in terms of balances and credits to mitigate risk, while low-risk customers enjoy simplified periodic updation through non-face-to-face self-declarations.✓
- 4Small accounts have no transaction limits if a self-declaration is submitted, while low-risk customers must visit the branch every year.
Correct answer
Small accounts are strictly limited in terms of balances and credits to mitigate risk, while low-risk customers enjoy simplified periodic updation through non-face-to-face self-declarations.
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