Is there any difference between such ‘small accounts’ and other accounts

Published On: December 24, 2016

Yes. The ‘Small Accounts’ have certain limitations such as:

• Balance in such accounts at any point of time should not exceed Rs.50,000
• Total credits in one year should not exceed Rs.1,00,000
• Total withdrawal and transfers in a month should not exceed Rs.10,000
• Foreign remittances cannot be credited to such accounts.

Such accounts remain operational initially for a period of twelve months and thereafter, for a further period of twelve months if the holder of such an account provides evidence to the bank of having applied for any of the officially valid documents within twelve months of the opening of such account.