Module: General Practice
Q32: Which of the following statements regarding the rules for a 'Small Account' are correct?
The aggregate of all credits in a financial year cannot exceed rupees one lakh.
The balance at any point in time cannot exceed rupees fifty thousand.
Foreign remittances are not allowed to be credited into the account unless full Customer Due Diligence (CDD) is completed.
The account can be extended for twelve months beyond its initial twelve-month operational period, provided the holder furnishes evidence of having applied for an OVD.
The balance at any point in time cannot exceed rupees fifty thousand.
Foreign remittances are not allowed to be credited into the account unless full Customer Due Diligence (CDD) is completed.
The account can be extended for twelve months beyond its initial twelve-month operational period, provided the holder furnishes evidence of having applied for an OVD.
✅ Correct Answer: D
All four statements correctly describe the limitations of a 'Small Account', including credit limits, balance caps, and remittance restrictions.
These figures are high-yield facts for RBI KYC Guidelines MCQs.
These figures are high-yield facts for RBI KYC Guidelines MCQs.