General Studies · Small Accounts
In the context of 'Small Accounts' defined in the RBI Master Directions on KYC, which combination of operational limits and validity constraints is correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Annual credits up to 1 lakh rupees, monthly withdrawals up to 5,000 rupees, balance never exceeds 25,000 rupees, and foreign remittances are permitted up to 10,000 rupees.
- 2Annual credits shall not exceed 1 lakh rupees, monthly withdrawals/transfers shall not exceed 10,000 rupees, balance at any point shall not exceed 50,000 rupees, and valid initially for 12 months (extendable by 12 months upon proof of application for an OVD).✓
- 3Annual credits up to 2 lakh rupees, monthly withdrawals up to 20,000 rupees, balance never exceeds 1 lakh rupees, and valid for 12 months.
- 4Annual credits up to 1 lakh rupees, monthly withdrawals up to 10,000 rupees, balance never exceeds 50,000 rupees, and valid for 24 months unconditionally.
Correct answer
Annual credits shall not exceed 1 lakh rupees, monthly withdrawals/transfers shall not exceed 10,000 rupees, balance at any point shall not exceed 50,000 rupees, and valid initially for 12 months (extendable by 12 months upon proof of application for an OVD).
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