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      Question

      Regarding 'Small Accounts' (Simplified KYC), consider

      the following statements: 1. The aggregate of all credits in a financial year should not exceed ₹1 Lakh. 2. The aggregate of all withdrawals and transfers in a month should not exceed ₹10,000. 3. The balance at any point in time should not exceed ₹50,000. Which of the statements above is/are correct? 
      A 1 and 2 only Correct Answer Incorrect Answer
      B 2 and 3 only Correct Answer Incorrect Answer
      C 1, 2, and 3 Correct Answer Incorrect Answer
      D 1 and 3 only Correct Answer Incorrect Answer
      E 3 only Correct Answer Incorrect Answer

      Solution

      All three statements represent the official RBI restrictions on "Small Accounts." These accounts are valid for only 12 months initially, extendable by another 12 months if the holder provides proof of having applied for an Officially Valid Document (OVD).

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