Question
Under RBI’s KYC Directions, which category of bank
account is permitted to be opened with simplified documentation (relaxed KYC norms), subject to restrictions on balance and transaction limits?Solution
• RBI permits opening of Small Accounts with relaxed KYC requirements, mainly to promote financial inclusion. • Such accounts can be opened with only a self-attested photograph and signature/thumb impression (no full KYC initially). • However, they come with restrictions: o Maximum balance: ₹50,000 at any time. o Aggregate credits: Not more than ₹1,00,000 in a year. o Aggregate withdrawals/transfers: Not exceeding ₹10,000 in a month. • To continue operating beyond 12 months, the account holder must complete full KYC.
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